Sell that ‘investment’ property!
If you were one of the people who leveraged the increase in value of the property you live in and took out a second, third, forth etc mortgage to help your lending bank build a property portfolio, now might be the time to cash up and get out!
It seems a lot of people are fast approaching a negative equity situation, tried to sell their properties but finding the market quiet (it’s winter) have put them on the rental market until things ‘pick up’ next year. This is very optimistic. I assume everyone will then have stretched things even more financially by the end of the year and not being able to wait any longer will dump them on the market in the spring or summer depending on the weather.
There is really no indication that the economy will improve as it is dependant on factors overseas outside our control and this situation is likely to be the same for at least another 12 months, maybe longer.
If I were in a negative equity situation, or even approaching it, I’d be selling now, taking the hit early because it will probably be a blood bath in January!