As experts keep telling us, 2012 isn’t going to bring the real estate market any reprieve – or at least not much. However, depending on where you want to move from (or to) there are some housing markets throughout the U.S. that may be a little worse off than others.
The housing market, as it has been for the past couple of years, is a real mess. However, there will likely be a handful of especially hard-hit markets out there that might exceed experts’ expectations of house price drops and slow sales.
Across the nation, real estate experts are projecting that home prices may drop yet again, by about 3.9%. However, in some more hard-hit markets, that drop may be greater – up to twice that amount. Why? Some of these markets are still reeling from the housing boom’s collapse.
So, if you are currently living in one of these markets, and actually want a return on your investment, you might do better postponing your relocation, if you can, and holding onto the house a little longer. But, if you absolutely have to move, a great way to at least break even would be to rent out your house for a little while.
Check out the five housing markets projected to have the biggest losses this year and see if you’re moving into or out of one of them:
1 – Bethesda, Maryland: 7.5% decline
2 – Kauai, Hawaii: 7.6% decline
3 – Jackson, Mississippi: 7.8% decline
4 – Hilo, Hawaii/Wilmington, Delaware (tie): 8.2% decline
5 – Las Vegas, Nevada: 8.4% decline
We know that it isn’t always possible to stave off relocation, but there are things you can do to minimize the loss of your home’s value. Have you found yourself in a similar situation? What have you tried?