Divorce and the Housing Market
Many client’s count on the equity from the sale of their home to help fund their new life, but in this housing market they can’t sell, or if they do they are not getting the needed equity. In the best case scenario one party will agree to keep the house and refinance, but not everyone can afford to do that. A recent article from ABC News discusses some difficulties many couples are experiencing trying to settle a divorce during a housing slump.
If you are considering a divorce and it cannot wait, you really need to think about your home and how you and your spouse are going to deal with the issue. As home sales continue to decline across the country, the housing market doesn’t appear to be improving in the near future. You and your spouse should prepare a contingency plan in case your home does not sell as quickly as you want. You will also need to work together with a real estate broker to get the best price for your home. Obviously that’s not always easy but it may be important for your future to do this as amicably as possible. Trying to sell a home in a buyers market is difficult enough, so be careful about giving out too much information. Buyers will definitely low-ball you if they know how desperate you are to sell.