Credit Crisis! Banks are being nationalized, the stock market collapses. There are fears of a global economic crisis that also the housing market will undoubtedly hit hard. House prices will fall, mortgage rates will rise, the market is completely stagnant and even though my house is for sale!
It looked so beautiful, nothing could go wrong ... We fell in love with a beautiful waterfront home. The funding was no problem, the new monthly payments we could spend without much difficulty. Our current house had to actually be sold. Also no problem as our broker, on average there is a house like ours just 70 days on sale. So we bought the house on the water and for sale put us stulpje. But when the bank was nationalized and Fortis entered the credit crisis.
Everybody talks about it but no one can say a sensible word about it. Pessimists, both experts and laymen, seeing plunge the whole economy into one another; interest rate increases, companies can not invest, bankruptcies, unemployment, inflation. A comparison with the crisis of the thirties is easily made. Their prediction for the situation in the housing market is correspondingly poor: that will stage down, homes are getting longer for sale, prices will fall and mortgage rates will rise. Oh, dear, this scenario is Alba and her little family later with monthly payments double and a year later, deeply in debt in a small apartment ??
It's exciting in the housing market no one denies. But not everyone thinks that there is cause for alarm. Ger Hukker, chairman of the NVM says that the Dutch housing market is not comparable to that in the United States or Great Britain. In the Netherlands, there is always a shortage in the market, there are more people who want to buy than those who want to sell. That could be the salvation for housing prices. The Economic Office of the Postbank is also quite optimistic. According to them, everyone in 2009 in purchasing power. They also predict that the prices of houses will even increase. Slower than in previous years but still.
It is too early to panic. Our house is less than two months on sale. Potential buyers will be more careful and perhaps more difficult to take out a mortgage. Fortunately, our house is a very reasonably priced starter home. Probably our home so something more for sale than expected. Fortunately, we have taken into account a large bridge.
In early January 2009, we have happily sold the house! Although we had hoped for a slightly lower price but since the credit crisis simply the trend: home prices are falling slightly. Anyway, we now know where we stand, the buyer is enthusiastic and we can continue our good focus on the design of our new home!