Maybe you aren’t under water anymore! I have had several conversations with people in the Tampa area over the past few months who didn’t think they could sell their homes because they thought they were still under water on their home….value vs what they owe…but after I did a CMA on their property there was a pleasant surprise for them and I was able to help them sell their homes and move on! If you live in the Tampa area and would like a CMA done on your property give me a call. Richard Kemper RE/MAX Realty Unlimited 813-777-5332
Homeowners get lift from rising prices
NEW YORK – Sept. 3, 2013 – A big jump in home values has pulled 3.2 million homeowners above water on their mortgages in the past year, but that pace will slow if home price gains taper.
At the end of June, 12.2 million homeowners with mortgages – 23.8 percent – remained underwater, owing more on their mortgages than their homes were worth, according to an analysis by Zillow. That’s down from 15.3 million a year ago.
The drop in underwater borrowers correlated with a robust jump in home prices, which were up 12.1 percent for the 12 months ended in June, Case-Shiller’s 20-city index shows.
Fewer underwater homeowners is a “big plus” for the economy, says Mark Zandi, chief economist at Moody’s Analytics. “The home is still the most important asset most Americans have.”
Rising home values make people feel wealthier so they’re more likely to spend. On the flip side, if homeowners are underwater, they’re more cautious with spending, Zandi says.