There are plenty of homeowners in Jacksonville who have been interested in selling their home for some time, but didn’t quite feel ready for it. A large reason for the hesitation is a lack of equity in one’s home. When you don’t have enough equity in your home, then selling becomes a problem.
Thanks to the high price tag of Jacksonville property sales from just five years ago, there are many homeowners who have owed more on their home than their property is currently worth. This means that the only way to sell is through a short sale, and that opens the door to a world of additional frustrations and complications.
By certain estimates, there are more than 10 million American homeowners that owe more than 25 percent on their property than their home is currently worth.
Why would anyone choose to stay in a home under these conditions? If you can afford your monthly mortgage payment, it makes more sense to stay than not to stay. Unfortunately, there are many who would prefer to leave, and many who didn’t picture themselves in a property long-term at the get-go, but have been forced to stay put until the economy started to recover.
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As we enter the fall season of 2013, it appears that for many, that time is now. The housing market has made enough of a recovery that more people have built up enough equity in their home to comfortably sell.
This means that we are likely to see more property sales being advertised in Jacksonville as current homeowners are able to sell their home without facing short sale or foreclosure.
As Jacksonville was recently noted the “foreclosure capital of the United States,” this may mean that we will start to see fewer foreclosures in the area. This is a good sign, as it is an indicator of a healthier housing market when people are able to choose when they are ready to sell their home based on personal preferences, and not financial need.