At it’s most basic, determining how much you need to sell you home for to either break even, or make profit, is easy. Subtract the market value of your home from the amount you owe.

In reality, it’s a little more complicated. It will vary depending on both the structure of your loan and where your house is located.

You’ll need to consider all costs involved. Not only taxes and title insurance but also other miscellaneous closing costs. Start by getting an accurate estimate of what your house is worth.  Not an online estimate. But a true home-value estimate from a licensed real estate agent. This will an in-person evaluation, or virtual video evaluation and will include pricing recommendations.

So, How Much Do I Need to Sell My House For?

Basically, once you’ve estimated the current value of your home, you’ll want to get with your lender. Another way is to use their home sale proceeds calculator – often available on their website.

If the proceeds are negative, you have not yet reached the break-even point.

How Long Until I Break Even on My Home?

It depends, though it will typically take between five to seven years before you break even on your home.

Properties in areas with growing market values can break even much faster. Taking out a second mortgage or home equity loan could leave you owing more than your property is worth – even if you’ve owned your home for more than seven years.

Can I Get Out of My Home if it is Underwater?

If you find yourself owing more on your property than its current market value, you are underwater on your mortgage.

When it’s possible, the recommended course of action is to wait until home values level out. Certainly wait for home prices to rise before selling your house if at all possible.

Life happens. You may have to sell a soon as possible. Whether to relocate for a new job or changed financial circumstances.

Your real estate agent can help you understand the options available. Renting your property until real estate values increase, or selling your home as a short sale both have pros and cons.