Homeowners across America now owe more on their homes than the market will bear, due to the real estate problems of recent years. As property values continue a slow upward climb, many homeowners feel restless to make a move, especially while interest rates remain low.

By waiting as long as possible, homeowners stand a greater chance of recouping the money they’ve put in. Over time, they might even be able to make some money off the sale, which they can put toward the down payment on a new home. For the many consumers currently underwater, several options exist.

Remain in Place

The economy’s gradual upswing coincides with slowly rising interest rates. In 2013, interest rates in the three-percent range weren’t unusual. Over the course of the year, those rates began slowly increasing, with rates topping four percent at the beginning of 2014. While the rate increases have slowed, some experts have predicted they’ll reach five percent within the next couple of years.

This prediction concerns some homeowners, who wonder if they should buy a home before the market improves. Along with rising interest rates, house prices will likely go up, as well. So while the average homeowner might fetch a higher sale price in 2015, they’ll be required to pay a higher price for a new home. If that happens, homeowners may regret not buying when asking prices were lower.

Rent

The idea of turning an underwater home into a rental property now appeals to more homeowners than ever. While waiting for property values to rise, homeowners can earn a monthly rental income off the home, which can then be put toward a mortgage payment on a new home.

Not everyone enjoys the harsh realities of being a landlord, however. Before making the decision to put a home up for rent, homeowners should be aware of the many challenges that can come from finding and maintaining a reliable renter. Homeowners may also pay more for insurance on a home once a renter lives on the property.

Refinance Through H.A.R.P.

The Home Affordable Refinance Program (H.A.R.P.) exists to help homeowners who owe more than their home’s value. To qualify, homeowners cannot be behind on mortgage payments and the mortgage must have been sold to either Fannie Mae or Freddie Mac on or before May 31, 2009.

While refinancing won’t get a homeowner out of a mortgage, it may provide a temporary relief from payments that will put the borrower closer to a down payment on a new house. The H.A.R.P. program is a great solution for homeowners who find themselves interested in refinancing but unable to due to the volatility in the market.

For many homeowners, time will provide a desired increase in property values. As more renters and homeowners make the move to purchase homes, the market will strengthen, raising the value of property everywhere. In the meantime, many homeowners can only wait and continue to enjoy the homes they’ve worked so hard to maintain throughout the recent economic turbulence. Selling those properties at a loss would deprive them of the earnings they deserve.

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