The ability to sell one’s home for a large profit is a real possibility in the current market where demand is ultra-high and supply is very low. However, it could be like the song of a siren and lure homeowners into a market that will leave them in danger of seeking a quick solution to their own housing needs. The market is full of buyers and letting go of your home for profit could still leave you short on being able to buy another home. Homeowners that rush to sell could find themselves renting and not for the short term.

The average house price is breaking records every month. The volume of homes being purchased might be cooling down, but that doesn’t mean that buyers are shying away from the housing market. Those still engaged and serious about finding a home, especially one with more room and perhaps a garden, might be forced pay higher asking prices. Those asking prices will be so high that it puts many buyers completely out of reach. Another possibility is a home mover planning on buying a particular home and facing many buyers willing to pay above and beyond the asking price. 

The strong desire to buy a home is not only happening in the UK. It is a global issue that is leaving many without the opportunity to buy and in some cases having those that sold rush through their selling profits paying higher rental fees for a place to live while seeking a new home.

While many homeowners became home movers in the rush to buy, others stayed put. It may not be the right choice for all, but it could be a smart solution to take a moment and think things through.

How far will the profit get the homeowner in putting down a deposit on another home or how long will it allow the expense of renting? Has the homeowner’s credit history been strong enough to put the borrower into the best interest rate mortgage deals when looking to buy another home or will they find themselves unable to get another lender?

Of course, there are many more questions to ask when considering throwing your property into the housing market. One consideration might be to stay put and remortgage. Many homeowners have found savings with a lower interest rate deal. In fact, the recently reported average saved with a lower rate deal was £400 monthly. 

Savings with a remortgage isn’t the only benefit, there has been a strong demand for equity release remortgages. With high property values, homeowners are using the built up equity to turn it into cash and invest back into their house. Upgrades and improvements as well as construction to offer more room or even less to allow for a larger garden have all been options.

One can always remortgage and consider the best choice while saving money. Improvements might even offer a higher profit when selling that will allow the homeowners to enter into the market at a more stable level to make better buying decisions.

Remortgaging is an option and an opportunity. Entering the housing market during a peak time is also an option and an opportunity. It will take careful consideration, and perhaps gathering information from experts to make an informed decision. With lower interest rates due to stay for a bit, and more and more mortgage and remortgage products being offered by competitive lenders, it appears homeowners have some time on their side to make a smart decision for their unique needs.