Homeowners On Staten Island, New York. Sell At A loss Or Wait It Out?

Homeowners On Staten Island, New York. Sell At A Loss Or Wait It Out?

 Many homeowners are losing money because they're determined not to sell for less than they paid, but that faulty logic can be costly.
Many homeowners on Staten Island are losing money - because they're determined not to lose money.
One reason homes are languishing on the market is that homeowners have to sell for less than they paid or put into a home, even when waiting for the right price will ultimately prove costly. Homeowners who owe more in mortgage than they can likely net in a sale must find out whether they'll have to add in their own cash to pay off the loan, or whether the mortgage lender will agree to accept a lower amount. In cases where homeowners have to pay out-of-pocket to sell, they may want to consider not moving at all.
Do you know what a realistic price is?Recognizing that market conditions dictate selling price, the only way to proceed confidently with selling is to thoroughly research the housing market in your area. Ask your agent to provide lots of recent prices on sales of comparable homes. In some cases, agents can also provide very recent sales data by getting the prices of homes under contract. Homeowners may also request to view comparable homes to see how they compare to their home.
Will you slash your housing costs with a move?
Homeowners under financial pressure who could find relief on their monthly cash flow by moving to a lower-cost home that they either buy or rent are the ones grappling with the sunk cost fallacy. Consider commuting costs that go along with a particular location that you will choose when moving. Laying out the annual costs of staying in a home vs. moving to a new home even at a loss could be a better idea to avoid depleting your savings if you stay put.
Even though you probably sell for less than you paid, the monthly outlay could be unsustainable. The pain of loss is softened somewhat, because now you can buy a home that is also valued at less than it was several years ago. And the recently passed tax credit of up to $6,500 for repeat buyers under certain income levels also applies to many people in this position.
The question is here on Staten Island, New York should you sell at a loss or wait it out?