People are resilient and will rebound.

Since renting or refinancing won’t work, your decision comes down to how much you’re willing to lose in the meantime versus the potential for a market rebound.

If it is not accepted by the banking industry, it won't rebound to where it was.

Possibly some good opportunities there to (for better or worse) capitalize on the depressed market, but income and infrastructure will take a while to rebound. 

.: The population is also on the rebound as of 2023, I believe it is growing again now after a few years of flat/ slight decline around 2020-2023.Not so fast.

If it is to be able to do a cash in refi for instance and that allows for the property to cash flow long term and buy time for the market to rebound, then you may want to consider. 

pid=2141Houston Real Estate Highlights for December and Full-Year 2024:-Following two consecutive years of declines, single-family home sales rebounded in 2024 with 85,163 single-family homes sold compared to 84,038 in 2023 an increase of 1.3 percent; -Total property sales for full-year 2024 were statistically flat at 101,864 units while the total dollar volume increased 3.1 percent to $41 billion;-December single-family home sales climbed 16.3 percent year-over-year with 7,162 units sold;-Total December property sales increased 13.6 percent to 8,478 units;-Total dollar volume for December rose 20.5 percent to $3.5 billion;-The single-family home median price edged up by 1.3 percent to $334,290 while the average price increased 5.0 percent to $425,150;-Single-family homes months of inventory expanded to a 4.0-months supply;-The townhome/condominium market experienced declining sales throughout 2024, and in December, volume declined 5.8 percent, with the average price up 2.5 percent to $268,152 and the median price statistically flat at $234,250;-Townhome/condominium inventory improved from a 3.5-months supply to 5.4 months.

The big question is will the neighborhood decline, hold steady, or rebound. 

The market in Las cruces had rebounded a bits i decided i would not renew my lease with the tenants and would put the house on the market.

Some investors I know have second-guessed pulling from their 401k when markets rebounded stronger than expected.