We decided that the starting price had been too high. It was a 10 - 15% above what we'd thought the house would fetch. Our realtor thought we could aim higher. Thanks, realtor.
Of course she might have been right. Maybe we could have been lucky. It looked like the market was picking up. There were comparables.
We reduced the price, month by month, needing a quick sale. Three times. Down to below what the house is worth. People looked round, but no-one came back for a second look.
We had house-sitters living there, when we moved out. They were great. They looked after the house, kept it nice for showings. But they weren't paying rent, and we're still paying a mortgage.
We decided we should rent the house out instead. No point keeping it on the market. A year with a tenant in, and then try again. The rental agent said it should let easily. Well, she would say that, wouldn't she? The rental market is strong at the moment. A month or two, was her estimate. It's been a month or two. We've reduced the asking rent. We've said we don't mind pets. The house-sitters have moved out. The house is empty.
Then, out of the blue, came a couple who were looking to buy, and though our house wasn't technically on the market, they were showed round. They loved it but couldn't afford it. We said we were "flexible" (which sounds better than "desperate"). They put in an offer which stretched the meaning of the word "flexible" to its limit. And asked us to pay conveyancing costs. We negotiated, and accepted a midway point, which felt like a rock in a stormy sea, but better a rock than no rock.
Then we felt happy. We sighed a sigh of relief. We started to get excited about the house, the home, we could buy here. We looked at websites. Don't houses look gorgeous on websites?
And yesterday, the buyers pulled out.
It's a pathetic tale of woe, I know. I can tell myself all the answers. "In the current economic situation, what do you expect? Aren't you lucky to have a house with Husband's job! At least you're not paying rent or mortgage over here. Lots of people are worse off than you. It'll sell in time. Or rent. Just be patient."
But inwardly I'm begging "Please, someone, anyone, buy our house. Or rent it. Something. Someone."
.
wow it looks LOVELY! I can't believe no one wants it. Can you rent it out AND have it on the market? Tho I guess people wdn't rent it if they thought they would be ousted at any stage.
ReplyDeleteSigh. Our house outside of Paris has been on the market since last March, and we've not even had a nibble. Come Spring we too are going to have to bargain-basement it.
ReplyDeleteThe house looks lovely. I agree with Paradise re renting and also having it on the market. We once rented for a year, but we knew that part of the arrangement was that towards the end of the rental period it would be going on the market. That was here in the UK, but maybe it's different in the US?
ReplyDeleteUrgh. We have our place in Tahoe on the market for below what we paid. Not a nibble. I start to get angry at the financial shenanigans that led to all this house overvaluing. They all got off Scott free, and we are the ones left with a millstone.
ReplyDeleteIt's especially difficult when you're so far away and can't deal with things (such as looking for a new realtor) in person. I'm so sorry, I hope things look up soon.
ReplyDeleteSorry to hear it. I do hope things pick up and the market rebounds. The house we are living in here was on the market for a year before the owners put it up for rent - and it is lovely, no reason why it wouldn't sell in a normal market. But I have friends here in real estate and they say things are picking up.
ReplyDeleteIt's a beautiful house, I hope it sells soon for you.
ReplyDeleteIf you're anywhere near a university, there are quite often faculty members looking for rentals for 6-12 months. Have you tried that? You could also probably get your agent to take some photos and put it on a few web sites. What a drag though.
ReplyDeleteWill keep fingers crossed x
ReplyDeleteGolly! It's lovely! Of course saying that's not much use when I can't also say "and I know someone who's looking for something just like it" but like Muddling Along I'll keep everything crossed and hope that's some sort of substitute.
ReplyDeleteOh dear, that's pretty rough. Especially when you are now so far away and must feel powerless to do much. Fingers crossed for you!
ReplyDeleteWe've been looking into selling our 'starter' home in TN recently but the market around us is so saturated with cheap comps that the longer we can hold out the better it seems right now. Really hope you get some positive movement on your place soon! The photograph is beautiful in terms of curb appeal!
ReplyDeletehttp://leapacrossthepond.blogspot.com/
I feel for you. I was desperate to move away from Islington, but things just weren't happening. We left it more than a year and tah-dah - the first couple who saw the house bought it. The market had seriously picked up and we are happy where we are now. it will all sort itself, I am sure.
ReplyDeleteSorry Iota! That's such a huge burden to have hanging around your new neck from the other side of the Pond. I hope it sells soon. It's hard to settle in a new place until you have some closure from the place you left behind. Especially if you can't buy a new house until you have sold your old one. Good luck!
ReplyDeleteMy mother is in this position now. She hasn't even had a viewing. Lovely house, but location issues. Only a specific type of buyer will want it, and in this economy that buyer isn't spending that much money on a house. She's got room to go down, but not a ton. My brother is moving out of mine. Mom might be moving in. We moved my dad to a home near me so we could move her close to all of us. Now she's in that big place all alone. (She spends many a night here. My kids love that. Gotta find the sliver lining.)
ReplyDeleteGood luck to you.