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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
So pissed WWYD?
DH and I listed our condo a month ago. We checked yesterday if other condos in our complex are listed and what their are priced at. There is a condo in the next building over listed at 10,000 less then what we are listed. I'm so pissed, especially since this is less then what my condo was estimated at 3 years ago when I refinanced. DH thinks we should lower our price now by 11,000. I feel like it is a kick in the gutt and I'm willing to try to wait it out a bit. I can't imagine loosing 11,000 plus not to mention, whatever you list it at, people will want to haggle and still lower the price even more. DH wants to sell the place ASAP since he does not want a long drive to Gurnee once he starts working there in July.
Re: So pissed WWYD?
Because we're fancy like that.
I would talk to your realtor and see what s/he suggests. Sometimes folks don't want the bottom priced unit - there might be big issues with that unit.
As for selling at a low price - there are a number of things to consider. How much of a loss when you consider purchase price? How much have you paid in interest? How much of that ended up being tax deductible? Improvement costs?
You might find that even with a loss you end up ahead of what it would have been if you had rented for that time period. But to me, it sounds like Jerry is pushing for this and you're not so into it. Is he staying in Gurnee for a while now? Or is this a one year gig? I wouldn't put all your eggs in a basket if you might be moving again.
Also, do you plan to rent or buy? How much equity did you get out of Jerry's place? Maybe you can start looking in a month or so, and have a little cushion if your place doesn't sell? And you want time to find the right place for you guys. If you sell and close in 30 days, how are you going to get everything emptied, find a new place, and move in time?
GL hon, call me if you need anything...
Once he starts out in Gurnee.... he will be working there probably for a long time (unless something funky should happen). His contract is with an intent of becoming partner eventually. So we would be looking for permanent place to live. Jerry rented before so we got nothing from that. I just think that staying here we can wait out the market a little bit and continue saving towards our deposit. We won't have the 20% down to avoid PMI right now, so I personally think waiting would be beneficial.
Those are all good points. I would talk to your realtor, and then be upfront about your concerns with J. Maybe write him an email if it is easier to get your thoughts out - I do that sometimes.
An 80/20 through a good broker will come out to less than PMI usually. I can recommend someone if you'd like. He was a friend of our realtor, and I wish that we could have gone with him.
I think maybe he is pushing too because he wants a place that you guys choose "together" so it feels more like both of yours. Couldn't hurt to start looking in Gurnee. Maybe you'll find your dream place and it will make the transition easier. Or maybe you'll see that there isn't much available and it will help to decide to stay where you are for a bit.
I agree that you should try and check out that other condo before you lower your price. And granted, Palatine to Gurnee isn't a great drive but it could be much worse. I'm driving 50 miles each way right now and that does suck so I understand your DH argument (job hunting for something closer) but maybe your condo has upgrades that the other one doesn't - newer kitchen, floors, etc. that will get you the price you want. Good luck!
And if you're thinking of renting further north by Gurnee, consider going over the border to possibly Kenosha or Racine. The prices on apartments seem quite a bit lower for more amenities in some cases.
Ali
11K is a LOT of money to walk away from for a quick sell... and do you know what kind of shape the cheaper place is in?
Is there any way you could rent out your condo to someone else and then rent another place for you and DH to live in up in Gurnee area? That's what we're doing - renting out my condo in the burbs and living/renting in the city.
We're not making any money right now, but we're building more and more equity and hopefully in a year or two, the market will be better and we can make more on the condo then.
Hope it all works out for you!
click the pic (blog)