Background...
We decided last Oct to put our house on the market, but we updated the kitchen first to make our condo more marketable (we had updated appliances but our cabinets/counters were crap). at this point similar condos were selling 205-215k. We finished in Jan and just as we finished the job, the condo across the hall went on the market for $186k. We waited a bit to not compete with them, but they basically caused all of the other condos to drop the price. There was a contract on theirs fast - two weeks I think and it just sold for $183k. Ours went on the market ~a month ago. We had positive feedback but no one offered, so we dropped the price from $218 to $209k. For almost 2 weeks we had no visitors.
Today we got two letters of intent. One says they like it, but it is way overpriced considering the $183k condo across the hall (which was nice, but had our old kitchen - crap). The second was for $200k, but with us paying closing costs. sigh.
We're happy to have interest, but with the $13k we put in the kitchen it is hard to see the low offers. I guess we gambled and lost. We verbally countered with the second offer, and we should get a contract for $205 with $5k closing cost help. Sadly, the proceeds will not be enough to get us into a house, but I believe if we don't sell now, we can't. Since we have a 5yo who drives us crazy with no playground/friends here to play with, we've decided to live with mom for a year or so to save. I'm cringing already. 4 adults and two kids in a 4 bedroom house with no room for hubby and I except our small bedroom will suck
I hope housing prices drop fast starting right after we close on the condo!
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
