Instability of the global market
The instability of the global market has everybody counting their pennies and holding their collective breaths waiting for things to turn around. The same premise holds true for today’s housing market. People are frazzled, waiting for the nation’s banks to regain some credibility and trust among consumers. Fortunately, our home was purchased right before most of the mortgage loans took a nosedive. We managed to qualify for a thirty year fixed rate at a decent interest rate. Our mortgage is currently holding steady but we are considering some kind of equity release agreement. Our home’s value, however, has rapidly declined. It was never in our interest to buy our home with the intent of selling in a few years to make some more money.
In fact, when we purchased our home almost two years ago, we decided we were going to live here forever, we didn’t want to. With that being said, we knew there were going to be some modifications we would make to our home within the first few years to make it “ours”. What we didn’t foresee was the crumbling value of our home, as well as the neighborhood, making taking out a loan on our home’s equity next-to-impossible and also making a fast property sale impossible too. The renovations we had planned will have to wait until the market regains some stability, and our home value begins to climb back up to where it was when we purchased.