04/04/2023
The bad news? 10% of buyers who purchased a home last year were underwater on their mortgages by November 2022.
The good news? Despite fluctuating prices, buying is still a good long-term investment.
So if you are one of the 10%, don’t beat yourself up. Even still, here are a few ways to avoid overpaying this spring:
1) Do some research: Check out recent sales of comparable homes in your area to get an idea of what similar homes are selling for.
2) Hire an appraiser: An appraiser can provide an objective estimate of your home's value, taking into account factors like location, condition, and features.
3) Get a second opinion: If you're working with an agent, ask for a second opinion on the value of a home. They can provide insight into market trends and other factors that could impact the price.
Remember, paying too much for your home could impact your finances for years to come. So take the time to do your research and make an informed decision!
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Source: https://nationalmortgageprofessional.com/news/1-12-mortgaged-homes-bought-2022-fall-underwater