Business & Finance

Let face it, people do not get along and I don’t want to turn this in to racial argument I just what you honest opinion from home owners view. I live in suburbs next to big city and city is always expanding so the unwanted and lower class neighborhoods get pushed further in suburbs. Plus, some apartment complexes contract apartments to welfare and that overflowed schools with “not so fortunate” kids. And crime, drugs went up. Since township passed law that real estate tax is played based on income not on property price and size. And with government guaranteed low interest mortgages the “unwanted” people moved in the neighborhood. Real estate is bad, in my area value is down 30% due to bad economy. Plus after the new neighbors moved in its down to 50%. I don’t think that racial tension are going away any time soon. So, what option do I have. Sell now and loose 50% of what I paid, or wait and hope to sell it when marked will go up (I think in next 5-10 years) But by then it might be too late because no one will want to buy house in this “nationhood“….
P.S. I’m white (i think you know it by now) and I was trying to be politically correct. I consider myself middle class and what I have have I earned honestly with sweat and blood.

I very much understand your situation. I live in the "burbs" in NV. Homes 10yrs old nearby. Many were bought up by investors for rental's. The renters don't take care of the property and the owners don't really care. We are now upside down in our mortagage. We need to leave. Never missed a payment. The area is now going down for the count. Old junk cars/trailers now parked on neighbors lawn. Renters behind us haven't trimmed in their backyard for 4 yrs. ATV's being rode by kids up and down the streets...the noise is loud. Watching the homes that people have just walked away from become overgrown with weeds. My advise to you is to get out ASAP. I promise you it will only get worse! We are going to have to walk away. We will take a hit with our hard earned credit rating but did you ever see a grave stone with the occupants FICO score printed on it? We will say goodbye to all the money we paid on our downpayment and for the improvements we made in the past 4 1/2 years. We're the bad guy's who can't get any help anywhere because, we alway's made our house payments, never late, have a good credit rating and very good FICO score. It's the people that are bringing down the value in our neighborhoods now that are being helped. Our lender won't even talk to us. Sooooooooooo, shortly, we will walk away, mail the key's to the lender and see what happens. Who needs this kind of stress...Good luck with your decision!

You should "movie out" at the end of the show.

Based on your question/comments, you will never be able to live there until values rebound (if they ever rebound). I'd cut my losses and go.

You are in the same boat as the majority, but perhaps motivated to move by a minority. While I think your estimations that the "unwanted" people that moved into your neighborhood caused a 20% devaluation of your property is ridiculous unless your are counting up the 20% cumulatively for 25 years.

Still it pretty much comes down to priorities. Do you believe your present value will decrease more by staying put and selling 5 years down the road? Can you "tolerate" your neighbors for 5 years? Can you afford the equity loss in a sale (which you could likely compensate for in your next purchase) if you can find a buyer?

I suggest you start talking to a few different Realtors who know your market and can convey to you the statistics of how things are selling in your neighborhood. They are your local experts but because they are salesman, I suggest you talk to more than one to overcome the scenario that one may blow you full of sunshine about the market in hopes to get the listing. It could also serve to help you find the most ethical agent when it actually does come time to sell.

You have already decided it is in your best interest move. Do it now and move on with your life instead of putting up with another five or ten years of shoulda, coulda, woulda, in a place where you don't want to be.