My house isnt selling and I am an idiot

[Anonymous]

Anonymous wrote:

Anonymous wrote:^^Oh, forgot to mention that a rental company will take their cut (maybe 2% of total rent each month for administration of account, depends on agency).

Where on earth do you find a property management company for 2% of monthly rent? Standard is 8-10%

OP is still local so the leather could do is manage her own rental.

[Anonymous]

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

Ummm the last thing OP needs to do is buy any more real estate

[Anonymous]

Anonymous wrote: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

You don't sound like you have a propensity to listen to people with vastly more experience. Lesson learned, one hopes.

[Anonymous]

What is the total mortgage balance and interest rate(s) on the home you bought in 2022? If your interest rate is considerably lower than current interest rates, have you considered selling subject to your original 2022 mortgage?

How does the market value of your current home compare to the market value of your prior home? Is the current home likely to appeal to a larger pool of buyers compared to the original home? Are you willing to list your current home and move back to the original home if your current residence sells first at a price you can live with?

[Anonymous]

Anonymous wrote:List house number 1 and 2 for sale
List house number 1 and 2 for rent

Whichever happens first, accept it

Then move on

Hell no, she should keep house 2 and get rid of house 1 asap even if that means she loses most of her equity. Fortunately, she has SFHs and not condos. The housing market is going to keep falling so get out now.

[Anonymous]

You got greedy and found out.

[Anonymous]

You impulsively bought a house you couldn't afford.

You did renovations you couldn't afford.

You ignored expert advice.

You were greedy.

Sounds like a "you" problem.

[Anonymous]

Anonymous wrote:Raise the price to $550 to get the people who have set parameters around that price then accept an offer of $450-475

Lol. Of all the advice, this is the most demented.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I guess I just want to rant at my own stupidity. I'm young (30) and dumb and I'm just feeling really down about this whole situation lately and it's stressing me out. I'll first state that we live out west, not in DC anymore.

It started in Feb when I was browsing Zillow and found a house I really wanted. It had exactly what I wanted and even though we weren't in the market to move, we decided to put in an offer and it was accepted. This house is only about 5 miles from where we currently live. This happened super fast - we got a bridge loan because we didn't even have our current house on the market nor was it in ready condition. We closed on the new house in only 2.5 weeks. I hated the flooring in this house so used some savings to put in new flooring on the bottom level before we started moving our stuff in. Also got some new appliances. I fully admit that this whole thing was a rash decision! I do love our new house, but in hindsight, I should've cooled my jets.

Now, I (wrongly) assumed the house would sell fast. A friend of mine sold her house, which is similar to our old house, within 2 days on the market. Our realtor said that ours should go soon, but my friend's house might have been an anomaly, as he told us the market is starting to cool down. Our asking price was $475 which I feel is within comps! I purchased the home in 2022 by myself (I wasn't married at the time) for $375 and have done some renovations to 2 of the bathrooms.

Within 3 days on the market, we got an offer, but IMO (at the time!!!), it was insulting. They offered 25K below asking. I said no. I did talk it over with my parents and they told me to accept it but I was stubborn. My husband also wanted to accept it.

Now here we are 60(!) days later, with NO other offers, hardly any interest. A handful of showings and a bunch of looky-loos at an open house we had last weekend. My realtor suggested a price cut a month ago and I reluctantly did it. Reduced by 15K but that was a month ago. I asked my realtor if he could get those people who made the offer back but he told me that they have already bought and closed on a different house. If I keep having to lower the price, I might not make any money on this house or worse yet, lose money.

I hear constant stuff on the local news here how the housing market is stalling out, with the exception of really high end (1.5Mil+) homes.

I'm now paying 2 mortgages, so much of my savings is gone due to remodeling & buying new appliances for the new house. I am freaking out. This is my first time selling a house and I guess I'm learning a hard life lesson. My husband OTOH doesn't have a care in the world, but I'm the main bread winner in our house.

How screwed am I?

Do you always bulldoze over your husband, parents and professionals to get your way? You need to do some serious introspection on why this is so. That's not a hard life lesson. You lower the price until it sells. Now you own a house you love. Stop resisting good advice.

I have to agree with this. It wasn’t one bad decision, it was several. You need to put less faith in your own judgment, which is clearly flawed, and more in your professionals and family and friends.

[Anonymous]

I can't get over the fact that you used savings on new flooring and new appliances when you hadn't sold the first house. Your thought process is pretty immature and hopefully this is a wake up lesson that you need to mature a little bit.

[Anonymous]

Sorry, Op. people are being extra harsh. You made a gamble. And it didn’t work out. Move on from it now. Wishing you better luck! You are young and can learn from this lesson. It stings, but these things happen.

[Anonymous]

Sorry, OP! I also turned down the first offer on the last place I sold and ultimately had to accept less after several more painful weeks. I was definitely overconfident on the sale price we’d get. The upside is that I got over it and the moment passed, and I’m very happy with where I live now! You will get through this.

[Anonymous]

Greed is a sin.

Enjoy the two mortgages.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Raise the price to $550 to get the people who have set parameters around that price then accept an offer of $450-475

Lol. Of all the advice, this is the most demented.

lol but my house sold

[Anonymous]

For future reference. The first offer(s) tend to be the best offer(s).