Utah Home Seller
FAQ Guide

The most accurate way to value your Utah home is through a Comparative Market Analysis (CMA) performed by a local real estate expert — not an automated online tool. A CMA draws on real, recent sold data and accounts for factors no algorithm can see.

Online estimators like Zillow's "Zestimate" are often off by 5–15% in Utah County markets because they cannot assess:

• Specific upgrades, finishes, and remodels you've completed
• Your home's condition inside and out
• Floor plan, views, lot size, and orientation
• Current buyer demand in your specific street or subdivision
• Local nuances that make one neighborhood different from the next

A local CMA gives you a defensible price range grounded in real activity. From there, your agent will help you choose a strategic list price designed to attract the right buyers and maximize your net proceeds.

A CMA is a detailed report prepared by your agent that compares your home against:

• Recently sold homes — what buyers actually paid for comparable properties
• Currently listed homes — your competition right now
• Expired listings — homes that didn't sell, and why

The analysis factors in square footage, bedroom and bathroom count, lot size, garage, condition, upgrades, and location. The result is a realistic price range that reflects genuine market demand — not wishful thinking or automated guesses.

A CMA is free, takes no obligation, and gives you the foundation for every major decision in your sale: when to list, how to price, what to fix, and what to expect.

Zillow can be a useful starting point but should not be trusted as a final answer. Zillow's own accuracy data shows a median error rate of 3–8% in active markets — and in Utah County neighborhoods with lower sales volume, that error can climb to 10% or more in either direction.

Zillow doesn't know if you renovated your kitchen, replaced your roof, or that your street backs up to a trail system buyers love. It also can't account for current buyer demand in your subdivision, which changes week to week.

Use Zillow to get a general ballpark sense. Then get a free CMA from a local agent to know what your home can actually sell for in today's market.

Homes that consistently sell above their neighbors share a specific combination of factors:

• Strategic pricing — priced to create urgency and competition, not just to seem reasonable
• Professional photography and video — 95%+ of buyers start their search online; your photos are your first showing
• Broad buyer exposure — MLS, Zillow, Realtor.com, social media, agent networks, and email campaigns
• Strong preparation — clean, decluttered, staged, and move-in ready
• Skilled negotiation — on price, repairs, contingencies, and closing costs
• Correct timing — listing when buyer demand is high in your specific area

The goal is to generate maximum demand from qualified buyers at the same time. When multiple buyers compete for your home, you win. That competition — not wishful pricing — is what drives top-dollar results.

This is one of the most common and costly mistakes Utah sellers make. Overpricing a home typically results in:

• Fewer showings in the critical first two weeks — when buyer interest is highest
• Your listing becoming "stale" as days on market accumulate
• Buyers assuming something is wrong with the home
• Price reductions that signal weakness and invite lower offers
• Ultimately selling for less than if you'd priced correctly from the start

The right pricing strategy creates urgency. When buyers see a well-priced home, they move quickly and sometimes compete — which is exactly how you get full price or above. Strategic pricing is about generating the right activity, not leaving room to give ground.

Utah County has experienced significant appreciation over the past decade, though the rate varies considerably by city, neighborhood, and time period. Many homeowners who bought 3, 5, or 10+ years ago are surprised to discover how much their equity has grown.

To find out where you stand, compare your purchase price to what similar homes have recently sold for in your neighborhood — or simply request a free equity analysis. This takes about 10 minutes and gives you a clear snapshot of your current equity, estimated net proceeds if you sold today, and your options going forward.

Even in flatter market years, appreciation combined with principal paydown often adds up to more than homeowners expect.

Yes — the vast majority of Utah home sellers still have an active mortgage when they list. This is completely normal. At closing, your title company pays off your remaining mortgage balance from the sale proceeds first, and you receive the difference.

For example: if your home sells for $520,000 and you owe $280,000, and closing costs total approximately $30,000, you would walk away with roughly $210,000 in equity (your actual number will vary based on negotiated terms).

As long as your home is worth more than what you owe plus selling costs, you can sell without bringing any money to the table. A free equity analysis will show you exactly where you stand before you make any decisions.

The best time to sell is when it aligns with your life — not when market conditions happen to be perfect. That said, several factors make this question worth examining carefully:

• Your equity position — Do you have enough to move comfortably after costs?
• Your current mortgage rate — Is the "rate lock" worth staying?
• Life changes — Job, family size, retirement, health, or lifestyle shifts
• Local market activity — Is buyer demand strong in your specific area?
• Your next home — Is there inventory available where you want to go?

