Do you want to sell your house in South Lake Tahoe but you think you might still be underwater?
Many homeowners in the Lake Tahoe area 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.
We have good news! The market has changed a lot for the past 12 months. If you were underwater, it is possible that you’re not anymore.
Click here to get a free market analysis for your home to find out if you are underwater or not.
A recent report from the National Association of Realtors® reported positive news that we
- Prices continue to firm up with 64 percent of Realtors® reporting constant or increasing prices compared to the same time a year ago.
- Looking forward, 84 percent of Realtors® expected constant or rising prices in the forthcoming year.
The report states that these increases are due to recent imbalance between supply and demand in most real estate market. We’re also experiencing this trend in our local market here in South Lake Tahoe.
So, if you think that it is possible that you may no longer be underwater, now might be the time to sell.
If you want to know how much your home is worth in our current market you can request a free CMA.
What is a CMA?
All real estate is local and every neighborhood is unique. That means that some neighborhoods have increased in value much more than others. Our comparative market analysis considers factors unique to your home and applies them to local current buying trends.
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.
If you want to keep your home, talk to your lender to find out if you qualify for refinancing.
Keep in mind that many South Lake Tahoe homes 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 the current low mortgage rates and refinance your loan.
Now is the time to act. Contact us today to discuss your options your options.