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Do You Owe More Than Your Home Is Worth?
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This is a tough market for sellers right now, especially if you owe more than your home is worth. Prices have been slowly coming down for more than a year now and it’s hard for sellers to swallow. The typical phrase is, “My home is worth what?” The bottom line is that the market determines the price of a home. Sure, you can price it any way you like, but will it sell if it’s over market price? Probably not. In many cases, homeowners took equity out of their homes during the rise a few years ago and now it has caught up with them and what they owe is more than the home is worth. Other homeowners have faced a significant rise in their insurance and taxes over the past few years and their monthly payment has almost doubled. This has hindered buyers as well, due to the high monthly payment they will be faced with. If you are facing foreclosure, it’s better for you financially if you cut your losses and sell. Even if you have to come to the closing table with a little money, it’s better than having your chances at future home ownership ruined. So, if you owe more than your home is worth, either stay in it for a few more years (if you can afford it), or cut your losses and get out now.
About this poster:
Posted by:
Cheremac
(female, late-30s)
(Posted 11/27/07)
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