Home prices have dropped 40% and up to over 60% for some
areas and some price ranges.
Loans may get harder to get. There are still FHA
loans available that require a 3% to 5% down payment. There are even
some 100% loans.
If you buy in Star, Kuna, Boise County and Rural Ada and
Canyon counties there are RD loans that are 100%. They may go away!
Why sell your home now?
If you are going to have to move there are predictions that
homes will possibly drop 20% more from what they are worth on 3-3-2009!
If you are moving up or out you are going to be able to buy
a different house for much less than before and very probably in the future.
If you are selling a smaller home you are going to sell for a less percentage
loss than you are going gain on a purchase of a higher priced home. And
interest rates are low.
If you are upside down lenders are willing to take less
than you owe for payoff. Up to 50%! If you are heading for
foreclosure or bankruptcy you may avoid credit damage with a short sale.
It will affect your credit but not like a foreclosure.