If you are in a neighborhood you think is going to keep falling in value, do you sell when the current market will payoff current mortgage (Lose money overall but don't owe anything either) or do you stick it out and "hope" it rebounds? But then you stand the risk of market continuing to fall and you end up selling for far less later on?
I know there is a 50% chance of one or the other happening but wanted to get a feel for what Texags would do in this situation.
To give a rough idea of what is happening, we were one of the first to build in this subdivision. Turns out the builders are finding it harder to sale at the rates we bought at so they are lowering their prices causing the "appraisals" to fall. We are also in the 400-600k range. Lesson learned is you don't want to be one of the first to build even though you get the pick of the litter when it comes to lots which is what we fell for.
I know there is a 50% chance of one or the other happening but wanted to get a feel for what Texags would do in this situation.
To give a rough idea of what is happening, we were one of the first to build in this subdivision. Turns out the builders are finding it harder to sale at the rates we bought at so they are lowering their prices causing the "appraisals" to fall. We are also in the 400-600k range. Lesson learned is you don't want to be one of the first to build even though you get the pick of the litter when it comes to lots which is what we fell for.