I think the weekend is supposed to be fairly mild so it's not really an emergency.

If you choose not to replace it until monday, compensate your tenants for the inconvenience somehow. Perhaps lower their rent by $50 for a few months.

Anonymous wrote:We have been renting out our condo for the past 3 years. Financially we break even on the rental, minus the time it takes to get it ready for the next renter and small fixes here and there. So far nothing major has happened, but i dread having to sink any money into this place. My husband wants to keep renting it out, but I am ready to just cut our losses and move on. I don't see the condo market increasing in the foreseeable future or for us to even be able to sell it for what we paid. Right now it looks like we'd lose around $30K if were were to sell- factoring in the difference in what we paid versus could sell for and realtor fees. So not an easy pill to swallow, but I feel like we'd lose even more info we hold onto it longer- kitchen is older and there could be more damage from renting. How do we decide what to do? What would you do?

Oh and we would not have to pay our losses out of pocket as we have enough equity in the condo that we would end up getting a chunk of money back.

What neighborhood/market, OP? A lot of your decision will depend on that, the condition of your condo (ie chances for maintenance issues in the near future), and your financial standing. Sure, there's a possibility that the house might appreciate but factor in how that appreciation compare to inflation? maintenance? loss of income during vacancy?

How long have you had the property? Why does your husband want to hold onto to it? Because he believes that housing appreciates (not necessarily) or for another reason that's not cited here like the ability to use the condo instead of dorms for soon to be college-aged children (this may save you money)?

My brother lost a total of 60k (between maintenance & depreciation) for holding on to an 'investment' for too long. Real estate, like all other investment opportunities, are gambles. Sometimes they pay off, other times they don't. You just have to decide if it makes financial sense to hold onto to it.

I'm really sorry that you interviewed an agent that did not positively represent our profession.

To answer your question about finding a good realtor: Ask around. Interview agents that received favorable feedback from friends, co-workers, neighbors.

When you speak with the agent, address your biggest concerns and see how they respond. Do you have a young family so staging & showings pose a great challenge for you? Was this an investment property that just isn't working out? Ask them how they would address whatever concerns you have, and do ask what their strategy would be in such a case. Be very leery of agents that promise the moon.. find an agent that gives you an honest assessment, has a can-do attitude, and problem solves FOR you. It's his/her job to help you achieve your goals so seek an agent that you believe will do this for you.

Selling or buying your home is challenging because it is both personal as well as a business transaction so you will be able to find an agent that you will protect your best interests in both capacities. I promise you that there are many fantastic realtors out there. MANY.

So first and foremost, if you're not selling until next year then don't worry about this until next year.

For those selling this year contemplating an open house on father's day: why not? you might get more traffic on this day & chances are you'll be out of the house celebrating with your family anyway.

Anonymous wrote:I would ask a friend in the Southwest to buy one for you and mail it to you.

Or eBay. I just checked and there are many listed.

There is an incredible mark up for these things in the DC area. They cost a fraction in Texas or anywhere else SW. Even cheaper if you have friends in Mexico that can ship one up for you (or if you plan on traveling anytime soon). Even with the added cost of shipping and insurance you will still end up ahead, and probably with a nicer mirror than is available here.

Anonymous wrote:Realtor here. The market starting slowing in the last couple of weeks. As it always does the day school lets out. There will be some pickup in late July with listings for school-sensitive shoppers who want to settle before Labor Day.

This happens every year. Nothing seems abnormal this summer, other than the spring was incredibly active with a lot of pent up demand. I still hear about pent up buyer demand but inventory is thin for quality product.

Absolutely this regarding the current market. It's no where slower than it was last year and yes, spring was unusually hot. Houses that sat on the market were usually priced too highly or had some other undesirable quality.

BUT I read the article OP sited when it first appeared on naked capitalism and I do agree with its assessment. Feds kept interest rates artificially low for too long and it's just not a sustainable model. Eventually, the rates will normalize and that, coupled with inflation and un/underemployment will result in housing prices shifting back to an appropriate pricing zone.

For this reason, I *never* market home ownership as an investment opportunity to clients (unless it actually is but those situations are rare nowadays). 10-15 years ago you could expect a generous appreciation but today you'll be lucky if you keep up with inflation. At least until we get through this economic slump but who knows how long that will take.

I have a lot of tomatoes growing but none ripe yet. I may have one or two ripe enough by the end of June. I'm growing the early girl variety so they're supposed to be ready by July.

Anonymous wrote:How cool! Why don't you plant it?

You didn't do anything wrong. How long do you expect things to stay fresh in a zip lock bag? I've had ginger get moldy or slimy but never sprout. I would love that!

I've had it last a week, maybe 2 in a zip top in a dry pantry. My husband moved the ginger from my usual storage place so I just plum forgot about it until I just discovered the sprouted root. I'll certainly store it in a crisper or freezer moving forward.

I've never had it get slimy, though! But then again we use an awful lot of ginger so it's consumed before it spoils.

Thanks! I'll make sure to place it in the freezer next time. What's funny is that I've stored ginger in a zip top many times before without it sprouting. I must've bought an especially fresh root this time around.

Any advice on what to do with the sprouted ginger? Is it worth planting?

What did I do wrong? I had bought the ginger root for cooking, teas, juices, etc. I didn't use it for a couple of weeks and voila it started sprouting. Do I just throw it away? Plant it? Please guide me.

Did DMV employees make some sort of megga pay raise?

Anonymous wrote:I would go with option 3. I am highly sceptical that any agent is really knowledgeable about both areas.

FWIW we had a similar move, used the same agent and I think it cost us a non-negligible amount of $ in selling (although our agent was fantastic when it came to buying).

A little industry secret: expertise in certain neighborhoods is all just marketing. A good realtor will become an expert of his/her clients needs. This is a very trust and reputation based business so it is in the realtor's best interest to go the extra mile. Just my 2 cents.

Anonymous wrote:You need to reduce the price

Yes, this. It *is* a hot market for homes that are priced competitively. Have you spoken with your realtor about alternative selling strategies?

Anonymous wrote:OP here. We are currently renting a place we love and don't want to move. We were thinking about purchasing a house as a rental property. I am wondering if there are certain times of year when it is best for buyers.

Just saw this post.

Before you decide that you want to pursue an investment, rental property do look up the laws in your area. Oftentimes the laws are cumbersome and not very landlord friendly. Now couple that with the costs of maintaining a rental and it might be more of a hassle than it is worth and in some cases, not such a great investment.

There are occasions when it makes sense like if you know that a new company will be moving into the area within the next year, or you predict that a certain neighborhood will develop favorably, etc. These are gambles, however. Also remember that if you get lucky, these are all long-term investments and you will initially be breaking even (depending on your market, possibly not even after you factor in costs).

Do as much research as you can before jumping in.

It all depends on your priorities. Many families want to buy in the Spring - Summer so that they are in their desired school district by the start of the academic year. If you want to buy when the market is not so hot, and with less competition, Winter is better although it poses its own moving challenges as well.

If you're happy renting there really is no rush to buy. As some previous posters noted, however, the best time to buy is when you find a house that you love and suits your lifestyle.

When I was in your position - that is, renting and considering moving - we went ahead and got pre-approved for a mortgage and just kept an eye on the market. Eventually the perfect house did come along.

Good luck in your search!