A little depressed, thanks for asking*
*Warning…really long and likely rather boring post ahead unless you really want to know about the minutia of our housing situation. I’ve avoided talking about it for the most part because there has been so little to say so I saved up all of the whining for one post.
I started the weekend with high hopes. Our realtor called on Friday afternoon to give us a heads up that a couple would be making an offer on Sunday. The couple has visited our house 6 times in the past 6 months. Their main hesitation is the lack of a bathroom on the first floor (there is one upstairs and one in the basement) – they have 2 small children to potty train. They also want an updated kitchen. The house is over 100 years old (as are many houses in the city) so you are trading some of the newer amenities for charm and space. Our house has a good bit of space and a nice sized yard and is in the second best school system in the area. We didn’t purchase the house with an eye toward resale. We bought it because we loved it and thought we would live there forever. Life doesn’t always work out the way you plan it.
We have cut the price numerous times in the 7 months it has been on the market. We are now at $30K less than we started and $20K less than we paid. We will not even be break even on this deal – we are losing money – it is going to cost us money to sell the house and we have made this clear to our realtor. There is no wiggle room in our listing price. We are at rock bottom. I’m not happy about it but the market isn’t any thing close to what it was when we purchased the house. We aren’t willing to rent it out for several reasons. First and foremost, we don’t want to be long distance landlords. Second, in the current market, we would be lucky to get enough rent to cover our mortgage but there are also fees for someone to manage the property and lawn maintenance and who knows what else. Third, with an old house like that, maintenance could turn into a nightmare and end up costing us a pretty penny. We treated the house kindly because we owned it and loved it – renters wouldn’t necessarily be so gentle. Renting it out is a last resort for us right now.
I will admit I was a little excited when I saw my realtor was calling this afternoon. My heart quickly sunk. She gave us their offer – it was $12K less than we have it listed. They are also making the offer contingent on the sale of their home (in a neighborhood that I can’t imagine they will have an easy time selling). We countered that we couldn’t wiggle on the price. We told her we would come down $1K, which was really only because she would acting as dual agent and we would be saving $1K on her fee as a result. And the contingency was fine as long as it wasn’t noted as being under contract in any way in the MLS listing. So basically the house would continue to be marketed but they would get first dibs for 24 hours to go ahead regardless of the sale of their house if someone else makes an offer.
Their counter was only meeting us 1/2 way on the price. In the grand scheme of things, it isn’t a lot of money but it is money that has to come out of our pocket that we don’t have. We played with the numbers and finally said that the only way we could consider it is if they agreed to take the house as is – meaning no matter what the house inspection shows, it is their responsibility to fix it or walk away. We would offer no credits or assistance any way. They said no so the deal is off the table.
I’m sad. I don’t mind renting. Our apartment is nice and I like the community we are living in. Yes, I am a bit anxious to begin putting down some roots. I find it a little harder to rent when I want to start some family traditions for Sabrina but such is life. We anticipate renting for a year beyond the sale of the house to rebuild our cash reserves since paying rent and mortgage as well as having to make up the difference in the sale price of the house is sucking us dry. I was fine staying right where we are until the pregnancy. I’ve been trying to figure out how to fit a second crib and more baby stuff into the second bedroom here and no matter how I configure things it doesn’t work. We’ve agreed we will have to move again when our lease is up to a larger rental. I think we will likely try to move to one of the communities we are considering buying in so that we can get a feel for it and be sure that is where we want to settle. After doing some research, it looks like we should be able to rent a 3 bedroom single family home for pretty close to what we are paying for our 2 bedroom apartment (giving up the amenities of 2 pools, 2 tennis courts, the workout room, and 7 miles from downtown makes up the difference). I know it will be better for our family and the dog but I hate the thought of moving again – especially when I will be 7 months pregnant. But again, life doesn’t always go as we expect it to so we’ve got to roll with the punches. Some days being a grown up really sucks.
I say
EAT SOME CUPCAKES!!!!
