Still Trying to Sell Your House?
August 8th 2008 02:32
I know friends and family with houses on the market in this current economy. It really is getting ugly. The prices keep dropping. However, some realtors are saying that it could actually take a few years for things to get straightened out.
My sister is looking at selling her house and was told that in the Chicago area they have so many foreclosures and new homes to get rid of that it will not be something that passes quickly. She lives in the near suburbs and has a nice home that costs over $400,000, yet houses like hers have been sitting on the market for months.
It is unfortunate, but not finding a buyer is exactly why many houses end up in foreclosure. It is becoming a vicious circle. Yes, those that can weather the storm will be fine in the end, but those that are going broke are in trouble.
The best thing to do in these times is save and spend your money on necessities. If you can’t afford your mortgage payment but the house won’t sell, it’s time to start cutting back as much as possible.
My sister is looking at selling her house and was told that in the Chicago area they have so many foreclosures and new homes to get rid of that it will not be something that passes quickly. She lives in the near suburbs and has a nice home that costs over $400,000, yet houses like hers have been sitting on the market for months.
It is unfortunate, but not finding a buyer is exactly why many houses end up in foreclosure. It is becoming a vicious circle. Yes, those that can weather the storm will be fine in the end, but those that are going broke are in trouble.
The best thing to do in these times is save and spend your money on necessities. If you can’t afford your mortgage payment but the house won’t sell, it’s time to start cutting back as much as possible.
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