Many Utah homeowners are surprised to find they have more equity than they realize — enough to fund a move up, downsize, pay off debt, or relocate comfortably. A no-pressure consultation covers all of this in about 30 minutes and leaves you with a clear picture of your options, regardless of whether you decide to sell now or later.

Spring (March–May) is traditionally Utah's hottest selling season — more buyers are actively looking, inventory is rising, and competition among buyers tends to be highest. Early summer extends this window, especially for family buyers trying to move before the school year.

But here's what many sellers don't realize: serious, motivated buyers exist in every season.

• Fall: Less competition from other sellers. Buyers still shopping in October are highly motivated.
• Winter: Fewer listings means less competition. Holiday-period buyers often need to move and move quickly.
• Year-round Utah demand: Population growth and job relocation drive buyer activity regardless of season.

A well-priced, well-marketed home can sell quickly in any month. The best time to sell is when your home is ready and your plan is in place.

Rate timing is one of the most common reasons Utah homeowners delay moving — and one of the most misunderstood. Here's the reality:

• Nobody knows exactly when rates will drop or by how much
• If rates drop significantly, buyer demand surges — and so does competition from other sellers
• Lower rates often push home prices higher, partially offsetting affordability gains
• Every month you delay could mean missing equity growth opportunities on your next home

The question isn't just "what will rates do?" — it's "what is waiting actually costing me in quality of life, equity, or opportunity?" For many sellers, the math favors moving now and refinancing later when rates drop.

A financial and lifestyle analysis — including your specific equity position and next-home options — will give you a clearer answer than any interest rate forecast.

The timeline has two phases:

• Days on Market (before getting under contract): In Utah County, well-priced and well-prepared homes typically receive offers within the first 1–2 weeks of listing. Overpriced or poorly prepared homes can sit for months.
• Under contract to closing: This typically takes 20–45 days depending on the buyer's financing type. Cash sales close faster; FHA and VA loans can take 30–45 days.

Total timeline from list to close is commonly 30–60 days, though some well-positioned homes move significantly faster. If you need flexibility — more time to move, an extended possession — that's negotiable and common.

Your agent can help you plan your timeline around your specific move date needs before you ever sign a listing agreement.

Utah County continues to benefit from strong long-term fundamentals that support seller conditions:

• Population growth: Utah consistently ranks among the fastest-growing states in the U.S.
• Limited housing supply: New construction hasn't kept pace with demand in many areas
• Employment diversity: Tech, healthcare, education, and government provide a stable job base
• Geographic desirability: Outdoor lifestyle, schools, and quality of life attract buyers from out of state

Conditions vary considerably by city, price range, and neighborhood. Some submarkets are more competitive than others right now. A hyperlocal market analysis will show you exactly what's happening on your street — not just in the county at large.

To sell without bringing money to the closing table, your equity needs to cover these costs:

• Remaining mortgage payoff balance
• Realtor commissions
• Title insurance and escrow fees
• Prorated property taxes
• HOA transfer fees (if applicable)
• Any negotiated repair credits or concessions
• Moving costs

After all of the above, your remaining equity is what you walk away with — and potentially use as a down payment on your next home.

Thanks to years of strong appreciation in Utah County, many homeowners who bought 3–10 years ago have built significantly more equity than they realize. Even those who bought more recently may have more room than expected. A free equity analysis takes 10 minutes and shows you exactly where you stand.

Utah sellers typically pay the following at or before closing:

• Realtor commissions: Negotiable; typically a percentage of the sale price split between listing and buyer's agent
• Title insurance (owner's policy): Protects the buyer against title defects; customarily paid by the seller in Utah County
• Escrow/closing fees: Charged by the title company managing the transaction
• Prorated property taxes: You pay taxes for the portion of the year you owned the home
• HOA transfer and disclosure fees: Varies by HOA; typically $200–$600
• Negotiated repair credits: If buyer requests concessions after inspection
• Mortgage payoff: Your lender's final balance plus any prepayment considerations

Your agent will prepare a Seller's Net Sheet before you list — a detailed estimate showing all projected costs and your estimated take-home proceeds. This eliminates surprises on closing day.

