With the downturn in the market, many folks have been unable to sell even if they need to. The fact is that there are some options that underwater sellers have. Here are some ideas you can use.
- HARP2 Refinance: The first thing you should look into is getting your home refinanced, especially if your rate is above 4.5 percent. This will get your payments down and give you some breathing room for the other options I will outline below.
- Rent your home out: I have had many folks decide to take this path. They did a refinance to lower their payment, applied for another loan for a new primary residence, and then rented out their old primary residence. They then had a cheaper payment on their new home and used the rent to pay their new home while they continued to pay their old payment on their existing home. I have many happy homeowners who have done this.
- Short Sale: Are you barely hanging on to your home?This may be an option for you.This means selling the home for less than you owe if you qualify for certain hardships (ie: your expenses each month outweigh your income). It will hurt your credit usually for about three years. (There are exceptions to this.) Feel free me to contact me to discuss your current situation.
- Wait on the market: This could take a painstakingly long time depending on what part of Lilburn you live in. Although we are seeing some improvement in values, we are still seeing a large number of distressed sales in the Meadowcreek school area. Once these subside (estimates are three to five years), we could see a noticeable rebound in prices.
By the Numbers:
-- Months of supply of inventory available. The lower the number, the better chances prices will increase.
Parkview Today: 4.6 months of inventory available, average sold per month: 35.7
- Parkview Last Year: 5.1 months of inventory available, average sold per month: 32.1
Meadowcreek Today: 2.3 months of inventory available, average sold per month: 34
- Meadocreek Last Year: 2.2 months of inventory available, and average sold per month: 34.3
Deals of the Week:
Meadowcreek Stately Forcelosure: Check out this beautiful home in a stellar location.
Parkview Amazing Kitchen: Premium kitchen for a bargain price.