2008 January Mortgages Canada News::
You can now create a mortgage rate that will accommodate you and not the bank. fixed helps to reduce balance faster, while 30 keeps it going at a steady
http://www.mortgagescanada.ca/mortgagenews/2008/01HOME |
why so??
Thanks for your answers!
Beats me, I'm staying right where I am and plan no big changes in my life or lifestyle.
Family commitments, maybe their job is forcing them to move if they've been transferred.... maybe they're so sick of their current house that they can't stand it any longer and just have to move. My mum has just moved to be closer to her friends, my dad has just moved as he came across the house of his dreams.
From a financial point of view - no, there's no reason to sell. First, there is a lack of liquidity therefore there is a lack of buyers. Then home prices are being devalued.
Maybe the only thing that that person can do is refi his existing fixed loan to a lower rate and new terms.
Our neighbors are currently selling.
They bought an old church in a smaller town that is not yet "suburban". After renovations were done and their two boys graduated, they put it up (their old house next to us) for sale.
They didn't want to move their kids from the school they had been going to all their lives to something different.
Some people have to move, maybe they have got a new job in a different part of the country, or they are getting divorced, or need a bigger house to accommodate a growing family.
Lots of reasons -
1) they are moving to another city
2) they are moving into a better house and can't pay two mortgages at once
Real Estate Blog - Money Merge Accounts: Are They Really the Best Thing ::
the mortgage planners who truly want the best for their clients are why cant Yes, I would advise someone to refi from a 4.875% fixed rate to a 6.625% if it
http://activerain.com/blogsview/48018/Money-Merge-Accounts-AreHOME |
3) they are bored of their house
4) they have retired and the kids have left and now they only need a smaller house, and don't want to maintain the old house
5) property taxes have increased so much that the homeowner can no longer afford to pay them
With house prices coming down every month. It's hard to say how low they will go. Some people might want to sell before they loose more of their investment.
It's the same reason why some people sell their stocks, when the stock market goes down a lot. They are tired of loosing, and they don't want to loose any more.
You have to remember that real estate agents often sold houses as a kind of financial investment and not just a place to live in. And people who bought their houses as an investment might want to cut their investment losses now before they get any worse.
Commitments elsewhere?
Maybe the house is in bad disrepair and the cost to fix it up outweighs the good deal that you have?
Bad neighbours
Practical reasons really...
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Why would someone who has a steady income and a fixed mortgage rate EVER want to sell their house now?