Negative Equity on
Your Austin TX Home?
Home equity is the current market value of a house minus the outstanding mortgage balance. Negative equity happens when the economy or housing market starts to drop after a homeowner has purchased the house. You may hear this referred to as a home that is “underwater.”
When the market drops, the value of the house decreases. The home’s value becomes less than what the owner owes on the mortgage. Negative equity can make the homeowner unable to sell their house and get another, even if their current home is sinking them financially. A borrower with negative equity is often said to be “upside down.”
The homeowners don’t have the means to sell. Because of that, the more affordable houses can’t be bought by first-time homebuyers. Negative equity curbs inventory, which drives prices even higher and makes available homes even more expensive.
What Causes Negative Equity?
If you’re a homeowner stuck in negative equity, you’re not alone. According to Zillow, in 2014 there were still 9.7 million Americans with homes that were underwater. Homes in the lowest price tier are most likely to be affected. Not only does this create financial stress for homeowners, but it pulls down the entire housing market.
Negative equity is often out of the control of owners. With a housing market that dictates the prices and not the other way around, it can be total chaos. If you live in a high-demand neighborhood, a group of appraisers could take one look and suddenly devalue the entire block. That means your lot goes down and you suffer at the hands of the market. Instead of falling victim to the forces of outsiders, take charge of your finances. Take charge of your life.
Sell Your Austin House,
Even with Negative Equity!
If your home is underwater, you may feel like you are stuck between a rock and a hard place. For some people, matters are even harder if they need to sell because they’re moving or are going through a divorce. Whatever the case is, you’re not trapped – FastHouseSale.org can offer you a solution.
Due to the housing market and your finances, you might be having trouble selling your house. FastHouseSale.org will buy your home with negative equity. Also, if you’re in need of a fast home sale, we can make a cash offer in as few as 8 hours and close on a deal within 1 to 3 business days. There is a light at the end of the tunnel for your negative equity worries.