Should I sell my house?

If you're asking yourself, "Should I sell my house right now?" - the answer is maybe.

It really depends on where you live. I live in Arizona, where everything was crazy with real estate here and now it has dwindled. Just take this example, for instance.

About 6 years ago, my parents bought their current home at about $220,000. Two years later it appreciated to half a million, and now it is down to about $350-400k. In the last year it went down by almost 100k in value - and that's nothing. My girlfriend's parents house was the same situation. An even more valuable home, it went down to more than half a million to now at 300-400k.

So, naturally when my parents asked me, "Should I sell my house?" I definitely gave them the right answer. What about you though? Most places have depreciated during this time, with a few exceptions. Are you in the right place and state of mind to sell? It all depends on your situation, and knowing when to go in and get out in terms of a future plan is the most important part.

There are alot of factors that go into this question. Can you wait this downturn out? Do you have to move for a job? Are you missing your payments? Is your mortgage ARM readjusting? I could go on. I suggest starting by determining the current market value of your home. Knowing how much equity you have in your home or how much you might be upside down is critical to the process. If you owe more than the house is worth and have to sell....you do have options. I suggest getting some expert advice and if you have to sell for financial reasons...dont wait. Get the process started ASAP!