- March 28, 2008 at 12:17 am #256975
According to the real estate
investor experts, the housing market is going to continue to decline
and will bottom out next year toward the end of 2009 then start to rise
again. Of course that’s just speculation and no one can say with any
degree of certainty what the economy is going to be like next year or
the year after. Some homeowners right now are opting to sell out and
take the loss in equity in order to purchase a smaller home they can
pay cash for in the hope they’ll be less affected if there’s a
continued decline in the economy. The majority of people aren’t in a
financial position to do that though. Getting out from under one
mortgage would require taking on a new mortgage so for them, it’s more
like a roll of the dice at a crap table in Vegas. You *might* break
even at some point but the odds are strongly against it. You might
want to check the local statistics for a better overview of the real
estate market in your area but overall nationwide, the sale of lower
priced homes are on the rise slightly and homes in the $195,000 and
upwards bracket are plummeting. Knowing where you fit in should be
taken into consideration before making any major decisions about
selling your home and moving elsewhere.
sharon smith-scott wrote:
I have been wanting to move for a while. However, the value of my
house has gone down by about ten percent. Should I still try to move
or wait until the value increases again? I am afraid if I wait too
long the neighborhood will become worse.
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