House valuation

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workingmom Posts: 3429
Just had our house valued for equity release, and I nearly had a heart attack, it is worth 50K more than we owe on it, but we put nearly that into it of our savings, so basically, house overall is worth 0. I know there are people in negative equity, but when you hear it for real, it really hits home. I think this country is totally stuffed anyways, and I feel sick.
Beverly Hill Posts: 591
I'd count yourself lucky :wv . Most poeple who bought in the last few years are in negative equity :eek
gone elsewhere Posts: 1780
A house is only worth what someone is willing to pay for it. Estate agents' valuations are way off the mark, houses you see up for sale for 300k are actually selling for 240k, if at all. I got the house re-valued three years ago to avail of a lower interest rate and almost fell off the chair when the valuer priced it at 100k more than I paid for it. There's no way in hell the house would fetch that amount on the open market. What goes up must come down, and back up again. Sit tight, property will not reach the crazy prices it was at but things will be better in 5 years or so.