Selling Your Home Due to Financial Stress

TODAY'S COST OF LIVING REALITY

A sad reality for too many homeowners right now is financial pressure and strain due to unexpected higher mortgage payments. This situation is especially tough in high priced markets in and around Vancouver BC, where mortgage balances can be very high. To add insult to injury, inflation has been high too, adding to financial pressure on people.

There has been widespread reporting about trigger rates, negative amortizations and payment shock for people with variable rate mortgages or those who renewed mortgages recently (or will be shortly). Unfortunately, some homeowners may have received bad advice that led to poor decisions with respect to how much home they bought. Perhaps an agent or broker led you into a home priced outside of your true affordability threshold or because a lender advanced you more mortgage money than you could sustain under normalized interest rates. Whatever the reason, you may be one of thousands of homeowners under serious financial stress right now.

WHAT YOU SHOULD KNOW

Below are some simple things that you should understand, if you are not sure what to do next in order to get things in order and your stress levels down. 

I have previously posted on the following topics that are important for buyers and homeowners to understand.

1) budgeting for homeownership

2) affordability metrics

3) the benefits of downsizing

HOW I CAN BE OF HELP

If you will face a loss by selling, it is not the end of the world and there is no shame in admitting a mistake. Cutting losses is something people have to do on occassion. It stops the bleeding of money so to speak. It halts spending good money on a bad decision.

Selling your home might help free you from ongoing stress that is likely harming your physical and/or mental health. I can be flexible with my commission, depending on your specific situation, to lower your selling cost. In turn, I can even help you find a new home that is better within your budget and affordability comfort zone. As well, I would be happy to provide you with a free home evaluation to help you understand the market value of your home in today's market.

If you are looking for honest, objective, helpful and clear advice, I'd love to chat. Contact me today to explore your options. I am sincere in saying that I am here to help, with no strings attached.