For the last several years we have seen a declining inventory of homes for sale in Johnson County Kansas. There are many factors that have lead to this declining inventory but one of the biggest factors has been "underwater homes" or homes that are worth less than the mortgage currently owed.
If you bought your home during the peak market years of 2005 to 2007 you may have been caught in this trap. Towards the end of 2011 nearly 26% of homes were considered to be underwater, making is virtually impossible to sell without bringing a large sum of cash to the closing table.
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For those of you who have lost hope? Good news is finally here, according to recent studies only 6% of homes are still considered under water. Even better news is that foreclosed and distressed property sales have shrunk from 49% of homes sales in 2011 to only 7% today.
So what does this mean for you? Well, your house is probably worth more than you think, home prices are up almost 30% in the last 4 years alone. If you have been holding off selling your home because you thought that you may not have enough equity to sell, now may be the time to reconsider.
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Copyright 2017 Russell Home Team, Johnson County Kansas Realtors
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