Pam, I would have to agree with Michelle, most likely you are in a declining area which may make it more difficult for buyers to qualify for a loan.
Here are three reasons to sell your home in this market:
1. You are purchasing a larger more expensive home. This is called moving up in a down market. Most people doing this are willing to loose, say 10 percent, on their current home but they make it up by purchasing the more expensive home at a bargain.
2. You are purchasing a home in an area or State where home values are rapidly increasing. In this case, your next homes value would keep going up and your current homes value would slowly decline widening the gap in value.
3. You are in danger of loosing your home to foreclosure.
A real estate professional could assist you by completing a net sale worksheet. Most companies have them.
Pam, would you like an online home evaluation? This would include several sales in your subdivision and possibly the surrounding area. That may give you a better idea of what's actually happening. There is no obligation.... more