Does that sound familiar?
Many Phoenix area homeowners have been upside down on their mortgage for the past few years and would like to sell their house. Unfortunately, they have not been able to because they were in a negative equity position and did not want to short sale.
Am I Still Underwater?
It is possible that you are not.
A recent report on the Greater Phoenix Housing Market by Arizona State University reported positive news that we
haven’t seen in the past few years including:
- The median sales price is up 32.4% over that past 12 months and
- Normal re-sale transactions are up 74%
The report states that these increases are due to recent imbalance between supply and demand in the
local real estate market. However, it is not likely that these high increases will continue and that prices
should stabilize over the next few months.
So, if you think that it is possible that you may no longer be underwater and you want to sell, now might
be the time?
Unfortunately, the abovementioned options can prove to be inaccurate, time-consuming or expensive.
If you are looking for arguably the most effective tool for finding out what your home is worth, you can
get a Free Market Analysis from Thompson’s Realty.
What is a Market Analysis?
All real estate is local and every neighborhood is unique. The 32.4% increase mentioned above is an
average. That means that some neighborhoods have increased in value much more than others. Our
market analysis considers factors unique to your home and applies them to local current buying trends.
So, if you want to sell your house, it can provide information such as:
- Your targeted sales price,
- What similar homes in your neighborhood have been selling for,
- How quickly it should sell,
- What renovations you should consider and
- How much you should make.
I’m Still Underwater, What Are My Options?
If you obtain a market analysis and you are still underwater, you currently have a couple of
options. If you really want to sale your home, then you may want to consider a short sale.
Keep in mind that many Phoenix-area homeowners have seen significant price increases in the
last 12 months. So it is possible that even though you used to be deep underwater, you may
now be close to break-even or maybe even have a little equity in your property. If that is the
case for you, see if you can take advantage of HARP 2.0 program and refinance to the current
Now is the time to act. Contact us today to discuss your options your options.