You are wondering if you should sell your house now or later.  Well, consider this, there is a huge pool of underwater homeowners in America.  There is an even larger pool of underwater homeowners in California.  (Underwater refers to owing more on your house than it is worth).  Almost 14 million homeowners have a negative equity position, actually.  And that number grew 1.5% last month from the previous month.  So, is the housing market recovering?  Nope.

Not only do we have a huge inventory of bank-owned homes that have been listed for sale (I mean HUGE), now we have about 14 million homes where the homeowners are paying a mortgage that is bigger Flooding in Minot [Image 4 of 13] than what the house is worth. How long do you think they will keep paying their mortgage?  Most have already stopped.  Many of those homes will end-up being owned by the bank, too.

While the national home prices are down 4.4% year over year, the LA market is down 5.9%.  Prices are coming down, folks.  Not to mention, Greece, unemployment, recession.

If you are considering selling, don’t wait for the market to turn around.  It could be decades before prices come back.  So, think about all the repairs that will need to be made while you are waiting around, hoping for the market to go up.  Do you really want to throw more of your money after a potentially losing investment?

You need to make the best and most rational decision for you and your family.    If you have equity in your home and want to preserve it, most likely, it is time to sell.  Don’t kick yourself later for not selling now.

If you want to talk about your options, don’t hesitate to call me.  I welcome the opportunity to talk about what is best for you in your situation.

 

Photo Credit: Flooding in Minot by DVIDSHUB