Real estate commissions in Utah are negotiable and set by agreement between you and your agent. They are not fixed by law or any governing body. What you pay should reflect the services, marketing, experience, and representation you receive.

When evaluating cost, focus on your net proceeds — not the commission line item alone. A skilled listing agent who prices strategically, markets aggressively, and negotiates effectively typically nets sellers significantly more than a discount agent who does the bare minimum.

Ask any agent you interview: "What is your average list-to-sale ratio?" and "What does your marketing plan include?" The answers reveal what you're actually getting for the fee.

Your mortgage rate is a financial asset — but it's not the only variable in the decision. Many Utah homeowners are staying in homes that no longer fit their lives because they feel "rate-locked." Here's a more complete way to think about it:

• Your equity may be large enough that your next home's higher payment is more manageable than it seems
• A smaller, less expensive next home may carry a similar or lower payment even at a higher rate
• The quality-of-life cost of staying in the wrong home has real value too
• Rates may drop in 1–2 years, giving you the option to refinance into a lower rate

Run the actual numbers with your agent and a lender before deciding your rate locks you in forever. Many homeowners who do this analysis find the move makes more financial sense than they assumed.

A low appraisal doesn't automatically kill your sale. You have several options:

• Renegotiate the price: Meet the buyer at or near the appraised value
• Buyer pays the difference: The buyer can pay cash to cover the gap between appraised value and purchase price
• Dispute the appraisal: Formally challenge it by providing additional comparable sales the appraiser may have missed
• Request a second appraisal: In some cases, a second opinion is warranted
• Adjust other terms: Modify contingencies, closing costs, or other items to bridge the financial gap

An experienced listing agent can help you navigate a low appraisal calmly and strategically — it's a negotiation, not an endpoint. Knowing your options in advance makes this scenario far less stressful.

Downsizing is one of the most underrated financial moves available to Utah homeowners. Consider it if any of these resonate:

• Your home feels too large — empty rooms, underused spaces, or too much yard
• Maintenance, cleaning, and upkeep have become stressful or expensive
• You want to lower your monthly housing costs or mortgage payment
• You want to unlock your equity for retirement, travel, investments, or debt payoff
• Your lifestyle or family composition has changed significantly

Many Utah County homeowners have built $200,000–$400,000+ in equity and are sitting on it unnecessarily. Downsizing can free that capital to work for you in ways that significantly improve your financial picture and quality of life. A conversation about your goals can quickly clarify whether the numbers make sense.

A short sale occurs when a home sells for less than the outstanding mortgage balance, and the lender agrees to accept the lower payoff amount to release the lien. It is typically considered when a homeowner is facing genuine financial hardship — job loss, medical crisis, divorce — and cannot continue making payments.

Short sales are complex, take significantly longer to close (often 3–6 months), require lender approval, and do affect your credit. However, they can be a better alternative to foreclosure in terms of credit impact and timeline.

If you're in financial distress, consult with a real estate attorney and your lender before deciding. A real estate agent with short sale experience can help you evaluate whether it's the right option versus other alternatives.

The highest-ROI pre-sale improvements are typically the simplest and least expensive. Focus here first:

• Fresh interior paint: Neutral tones throughout — walls, trim, and ceilings. Few things make a home feel newer for less money.
• Deep cleaning: Every surface, appliance, window, baseboard, and grout line. Buyers notice cleanliness immediately.
• Curb appeal: Mow, edge, mulch, trim, and plant fresh annuals. First impressions begin at the street.
• Lighting: Replace dim or dated fixtures. Add higher-wattage bulbs. Bright rooms photograph and show better.
• Decluttering and depersonalizing: Remove excess furniture, personal photos, and clutter. Buyers need to visualize themselves in the space.
• Minor kitchen updates: Hardware, faucet, paint cabinets rather than replace. Small changes, big perceived value.
• Carpet cleaning or replacement: Fresh carpet transforms a dated room for a relatively small cost.

Avoid major remodels — kitchens, bathrooms, additions — unless your agent specifically recommends one for your price point and neighborhood. Most large projects don't recoup their cost at resale.

