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I'm right there with you. I've tried to rent/sell my house twice. Both times, after months of zero offers, I've ended up just renting it. This worked out (mostly) fine the first time, but my current tenant owes me >$1500. When her lease is up, I'm selling the damn house, no matter what. I'm even willing to take a loss at this point - I just want to get rid of it.
@redherring: Ugh! I'm so sorry to hear that! We're really trying to avoid renting. My husband has a very long commute so we're trying to move to cut his commute down. The cool thing is that my work is between our current house and his work so, we can move 45 minutes closer to his work and my commute stays the same! It's been on the market since July and I'm starting to get impatient!
We decided to keep ours and rent it out. The rent covers the mortgage, so we're happy.
We're thinking about trying to sell our condo. We bought a 850 sq ft condo in 2007 for $235,000. Today we MIGHT get $220,000, but may just have to suck it up because if we're planning to have kids it would be tough to squeeze them in here.
@Mrs. DG: Does the rent solely cover your mortgage or is their some cushion in there for repairs/maintenance, etc.? If we did decide to rent, I would want to make sure we are able to properly maintain the property.
@PumpkinSpiceChai: Great question! We didn't build in that cushion, but here's my reasoning: if I was going to get the house ready to sell, I would be putting money in to fixing it up anyway. So we'll be upgrading the stove and doing a few other repairs while the tenants are there both for the tenants and for improving our sales chances. We asked for a large security deposit and if there are any damages on the part of the tenants, we'll be able to pay for them from that.
So we see this time as an investment... and we picked super-responsible tenants :)
we're trying to sell as well - we want a bigger place.
It's only been on the market 10 days, and we've got people coming back for second viewings this weekend - fingers crossed we'll get an offer - but prepared for it to take a few months as well.
We've put quite a lot of stuff in storage, including lots of wedding gifts, so at least we'll get to enjoy new things in our new home once we have managed to move!
My sister and I are about to put our house up for sale. She still lives there, but works about an hour away, so it was getting kind of ridiculous. We have a terrible terrible market right now, but we're hoping for the best.
My husband and I have a piece of lakefront property for sale, as well, and haven't had a hit on it in a while. I'm pretty sure no one is building at all in my area, so it might be a while. We have had a few trade offers, though.
It is so crazy that just a few short years ago when my sister and I bought that house, there were practically no houses between $100,000 - $250,000 that didn't have a contract on it. We searched for months just to try to find something to look at! It's actually pretty sad.
We are currently living in FI's house that he had with his ex-wife. We were trying to sell so that we could have a place of our 'own'... after 6 months, decided to take it off the market since I had recently gotten a job about 30 minutes away. We took it as a sign that we should just stay, make the place our own and decorate (YYYAAYYYY)
We don't currently own anything, but this is EXACTLY why DH and I have decided to skip the idea of buying a starter home. We have the down payment and credit to buy a small starter home now, but instead we will be renting and saving for a few more years so we can skip straight to the home we are willing to 'end up in'.
Given the housing market and economy this is the best decision for us. We are at a 'limbo' point in our lives where we really should already own our starter home, but since we don't we might as well just hold off a few more years to buy something big. I'm hoping this will work out for the best, I mean I guess you can never predict what will happen but I am def trying to avoid us ending up with a small home we can't sell or have to take a loss on.
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So, I know there are lots of Bees on this board becoming homeowners for the first time. Yay for you! :) But, I'm wondering if anyone is in the same boat as my husband and I... trying to sell but having a slow go of it because of the economy? Anyone with me?