Saline Real Estate and Homes for Sale

You probably drew a picture in your mind's eye right away when you read the title of this article - Upside Down.  But what does that mean in terms of Saline real estate?

I've written before about Underwater real estate in Saline.  Upside Down is just another way of describing the same situation.  I was recently interviewing a potential client who described their situation as being "upside down," and the term stuck with me.  In fact, here's the first paragraph of my previous article.

When you hear the term "underwater," you most usually think of swimming.  When you add real estate to the mix, the picture gets really bad (think "flooding").  Lately, the term "underwater" refers to those who owe more on their mortgages than their home is worth.  We also use the term "upside down" in a mortgage.  Sadly, there is plenty of underwater real estate in Saline these days.

What causes a homeowner to be upside down?

Most of the "upside down" or "underwater" homeowners are in mortgages where they made small or no down payments.  Still others re-financed their mortgages, pulling out equity, and then their market value declined.

What happens when you owe more on your Saline real estate than it is worth?  Nothing - unless you absolutely have to sell it now, or can no longer afford to make the payments, or you need to re-finance.  Otherwise, think (temporarily) of your home like that new car you drove off the dealer's lot.  As soon as you left the lot, that car was worth a lot less than the sticker price, and probably a lot less than you owed for the car.  Still, you kept the car, and kept making payments on the car, until you had paid off the loan, and the car was all yours.

Our market for Saline real estate will recover.  Until then, hang in there, even if you are upside down.

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If you have questions about your specific situation, or if you're considering buying or selling any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

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