With the market the way it is nov 07 should i sell my house?

Irvin
We have to refinance back to a 30 yr from a 15 yr because taxes went up. We want to move so that when we cash in our equity, it goes into a house that is worth it. We live in southern New hampshire. Any opinions...?

Giselle
The ONLY way to answer this question is to look at the NUMBERS. have a realtor do a market appraisel on your house to see what it will sell for and what the costs of selling it are, subtract what you owe against it and THAT will give you your REAL net amount of equity you have in this house. But remember that it will NOT sell quickly and you MAY have to reduce the asking price in this market to get it to move. Then go to severl banks and have them pull your credit and quote you what a 30 year fixed rate loan numbers would look like, what your payments would be, what property taxs are, what additional costs you would have holding the house for the next 5 years. Then talk to severl realtors about your area; are property values expected to recover EVER or when should they turn around. Real estate is a LOCAL market and while the news is ALL doom and gloom Austin, TX went UP 17% this year so where you are and what the population and jobs are doing IN YOUR area have a HUGE impact on what your future numbers may be. Once you have a GOOD number on what you can cash out with this year, a good guess on what you would have to pay to hold the house AND a good guess on what it may be worth in 5 years THEN you can decide which option is best for YOU in YOUR house in YOUR area with YOUR credit and YOUR taxs. "We have to refinance back to a 30 yr from a 15 yr BECAUSE TAXS WENT UP" tells me that you are OVEREXTENDED, bought a bigger house then you could afford and are NOT handling your finances the way you should. Keep spending 110% of what you make and you will join others in the foreclosure mess.

Cheyenne
Depending on your local market, this is a difficult time to sell. Find a local Realtor who really is selling homes in this kind of market instead of just listing and sitting on them hoping that someone else will sell their listing. Have the agent determine what your house could actually sell for in today's market and estimate a time frame. Ask them what unique marketing techniques they have to sell your home. Ask them how many properties they have sold this year. Get your financing in order or at least prequalify. Getting a new mortgage can be difficult today. Clean up your credit and pull your free credit reports. Price your house in today's market not in 2005 market value price.Then you can decide if this is a good this is a good time for you to sell and repurchase...or sell and rent...or keep the house and refinance, etc. Good Luck!

Billie
Look, I don't think you should sell because there are so many people selling their homes that you won't get a good value for it. I think you should look into getting a different type of loan, like a fixed rate and have your escrow on a separate account. That way, you can open up a mutual fund and insted of paying thourughout the year, you can save that money and get at least 10% returns on your investments. Email me if you need anything else

Abby
This is a buyer's market - meaning if you are buying a house you have many to choose from because there aren't many houses selling. And a buyer can also likely get it cheaper than 6 months ago. It probably wouldn't be a bad idea to hold onto your house and wait for the market to come back up, as long as you can afford it.

Anthony
I recommend that you keep your house and convert it to a rental property when you mover, rather than sell it.This is a buyer's market right now.In the future you will be delighted that you kept the propertry as a rental rather than sell the property.

Leatrice
I think the first step is to get opinions from professionals. First I would look at the MLS and find similar properties in your area, that should give you a sense of the listing value (not the sale price). Then find a good agent with a proven track record and ask for a free competitive market analysis. Now you can make a reasonable assessment of your situation