Do some home owners need to learn to breathe underwater?
I read an interesting article about a recent survey that claimed 1 in 5 homeowners feel they would have to sell their home for less than what is owed on it IF they had to sell it today.
But does this survey really apply to our area?
Do reports such as this scare the public?
And by scare the public, I mean scare people with statistics that might not accurately reflect the market conditions in my area?
I have thought about this, and while it may not always be the case in Upstate South Carolina, I know that sadly it is the case for a few unfortunate people. I know this because I have a home listed right now that is a short sale. I know this because I see other short sales and foreclosed homes everyday. I see overpriced homes that sit on the market for months. Real estate is my life, it is all I do. 7 days a week, 12-hours a day, I am immersed in Upstate South Carolina real estate. But please do not think every home for sale is because the owner is in a bind. Most homes in my area are not short sales or foreclosures, or even have owners that are underwater.
The key word in the survey is IF. IF is one of the biggest little words in the English language. IF they had to sell today. Most people do not have to sell today, and while their home’s value may be less than what they owe, IF they hold onto it for several more years, the situation could change. I think that real estate should be thought of as a long term investment, not a get rich quick scheme.
So for some homeowners, it may mean they have to learn to breathe underwater until their home’s value appreciates and/or they pay down the amount they owe. But IF a homeowner must sell today, then they may have to bite the bullet. A short sale may be the best option IF they are underwater. Consulting with a local REALTOR is a good place to start if you must sell your home today.