Prioritize in this order:

1. Items that affect financing or safety: These can kill a deal if discovered during inspection.

• Roof damage, missing shingles, or active leaks
• HVAC systems that don't function properly
• Plumbing leaks or water damage (including past damage that shows staining)
• Electrical panel issues, exposed wiring, or non-functioning outlets
• Broken windows, exterior doors that don't lock, or structural concerns
• Safety hazards: CO detectors, smoke detectors, radon (Utah has elevated radon risk)

2. Items buyers notice in the first 30 seconds:

• Peeling paint or scuffed walls
• Stained or damaged flooring
• Dripping faucets or running toilets
• Broken fixtures, handles, or cabinet hardware
• Odors — pets, smoke, moisture, or mustiness

Your agent can walk through your home and help you prioritize repairs by their cost versus impact. Not everything needs to be fixed — but the right fixes pay for themselves in a stronger offer and fewer negotiation concessions.

A pre-listing inspection is one of the most underused tools in a seller's arsenal. For roughly $350–$500, a licensed inspector examines your home exactly as a buyer's inspector would — and you find out about any issues before they become negotiation leverage against you.

Benefits include:

• No surprises during the buyer's inspection period
• Ability to fix issues on your timeline and with your preferred contractors (often cheaper)
• Confidence when negotiating — buyers can't use unknown issues as a tool
• Ability to price your home accurately without uncertainty discounts
• A marketing advantage — sellers can advertise "pre-inspected" to attract serious buyers

It's not right for every situation, but in most cases, knowledge is power. Ask your agent whether a pre-listing inspection makes sense for your home and market.

Staged homes outperform unstaged homes in nearly every metric: faster sales, fewer price reductions, and higher final sale prices. Buyers make emotional decisions, and staging creates the emotional connection that drives strong offers.

Professional staging ranges from a consultation (where a stager advises you on rearranging your own furniture) to full staging with rented furniture and décor. Which approach makes sense depends on your price point and current home condition.

At minimum, focus on these no-cost staging steps:

• Remove at least 30% of your furniture to create open, spacious rooms
• Clear all counter surfaces in kitchen and bathrooms
• Remove personal photos and collections
• Add fresh white towels, neutral bedding, and simple decor
• Open all window treatments to maximize light during showings

Your agent can help you determine the right level of staging investment for your situation and price point.

Professional photography is your home's first showing — for many buyers, it determines whether they ever visit in person. Spend 2–3 hours preparing the night before and morning of the shoot:

• Every room: Remove all clutter from counters, floors, and surfaces. Hide cords, chargers, and everyday items.
• Kitchen: Clear all counters completely. Leave one or two tasteful items maximum. Clean all appliance surfaces.
• Bathrooms: Remove all personal products, towels, toilet seat covers. Put out fresh white towels. Put toilet lids down.
• Bedrooms: Make all beds with crisp, neutral bedding. Remove nightstand clutter.
• Living spaces: Fluff pillows, straighten furniture, remove area rugs that look worn.
• Windows: Clean all glass, open all blinds and curtains fully.
• Lighting: Replace burned-out bulbs. Turn on all interior lights, lamps, and under-cabinet lighting.
• Exterior: Mow the lawn, sweep driveways and walkways, remove vehicles from the driveway, put away yard tools and hoses.

Selling as-is makes sense in specific situations — estate sales, inherited properties, homes with significant deferred maintenance, or sellers who genuinely can't invest in repairs and need a fast, simple transaction.

The trade-off is price. As-is listings typically attract:

• Investors looking for a discount
• Buyers who have budget and tolerance for a project
• Fewer traditional buyers who want move-in ready homes

In most cases, even modest investments in preparation — cleaning, paint, small repairs — yield a return far greater than their cost. Spending $3,000–$6,000 on targeted improvements can increase your sale price by $15,000–$25,000 or more.

Before deciding to sell as-is, ask your agent to prepare a net sheet comparing both scenarios. Let the numbers guide the decision.

Utah law requires sellers to complete a Seller's Property Condition Disclosure, which details any known material defects that could affect the property's value or the buyer's decision to purchase. This typically includes:

• Roof condition and any known leaks (past or present)
• HVAC system condition and age
• Plumbing and water heater issues
• Electrical system concerns
• Water damage, flooding, or drainage problems
• Foundation or structural issues
• Environmental hazards: radon, lead paint (pre-1978 homes), asbestos, mold
• Neighbor disputes, easements, or HOA violations

You are required to disclose what you know — not to inspect for things you don't. Completing the disclosure accurately protects you legally and builds buyer confidence. Failing to disclose known defects can result in legal action after closing.

