Sell Home Now or Later?

(July 17, 2012)

sell home nowSell home now or later in Anaheim?

There is something you should consider: there is a huge number of underwater homeowners in California. (Being underwater on a home is owing more than the home's value). With an estimated 31% of mortgages being underwater, California ranks 6th on the number of statewide underwater mortgages.

Whether or not the market is recovering, which seems to have no clear answer, the road ahead of us is long. One reason being the immense amount of bank-owned homes on the market. These homes are selling for dirt cheap, lowering home values all around, including Anaheim. The lower the home value, the lower the potential selling price, no matter how nice your home is.

Also, the fact that the home values are lowering means that new homeowners may soon be underwater. Most, rightfully so, don't want to pay a mortgage that is higher than the value of the home. When they stop, the homes eventually becomes bank-owned. The vicious cycle is obvious.

Sell Home Now or Later?

If you're considering selling your Anaheim home, waiting for the market to turn around may not be the best idea. It could take decades for prices to stabilize. Consider the maintenance and repairs that will need to be done while you're waiting for the market to recover, and there is no guarantee it will recover to where you were hoping.

Of course, every situation is different and you need to make the best decision for you and your family. But, now may be the time to sell. You don't want to regret not selling when your home continues to lose value.

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Topics: sell house fast

Jennifer Shenbaum

Written by Jennifer Shenbaum

Jennifer Shenbaum is a real estate investor based in Southern California. She is a veteran of the housing market crash of 2007. Best of all, she offers free remodeling ideas to all who ask.

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