Have you ever bought a house assuming it would last for at least five years? Maybe even ten or more? Sadly, properties don’t have an indefinite shelf life. And after you’ve been burdened with making payments for years on end, there might come a time when you finally realize that house prices are dropping and your home is worth less than what’s owed to the bank. Visit https://www.greihousebuyers.com/we-buy-houses-oregon/ to learn more.
Ever since the housing market crashed in 2008, homeowners nationwide have had to grapple with this difficult reality. While the worst is hopefully behind us, there are still many buyers who have fallen behind on their mortgage payments. As a result, they’re looking to sell their property in a hurry and wait for a better opportunity.
So, how are you supposed to decide what to do when your home is worth less than what you owe on it? After all, there are pros and cons to selling your home for a quick sale or an extended period of time. Understanding which option works best for you will help you decide. Finding out which option is right for you can be done by taking the following steps:
This is the first step to figuring out whether you should sell your property quickly or hold on to it for a few more years. You’ll need to find out what your home is actually worth. It’s important that you keep any receipts or other records related to your home sale so that you can match up what the actual value was at the time of the sale.
Calculating how much money you owe on the property
This is another important step in determining what’s best for you. You have to figure out how much you still owe on your property by looking at your mortgage statements or by calling your lender. Knowing the exact amount will help you figure out whether or not it’s worth it to hold on to your property or sell it right away.
Looking at today’s real estate market
You also have to take a look at what’s happening in the real estate market right now. You can do this by looking into industry reports or speaking with a local realtor.
Considering your financial situation
You also have to figure out whether or not your financial situation will be improved by selling your home fast. You’ll want to look at the amount of money you can get from the sale and compare it to how much it would cost you each month to keep up with mortgage payments and other bills.
Figuring out what’s best for you
After taking all of these steps, you should have a better idea of whether selling your property in a hurry is the right choice for you right now.