The housing market is just absolutely dead here. We have already lowered the price three times and can't go any lower. Even if we could, I don't think it would matter. People just aren't buying anything.
Part of me wonders if I got a defective EcoJoe
, but honestly, god herself couldn't sell this house right now.Our revised plan, then, is to rent out the house. We have another year until our mortgage readjusts, and rates are so low that it might not be that big a deal when it does. We probably won't be able to bring in enough through rent to cover our expenses, but we should be able to come close. Having the house as a write-off should make up for any loss we take. You know, if things work out the way we plan. And you know how well that's worked out so far.
This is a big change for us psychologically, because we had prepared ourselves to make a clean break. Now we're still hanging on a bit, and it's going to take some getting used to.
In the meantime, things around here are getting back to normal: the sign is gone from our yard and my living room is a mess.
Well, if you're able to rent at a decent price (are you counting management expenses in that? If you're not around to take care of problems as they come up, you might want to hire a management company to do it) you may be able to sell for much more when the market goes back up, and even with your losses for the next few years might take less of a loss. In this market, I can completely see that happening...
ReplyDeleteCan I just get one room? SoCal could be a nice change when the Chicago snow rolls in...
ReplyDeleteA sad reality, but this does seem to be your only option. But just a word of advice - be VERY careful in your screening process of potential renters. I can tell you from my experience that uncaring immature renters can trash a house quicker than a colony of termites! Be smart and take advantage of a good management company.
ReplyDeleteHow much are you asking? I'm happy to pass the word around for you.
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