Signs Your Housing Market is on the Decline - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Signs Your Housing Market is on the Decline

Amarillo again is going against national trends when it comes to the housing market.. But one expert says that doesn't mean you should let down your guard when it comes to your home.

For the first time home equity has dropped below 50 percent of what is owed on the home. While Amarillo has not been hit this hard... Experts say it could be coming and you need to keep tabs on how things are going.

Wayne Holden with Amarillo Mortgages says, "If we start seeing a decline in the demand, and houses continue to stay on the market longer before they sell and sellers have to make concessions, come down on their price, offer to pay closing cost, things of that nature, those could all be signals that the markets getting tighter."

Holder says you can not control the market... But you can do one simple thing to ensure your equity stays intact.

"Your best protection is to keep your payments on time."

Holder also recommends making extra payments on your home when you can. This helps pay off the principle and add to your equity faster.

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