Your agent will walk you through the disclosure document and help you complete it accurately. When in doubt, disclose.

The agent you choose has a larger impact on your outcome than almost any other decision in the sale. Interview at least two or three before committing. Key questions to ask:

• "How many homes have you sold in my area in the last 12 months?"
• "What is your average days on market compared to the neighborhood average?"
• "What is your list-to-sale price ratio?"
• "Walk me through your marketing plan — specifically what happens beyond MLS."
• "How do you handle multiple offer situations?"
• "Who handles communication when you're unavailable?"

Look for deep local knowledge, a clear and active marketing strategy (not just listing on MLS), professional photography as a standard (not an add-on), strong negotiation ability, and genuine availability for your questions throughout the process.

After you accept an offer, the buyer typically has an inspection period (commonly 10–14 days in Utah) during which they hire a licensed inspector to assess the home's condition. The inspection covers:

• Roof, gutters, and attic
• Foundation, basement, and crawl space
• HVAC systems, water heater, and insulation
• Plumbing and electrical systems
• Windows, doors, and exterior
• Appliances included in the sale

You do not need to be present during the inspection — in fact, most agents recommend you aren't. The buyer and their inspector need to freely discuss what they find.

After the inspection, the buyer may submit a Request for Repairs or Credits. You can accept their requests, counter-propose, or decline (though declining significant items may affect the sale). Your agent negotiates this phase on your behalf. Having addressed known issues beforehand significantly strengthens your position here.

Price is just the headline. When your agent presents an offer, examine all of these:

• Purchase price: Does it meet your expectations? Is it supported by current market data?
• Financing type: Cash, conventional, FHA, or VA? Cash and conventional tend to close faster and more reliably.
• Pre-approval strength: Is it a full pre-approval or just a pre-qualification? Who is the lender?
• Down payment amount: Higher down payments signal stronger financial position
• Earnest money: A larger earnest money deposit shows the buyer is serious
• Contingencies: Inspection, appraisal, financing, and sale of current home — each adds risk
• Closing date: Does it align with your move timeline?
• Possession date: When do you need to be fully out?
• Personal property requests: Are they asking for items you planned to keep?

A high price with weak financing and five contingencies may be worth less than a slightly lower cash offer with a clean contract. Your agent will help you compare total value, not just the number on the top line.

Multiple offers are the ideal result of a well-priced, well-marketed listing. When they arrive, your agent will present all offers together and help you evaluate them systematically. Your options:

• Accept the strongest offer outright — if one clearly stands apart on price, terms, and reliability
• Counter one offer — negotiate with the best offer while holding others in reserve
• Issue a "highest and best" request — notify all buyers that multiple offers exist and invite them to submit their best offer by a deadline

A skilled agent will know how to create and leverage a multiple-offer situation to maximize your final price and minimize risk. This is where experience and negotiation skill directly translate to money in your pocket.

Once you accept an offer, the transaction enters escrow — a process managed by a neutral third-party title company. The title company's role is to:

• Hold the buyer's earnest money deposit safely
• Conduct a title search to confirm you have clear ownership to sell
• Manage all required paperwork and disclosures
• Coordinate with lenders, agents, and parties to meet closing conditions
• Prepare the final closing documents (HUD/ALTA settlement statement)
• Disburse funds at closing — paying off your mortgage, agent fees, and delivering your proceeds

In Utah, sellers typically sign closing documents 1–2 days before the actual closing date. You'll review your final net sheet, sign the deed and other documents, and your funds are usually available the day of or day after the buyer's loan funds.

Speed comes from doing the fundamentals exceptionally well — not from cutting corners or accepting any offer that comes in.

• Price it right from day one: Overpricing is the #1 reason homes sit. Accurate pricing generates immediate, competitive interest.
• Prepare the home thoroughly: Clean, decluttered, staged homes show better and attract more serious buyers faster.
• Professional photography: Strong photos drive more online views, which drives more showings.
• Maximum exposure: MLS, Zillow, Realtor.com, social media, agent email campaigns, and your agent's buyer network all working simultaneously.
• Easy to show: Flexible showing availability means more buyers can see your home. Restricted showing times reduce competition.
• Respond quickly: Fast response to offers and inquiries keeps momentum going.

