Welcome to another Question of the Week with Wells Realty and Law Groups. Today’s question is “What’s happing with the market? Should I hold or sell if I’m underwater and are considering a short sale or foreclosure?” People are being encouraged by the market recovering and appreciation going up and are wondering if they’ll be okay on their home if they hold out for a year or two longer; for some people it is that they very well might be.
The truth of the matter is that when they talk about the appreciation of houses, they’re not talking about every single house. There are still some neighborhoods and areas where there has been little or no appreciation but this is typically because those homes weren’t affected quite as much. What it comes down to is that it is very localized and depends on your specific property. The good news is that we have a tool that can help you determine if you should stay in your property or if a short sale is a better choice. It tells you how long you’ll be in the property until you get back to that equilibrium. It boils down to what your situation is; Are you happy in your home? Can you afford your home? How long do you plan on staying in your home? There are some homeowners that may still be underwater in 10 or 15 years because of how much their property value fell.
We give free consultations to everyone in this type of situation and want to empower you with the information that can help you make the best decision for your family and your future. Contact us through this page, via phone or email and check out our calculator at StayOrGo.co to get the help and resources that you are looking for.