If you bought a home in Onslow County between 2020 and 2022 and just received PCS orders, you might be looking at a number on your Zillow estimate or a CMA that makes your stomach turn.

You aren't alone.

At Anchor & Co, our phones have been ringing more frequently in the last six months with the same story: "I bought two years ago. I have to move. But I owe more than I can sell it for."

It’s not because you made a bad purchase. It’s because the market shifted, and for military families, timing is everything. Here is exactly what is happening in the Eastern North Carolina market right now, and why the "VA Short Sale" is becoming a critical tool for families again.

The "Perfect Storm" of 2021-2022

To understand why you are underwater today, we have to look at what happened when you bought. During the pandemic peak, inventory in Jacksonville, Richlands, and Sneads Ferry was at record lows. Interest rates were hovering around 3%. This created a frenzy.

Many military buyers:

• Paid full asking price (or over asking).

• Rolled closing costs into the loan.

• Paid the VA Funding Fee (which adds to the loan balance).

At the time, that was the only way to win a house. But it meant you started with very little equity.

The "Why Now" Shift: The Interest Rate Correction

Fast forward to today. Interest rates rose sharply. When rates go up, buying power goes down.

The buyer who could afford your home at $250,000 when rates were 3% can only afford $200,000 when rates are 6% or 7%. This has caused home prices in our area to stabilize and, in some neighborhoods, correct downward.

If your home’s value has stayed flat or dipped slightly, but you have a high loan balance (plus the VA funding fee), you are now "upside down."

The "Military Factor": You Don’t Have the Luxury of Time

This is the hardest part about being a military homeowner. A civilian in this market could simply stay put, keep paying the mortgage, and wait 5 years for the market to rebound.

You don't have that luxury.

When Uncle Sam cuts orders to Okinawa, California, or Quantico, you have to go. You are forced to sell in a specific window of time, regardless of what the market is doing.

Why "Just Renting It Out" Is Getting Harder

In the past, many Marines would just turn the house into a rental. But we are seeing a shift there, too.

1. Insurance & Tax Hikes: Property insurance rates along the coast have jumped.

2. Property Management Fees: You lose 10% off the top.

3. The Gap: If your mortgage is $1,800 but the market rent is only $1,650, you are bleeding $150+ a month (plus repairs) just to hold onto a house you don't live in.

The Good News: The VA Anticipated This

Here is the most important thing you need to know: The Department of Veterans Affairs knows this happens.

The VA Loan program has a specific safety net built for this exact scenario. It is called a VA Compromise Sale (or Short Sale).

If you have a valid hardship—and PCS orders combined with negative equity is a valid hardship—the VA may allow you to sell the home for market value, even if that amount is less than what you owe. In many cases, they will waive the difference so you can move on without a deficiency judgment hanging over your head.

You Are Not Stuck

If you are looking at your loan balance and realizing the math doesn't work, don't panic, and please don't just walk away and let it foreclose.

This is a market shift, not a personal failure. We help families in Onslow County navigate this every day. We can review your numbers, look at your orders, and tell you if you qualify for a short sale solution that protects your credit and gets you to your next duty station stress-free.

Think you might be underwater? Let’s run the numbers. All conversations are 100% confidential.