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HELP: $167,000 in DEBT, Should we sell or invest in this housing market?
We don't know what to do with our rental home.

Check out our last video ( STUCK: The Housing Market Is Holding Us Back) ➡️ https://youtu.be/qDY9aKFoj6c

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Question – Do you think that the Real Estate Market is crashing or correcting?

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Tom Kirchmeyer NMLS # 1830886
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#housingmarket #interestrates #debt

About this video:
A couple with children, substantial debt, and two houses, questioning whether to keep or sell their rental property. They are dealing with financial obligations including a 2020 FORD F150 truck, a 2022 Toyota Highlander, an RV with negative equity, a home equity line of credit (HELOC), and credit card debt, despite having $50,000 in savings. Their income is commission-based, totaling approximately $12,500 monthly, but with concerns about potential declines due to the husband's job in car sales. The primary residence has significant equity, while the rental property's equity is less clear.
Several scenarios are considered:
Selling the primary residence to pay off debts, using equity from the sale, and possibly moving into the rental, leveraging the equity from their primary residence to clear debts and potentially have savings left over.
Selling the rental property would yield less financial flexibility than selling the primary residence due to the lower equity and potential tax implications.
A more drastic measure of downsizing to live in the RV to drastically reduce living expenses and debt.
Keeping the rental, which seems less favored due to the financial strain and uncertain income.
The conversation leans towards selling property (either the primary residence or the rental) as a means to manage and eliminate debt, with a preference for selling the primary residence to maximize financial relief and stability. The discussion is a comprehensive analysis of their financial situation, considering debt elimination, housing equity, and lifestyle adjustments to address financial challenges.

Are you wondering about the current state of the housing market? Are you concerned about the potential for a market crash, or wondering if home prices will ever come down? Are you trying to understand why rent is so expensive? We aim to provide answers to these and other questions about the housing market in our weekly content.

If you're looking to buy or sell real estate in Idaho, follow our updates. Good News Realty Group LLC, located in Boise Idaho.