Home > Feeling a Little Frustrated

Feeling a Little Frustrated

June 17th, 2014 at 06:00 am

Well, it's been 8 months since we listed our house and the biggest thing seems to be that while people like the price and the house, they don't like the drive from town. *sighs* That was one of the primary reasons we moved to town. And apparently there are a lot of foreclosures out there that are much cheaper, but not in as good a shape.

Our real estate agent is recommending we drop the price by $10K. I hate to do that, but at this point I don't really see another option. If the house were in town it would have sold by now and probably for much higher than we are asking, which is only $129K.

$119K, if we could get it, would still allow us to pay the guy who did the repairs (he's waiting until the house sells no matter how long it takes), pay off the van, and give us a decent down payment for a new house. Just not as decent as $129K would. With the van paid off, though, we could save that money to add to a down payment and hold off a while longer on buying something.

Of course at this point I don't know if we could even get $119K. Despite how beautiful the place is, and how pretty the neighborhood is, that 25 mile drive is tough for a lot of people. We are going to have them add to our listing that it is only an 8 minute walk to the county transit stop. Maybe that will help encourage some folks that they can take the bus for their commute instead of having to drive it themselves.

I think if we don't get an offer after it has been on the market for a year, we're going to have to look into renting it out. I don't really want to be a landlord, but I hate that it is sitting empty. We do have someone who has offered to rent it for $1000 a month. That is the going rate for rentals out there of that size, so I feel it is fair. Of course that offer was a few months ago, so I am not even sure if it would still be on the table.

I wish the place would sell. It is so frustrating sitting here feeling like it never will. I am almost at the point where I feel like buying a piece of land where I want it, and having the house moved. I love the house, except for the outside color. It is the location that I am done with. And we could probably sell the raw land much easier. Since the house and land is paid for, just having to buy raw land and get a house moving loan would not be the worst thing in the world.

It just seems like it would be a world of hassle.

Well, keep us in your prayers folks, that we sell that albatross. I'd sure appreciate it.

8 Responses to “Feeling a Little Frustrated”

  1. Permanent Temp Says:

    Keep your head up I'm sure things will work out!

  2. Another Reader Says:

    The saying in real estate is "price fixes everything." Renting it just puts your plans off indefinitely. There is no evidence your market is going to improve, and increasing interest rates will make it even harder to sell. Drop the price to where it will sell and be done with it. You don't need an albatross.

  3. Bob B. Says:

    I completely agree with Another Reader. Bite the bullet. Take the hit. Move on with your life.

  4. creditcardfree Says:

    I'd lower the price, too. I realize how hard it is, but holding on to it for months or even years is costly too, especially if it puts your current plans to move on hold.

  5. snafu Says:

    The other side of the story is how much that house has cost since you've moved out. Acknowledging you've paid off the mortgage, you still pay taxes, utilities, insurance, security and storage for your belongings. Has the realtor explained after 3 months the listing is considered 'stale?' I recall our realtors always took us to new, not yet on-line listings unless we asked to see a particular listing we found on-line. Has your agent suggested staging? When was the last viewing for agents? If you dislike the external colour, is curb appeal a negative?

  6. FrugalTexan75 Says:

    I hope that you figure something out soon that works. It sounds like those above have some good advice.

  7. Looking Forward Says:

    I wondered about it being "stale" also. Like people might see how long it's been listed and wonder what is wrong - like if sales fell through because of a bad inspection.

    One popular method here in Cali is to list low and create a bidding war.. not sure if that would work there.

    Adding that it is close to the bus stop is a good idea.

    Fingers Crossed for you!

  8. LivingAlmostLarge Says:

    What is the realistic price to sell? Is $119k even going to get it done? It's obviously overpriced by more than 10%. Many realtors say rule of thumb is 10% every month it sits.

    You don't have to list it for the price I'm asking you think you could get. But would someone buy it at $109k? What would you pay now looking at the location, size, lot, etc of the house? Would you buy it for $119k? Would you buy it for $109? Would you buy it for $99k?

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