With inflation creeping over the 6 percent mark, basic living costs escalating, interest rate hikes on the cards, homeowners face a tough future.
Many homeowners are still unaware of the bank rescue packages and more assistance is needed to speed up the clearance process.
According to Stuart Manning, Seeff Properties executive officer, while the objective is always to keep owners in their homes, the economic reality is unfortunately such that around one third of the country’s homeowners are still under severe financial pressure.
The volume of urgent-sale properties continues to hamper market recovery.
Only once there is a significant clearance of this stock can we expect demand and prices to normalise, he says.
Manning explains that it is therefore critical that as much of this is dealt with as efficiently as possible and while banks’ urgent sale processes are making inroads, two issues have become potent.
Many homeowners are still unaware of the bank rescue packages and more assistance is needed to speed up the clearance process.
This has prompted estate agencies such as Seeff to engineer solutions in co-operation with the banks to offer on-the-ground assistance to struggling homeowners.
This effectively provides a two-pronged solution aimed at providing additional relief to the market.
The Seeff Express Sales Programme not only assists to sell a property as efficiently as possible, but homeowners still get the benefits of the bank rescue packages such as a discount on the loan amount and a restored credit standing.
Homeowners now have the opportunity to liaise directly with their local estate agent for added assistance.
The sooner such homeowners deal with the problem, the sooner they can move on with their lives, downscale to a more affordable home or rent until their financial position improves, he adds.
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