Yes the realtor is right. You cashed out all of you profit when you did the refinance. If you sell now the buyers will not pay more then what its worth. Keep the home if you can and wait till the market changes. Good Luck
At that point, (again) you will have to make up your mind as to what you wish to do. That will take into account why you want or need to move.
Before you decide that now is not the time to sell, remember that, just as your house is worth less now, so would most replacement homes. A fair trade off may get you better housing for your purposes. The mortgage rates are very good now and will help you by allowing your investment to grow more rapidly, something that may not happen in the future. The future is the great unknown. Even economists disagree and have wildly different forecast of how things will play out.
You can put your house on the market for any price you choose. The agent who told you that she could not put your home on the market was speaking of her own criteria. Other Realtors might put the house on the market for far more than that and hope that either you would lower it later or the market would recover. There is neither law nor custom that restricts what price you can place on your own property. If you go too far overboard, you may not find an agent willing to waste their time. This agent, presumably, has decided that anything beyond $275K is a waste for her. Good for her but perhaps even better for another agent who is more flexible.
Lots of luck
I hate to tell you this as the truth always hurts.
Your chances of selling are almost ZERO.
The only ones that are selling are total rehabs that we can pick up for $20,000 or $30,000 or habitable units that we can get at a price where the income gives a return of at least 15% per year.
So if section 8 pays $1200 for each appartment thats a gross of $29,000 a year and at 15% return that makes a cash value of the house at $200,000.
So, yes, it is possible (and likely) that she is right about your home's value today. As others have stated, get a second and third CMA done for you and take a good look at the comparables the agents are giving you. Overpricing in this market gets you no where.
If you cannot afford to cover the loss, consider staying or calling your bank to renegotiate your mortgage to make it affordable for you.
Unfortunately true. I have appraised many 2-family homes in Paterson over the past few months, and the values have fallen in spectacular fashion. There are over 600 2-family properties listed for sale in Paterson right now, many of them short sales and foreclosures. That does not count for-sale-by-owners. There are several years of housing inventory and that is resulting in sharply declining prices. I am seeing the same thing in Newark, Elizabeth, and Jersey City. Homes that sold for $400,000-$500,000 are now sitting on the market listed at $260,000, with no buyers. You might have to decide whether it makes sense to keep paying your mortgage. At some point you might have to decide to ride out the storm and stay where you are, or perhaps sell short, or even walk away from the property. Not a fun time right now in real estate...
Wow! I am so sorry to hear about your situation. I must start off by saying that yes, your Realtor can be right. Unfortunately when you purchased 3 years ago, the market was really doing well and you may have purchased your home at at over inflated price which basically means your home may not have been worth what you paid then. That is the story of so many home owners now who purchased when you did.
I would have to ask you if you have to move right now or if you could wait. Your home will appreciate over time. Have you done any improvements to it?
Did your Realtor show you comparables? Is there a lot of competition in your area? There may be a way to create a lot of attention to your home.
If you could provide the answers to the questions, I've asked that would be great.
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