Are you upside down on your real estate holdings? Then unless you have the cash to bring to closing to make up the difference you might want to stay put.
See, here’s the deal, if you purchased an investment property and the value has dropped you’ve only “lost money” if you sell it. If you purchased that property and the montly rent is paying the mortgage, taxes and insurance plus any miscellaneous/reasonable expenses then you should keep that property. Keep renting it until the market turns. When will that be? I don’t know. But why would you want to lock in a loss?
I’ve seen so many houses that purchased at prices available today are a steal compared to a few years ago. And in Johnson County, Kansas the rental market is strong. Real strong. I’ve had property managers tell me there simply are not enough 3 bedroom, 2 bath houses for rent.
It’s unlikely JoCo will get hammered the way some areas have. There are foreclosures in Johnson County, to be sure. But the ratio is favorable to the real estate owner and investor.