My house isnt selling and I am an idiot

[Anonymous]

Eat the loss. Put your money in index funds.

Lesson learned.

[Anonymous]

Anonymous wrote: We contacted a rental management agency and rented out our home for probably seven years. We requested only working professionals and couples with kids as potential tenants (in other words, no young partiers or wild people).

The rental agency must not know what they are doing -- it's a violation of federal fair housing law to rent only to people of certain family situations.

[Anonymous]

Anonymous wrote:

Anonymous wrote: We contacted a rental management agency and rented out our home for probably seven years. We requested only working professionals and couples with kids as potential tenants (in other words, no young partiers or wild people).

The rental agency must not know what they are doing -- it's a violation of federal fair housing law to rent only to people of certain family situations.

Yea, I thought the same thing but was too bored to call the poster out.

[Anonymous]

I’m not sure of the exact principle, but it’s something along the lines of: if you’re buying and selling in the same market
(especially within the same area) you usually can’t “win” on both sides.

So if you feel like you got a great deal buying your new house, that may also mean your current neighborhood is in more of a buyer’s market. In that case, you probably shouldn’t expect a huge gain when you sell. The opposite is true too - if sellers are getting top dollar, buyers are usually paying a premium.

[Anonymous]

Op here. I am in the suburban Denver area. I really really don’t want to rent this out. So I am going to have to come to terms with dropping the price further. My parents advised me not to buy that new house, and especially not to renovate it immediately after closing but I wanted it all nice before we moved in. I was so sure of myself - that the house would sell as fast as my friend’s did. I am kicking myself at this rash decision I made and putting myself in this stressful situation.

My parents just say “that’s life.”

My realtor is a family friend and we’ve butted heads over this but I probably should’ve just listened to him. He told me straight up that the real estate market can turn quickly - even within like 2-4 weeks. Ughhhhhhhhh

[Anonymous]

Maybe learn to listen to the experts?

You seem very entitled.

[Anonymous]

People on here are so critical. OP is in a house she loves, and any loss from the old house will be quickly forgotten once that house sells. OP took a gamble and it didn't work out; that happens in life -- just lower the price until it sells. It sucks, but it sounds like OP will be fine. Just be frugal for awhile until you build your savings back up.

At least OP isn't considering becoming a landlord on the old house. That's truly a terrible financial move for almost everyone because real estate is a terrible investment, and being a landlord is risky and not fun.

[Anonymous]

Don’t worry, stuff like this happens, 25k below asking was a pretty solid offer. But now what can you do?

If the property is rlly struggling to sell, I’d honestly consider pulling the listing when your agreement allows and as someone else, maybe going through with having it tenant occupied, collecting rent and from there you can also gauge the interest of the market. When a home sits too long with multiple price cuts, buyers start assuming something’s wrong, and it usually gets harder to sell over time.

You could def still reach out to investor companies or other agencies to compare offers, but just keeping it real, most investors will probably come in below traditional buyer offers because they’re looking for margin.

[Anonymous]

Just sharing that the Denver multifamily rental market is a bloodbath right now. A ridiculously high number of new apartment and townhome until delivered in the last year and managers are heavily discounting. So in a suburb I’d advise to sell even at a small loss vs trying to rent. Your rental income is not likely to be very accretive.

[Anonymous]

List house number 1 and 2 for sale
List house number 1 and 2 for rent

Whichever happens first, accept it

Then move on

[Anonymous]

That's a lot of buying and selling in such a short time. Sit on you hands.
That's also a lot of money put into home without any care of your emergency fund.
Tell that DH of your to get a job and half. You can get a second job also to rebuild you cash reserves.
Rent both or sell both and move into a studio for awhile if you must. You'll be too busy working anywhere and will be home only to sleep.

[Anonymous]

Accept that it was not meant to be because there is something better for you out there.

[Anonymous]

Anonymous wrote:Your greed caused you to have a stale house on the market.

This. The first offer is often the best. Tough lesson to learn.

[Anonymous]

Significantly lower the cost.

It’s likely not worth it financially to rent. Only consider that if you can rent it for more than your expenses including maintenance.

[Anonymous]

Anonymous wrote:OP do you have other investments? I think if you sell at a loss, you can use that loss to offset capital gains from stocks, etc.

This is not true and don’t take tax advice from idiots like this on the internet.