We just got back from the bank, where we discussed refinancing to lower our monthly mortgage payments, so we could rent it out for cashflow.

 

It’s hard to know what to do, because the cost of refinancing would be around $3,000, and what if we’re able to sell it in a few months?  We would’ve just given away $3,000.

 

Another option someone told us about is if we offer to pay down some points on a new loan, it could make the property more attractive to a buyer.  We’re going to be meeting with our realtor on Friday and will discuss our options.

 

It’s really getting pretty silly out there.  The banker said the good news is, in the area we’re living in, the homes have pretty closely retained their value.  They’re still appraising at not much lower from where they’ve been.  The bad news is, nobody’s buying them anyway.

 

The builders here are offering their new homes like a big blowout sale.  They’re almost giving them away, with spectacular incentives.  I understand that some new home builders are even throwing in new cars.  How can anyone compete with that?

 

I just read an interesting article about the housing market & what’s going on out there.