Somehow they seem to make everything better…….
P.S. Being a grown up really does SUCK
it does suck.
I so feel for you, Michelle.
Yuck – I’m so sorry. The housing market can be so difficult right now!! ðŸ™
((HUGS))
I know things will work out for you somehow.
Unfortunately DH works in the housing market so that is effecting our income (or lack there of) majorly.
We also moved right when our daughter came home, are renting for an astronomical amount, and are looking to buy. Maybe I am deluding myself, but why can’t things be more clear cut. If you say you can’t come down any further, why are they still trying to lowball you? We saw a house listed for $489k – $439k? Why would anyone ever offer $489k if they could buy it for $439??? (This was not a designer home and I couldn’t imagine a bidding war on it.) The agent said that even though the owners were willing to accept an offer of $439k, it didn’t mean they WOULD accept an offer of $439k. But by listing they would consider an offer of $439k, they would get more people to come to the open house who would think they could afford it. Huh? The whole thing makes me crazy! Plus, like you, we are looking at different neighborhoods. And, like you, we really don’t want to move till we move into the house we buy. But the rent is killing us. So . . . our parallel lives may continue when our lease is up if we haven’t found a house by then. We are right there with you–hang in there!
I promise you…one day you will look back at this and see humor (like when you tell Sabrina..when you were little..etc). It’s just one of those potholes of life you have to drive over to get to the good highway!
Maybe you could just give them the damn house!! What is your realator thinking?!?!?!? UGH for you.
Most days being a grown up sucks. Especially one who can’t drink!!
no witty or uplifting comments here. the timing of selling now with the housing market as is just straight up bad no matter how you slice it.
Sorry Michelle:(
I am so sorry to hear about the house. That really sucks. Don’t budge on your price and don’t loose money on it. You will eventually find a buyer for your house. You have to be confident and believe that your house will sale. I am aware that the market is not so great in the states. Maybe take it off the market for a little bit, Change agents. When I was selling my house, someone put an offer at 180,000$ on my house when we were asking 239,000$. WE simply looked at them like Are they out of their minds…..then we plainly told them that we wanted 235,000$ in our pockets and that was it and hit the road jack. The following week we got an offer at 230,000$ and we jumped on it.
But this is in Canada. We sold in a great time, beacuse one month later, a commercial building was built.
However, I am not in your shoes, and it must be hard, paying two places at once. you are the one who knows your financial situation.
All I am saying, is not to loose money on it.
I hope you will sell.
All the best.
Teri
Selling a house is no fun. If you can’t budge, then don’t. The right buyer will come along eventually. Hang in there.
UGH – not much helpful advice here, expect I agree with Tricia about the cupcakes – or maybe its time to treat yourself to some of that cheesecake you were craving a while back. The good stuff not the fake sugar-free knock-off kind!
Sorry that sucks. Don’t take any less than what you want/need to get out of it. You’ll get a buyer. Atleast you know that people have been looking at it. Hopefully the next couple/person will be more realistic. Hang in there.
Hey, we’re in the market for a house. Too bad we don’t live in Pittsburgh.
I wish I had optimistic words for you, but I don’t. I know this situation must suck. BUT! I moved at 4 months pregnant and didn’t have to lift a single box. There are perks to the pregnant and moving thing. 🙂
yes it does suck.
why did i so desperately want to grow up?
i agree with Tricia. Eat cupcakes.
i am sorry you are going through this, i know it is no comfort but so many are also going through this too.
hugs –
if that couple really wanted your home or wasn’t under any contingencies i’d say budge on price.. but no way would i give my home away when it costs $, yet it will cost by waiting too monthly on mortgage won’t it?! i would make my traditions there at the home you picked as maybe meant to be for now kiddo if a will there is a way! what is with an apt. you have too..currently? maybe get outta that lease & go home?? i’d look at all options. i know emotions are not supposed to be a part of homes, but if you are human, they sure are, re: memories & upkeep of appreciating & taking care of home, so much luck:)