When all of these work together, homes in Utah County routinely go under contract within days. The process doesn't need to be slow when it's done right.

For most Utah homeowners, selling first is the safer and simpler path — especially when your next down payment depends on the equity you'll receive at closing. Without knowing your sale proceeds, it's difficult to commit confidently to a purchase price.

That said, today's market offers more flexibility than most sellers realize:

• Rent-back agreements: You sell your home but negotiate the right to remain as a renter for 30–60 days after closing — giving you time to find your next home
• Contingent purchase offers: You make an offer on your next home contingent on your current home selling first
• Bridge loans: Short-term financing that lets you access your current equity to buy before you sell
• Extended closings: Negotiate a longer closing timeline to give you more runway to find your next home

The right structure depends on your financial position, risk tolerance, and local inventory. A coordinated plan eliminates the anxiety of "what if I sell and can't find something to buy?"

Yes — contingent offers are a common tool Utah buyers use when they need to sell their current home to finance their next one. However, they come with trade-offs:

• Sellers often prefer non-contingent offers, especially in competitive markets
• Some sellers will accept contingent offers but include a kick-out clause (if a better offer comes in, you have 72 hours to remove your contingency or the seller can accept the new offer)
• Contingent offers are stronger when your current home is already listed, under contract, or priced to sell quickly

In slower markets, contingent offers face less resistance. In active markets, having your current home under contract first dramatically improves how sellers view your offer. Your agent can advise you on the best approach given current inventory and competition levels.

This fear stops many Utah homeowners from moving — and it's almost always avoidable with a proper plan. A coordinated transition strategy addresses every potential gap:

• Timeline coordination: Set your closing date to align with when you can realistically move into your next home
• Possession negotiation: Negotiate a rent-back period in your sale so you can stay after closing while your next purchase closes
• Backup housing: Short-term rentals, family, or corporate housing as a planned bridge if needed
• Pre-approval before listing: Know your buying power before your home goes on the market
• Simultaneous closings: When possible, coordinate both closings on the same day

Most homeowners who feel anxious about the transition simply haven't mapped it out. With 23+ years of Utah County experience, Peter has helped hundreds of families navigate this exact scenario smoothly. The solution is always a plan — made before you list.

Selling while relocating out of state is more common than ever, and modern technology makes it genuinely manageable. Key steps:

• Start early: Give yourself at least 60–90 days before your intended departure to list, sell, and close
• Choose a trusted local agent: They handle showings, open houses, inspections, and negotiations while you're elsewhere
• Digital document signing: Utah real estate contracts and closing documents can be signed electronically — no need to fly back for paperwork
• Remote closing: Title companies can accommodate remote signings via notary or mail-away packages
• Video walkthroughs: Your agent can conduct virtual showings and FaceTime walkthroughs to keep you informed

The biggest risk in relocation sales is rushing the sale process due to a hard departure deadline. If you're relocating for work, determine whether your employer offers a relocation package or guaranteed purchase program — these can provide additional options.

The first step isn't listing your home or making repairs — it's getting clear on your complete picture. A no-pressure consultation covers:

• Your home's current market value (real data, not Zillow)
• Your estimated equity and net proceeds after all costs
• What the current local market looks like for your neighborhood
• Your timing options and what's flexible
• Your next-home budget, options, and what's available
• A realistic timeline for your complete move

Most people find that this one conversation clarifies everything they were uncertain or anxious about — and they leave with a clear plan rather than lingering "what ifs." It costs nothing and takes about 30 minutes. You decide what to do with the information.

Being underwater on your mortgage — owing more than the home is worth — is a challenging but not impossible situation. Your options typically include:

• Short sale: Sell with lender approval for less than owed; the lender forgives (or negotiates) the remaining balance. Requires proof of hardship and lender cooperation. Affects credit.
• Bring cash to closing: If the gap is small enough, pay the difference out of pocket to clear the mortgage and sell clean
• Wait for appreciation: If your market is trending upward, waiting 1–3 years may restore enough equity to sell without a shortfall
• Rent the property: Convert to a rental and continue building equity through appreciation and rent income until you can sell without a loss
• Loan modification or refinance: In some cases, lender assistance programs can improve your position

Given Utah County's history of appreciation, most homeowners who bought even 2–3 years ago are not underwater. A free equity check will tell you definitively where you stand.