Step one is getting a solid estimate of the value of your home, suggests Scott Adkins, STCU's vice president of lending.
Start by looking at the tax appraisal on your house, says Adkins, a member of the Spokane/Kootenai County Real Estate Research Committee, which tracks sales statistics.
"If you're upside down, then that may end the conversation about moving," Adkins
"A house that's a half-million dollars has a much smaller pool of potential buyers in today's market than a $125,000 home," Adkins
has been there.
Early in the recession, his
family found their dream home in Spokane Valley and decided to move, knowing full well that their rural West Plains home might be difficult to sell.
It worked out OK.
The buyer liked the shop and the 40 acres of alfalfa.
would have lost money on the deal if he
hadn't built the house himself, saving thousands of dollars in the process.
"After months of making payments on two houses, I was ready to take less than I had thought it was worth," he
As financial investments, Adkins
says, the house he
bought and the house he
sold both have lots of "upside potential.
But one of the lessons of the recession is that the real value of a home shouldn't be measured in dollars and cents.
We love the house we bought," Adkins
"That's what matters."