Nancy Marin, Both Buyer and Seller in Fort Gratiot, MI

Nancy from Fort Gratiot MI- 15 year morgage 8 years to go, house has been refinanced need work 17 years old,

Asked by Nancy Marin, Fort Gratiot, MI Thu Mar 6, 2008

appraised at 182,00.00 in a good market, owe 80,000, here is my question, sell and buy in this market in Michigan or stay and fix it up?

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Nancy, to sell now would be a good move, being the market is dictating the ability for you to purchase the "home of your choice" at a discounted price. Depending on your location, the market price could surprise you. There are several client/customers out there with the ability to purchase for cash. Of course, they would want a good deal, as you would, but again, maybe now you would be looking for the home you always wanted. Hope this helps. Thank you, Bob Lambert, Real Estate Masters, Fort Gratiot, MI.
0 votes Thank Flag Link Fri Apr 15, 2011
Nancy, Good Question! You may really want to consider contacting a local real estate agent, which I would be more than happy to help you find if you need help. You need a Competitive Market Analysis done to tell you what today's market value is. This appraisal you had done in a good market...well, I highly doubt that number is anywhere near there. Even if your house is only market value of $130,000 for example, you still have a great amount of equity. Of course that is a decision you have to make for yourself.

I think that 2008 is a great time to buy! Not necessarily to sell. However, you may find an amazing deal that you can't pass up so it would be worth it to move on. I have literally seen people purchase $400,000 homes for $250,000! It is a little crazy out there right now.

Even though you may not get as high of a number as you are hoping for on your current house, you probably have a great chance to get a really good deal on the purchase of a home.

I hope this information helps! Best Wishes! And let me know if you need help finding an agent in your area.
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0 votes Thank Flag Link Thu Mar 6, 2008
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