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We are in the same boat. Selling at a loss (if we ever get a buyer) --Did everything right. Nice down payment, paid on time..11 years of ownership. Always bought the koolaid that a home was a great purchase. It was a money pit. All the maintenence, the yard work, the updates. It's exhausting but the worst is the rising taxes here in IL. I can't wait to sell.
I sold my house at a lost a couple of years ago and have never regretted it. I could never be one of those people in my old neighborhood who, dammit, was not going to "give the house away" because they knew the "true" value of their houses. So they would leave their houses on the market for months, take it off, then put in back on a few months later. Rinse and repeat. I see a couple of houses that are still on and off the market since before I sold my house. I know one of those houses have kids and a dog. I couldn't do it
We sold a house 18 years later for only $30k more than we paid and had put in over $100k in imrpovements. Sometimes you just gotta know when to fold 'em
We are in the same boat. Selling at a loss (if we ever get a buyer) --Did everything right. Nice down payment, paid on time..11 years of ownership. Always bought the koolaid that a home was a great purchase. It was a money pit. All the maintenence, the yard work, the updates. It's exhausting but the worst is the rising taxes here in IL. I can't wait to sell.
You realize anywhere you rent you are still paying for the maintenance, yard work, and rising taxes, right? No landlord absorbs those things...they always get passed on the way of higher rent.
I think some people who do not like to maintain things at all are better off renting, but those who understand that home ownership comes with the costs of updates/repairs are usually better off in the long run.
However, a declining market can be a bad deal for everyone.....I don't blame you for wanting out of IL....one would have to pay me quite a bit of money to ever move there voluntarily.
we are in a desperate need to sell our current house now and we are willing to take a loss as well. It really sucks but sometimes all that suffering, pain and anxiety are not really worth it to hold on to to save that extra $. Sometimes it is just healthier to take that loss and move on. 5 yrs from now we may forget about it. Sometimes we win sometimes we lose.
So you lived in a house for 48 months at a cost of $130K. That comes out to about $2700 a month. If you rented a place for $2700 a month during that time, would you consider it "losing" $130K?
So you lived in a house for 48 months at a cost of $130K. That comes out to about $2700 a month. If you rented a place for $2700 a month during that time, would you consider it "losing" $130K?
Dunno. Maybe they figured it out almost a decade ago.
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