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Taking our place off the market vent :(
I feel a bit defeated. We had our place on the market for about 3 1/2 months with many, many showings and great feedback but no offers. Ultimately we have decided to get renters as the rent will cover our mortgage and condo fees, but I still feel like we "lost." I was in my first tri and had a toddler to chase after during the whole process. It feels like so much energy/work that went nowhere.
We are two responsible individuals with great credit and bought this place about 5 years ago because we loved it and the cardinal rule of real estate: location, location, location. Now all I feel is regretful that we purchased in the first place. I am guessing this is common remorse when you can't sell.
I remain hopeful that we will put it back on the market after awhile and have better luck. Any optimistic thoughts/advice appreciated. Thanks!
Re: Taking our place off the market vent :(
DH and I swear we'll never sell our condo. Its in a prime location, renters are plentiful, and even if we decide we want more space when we have kids I know someday we'll love having everything on one level and not needing to care for a yard. Our opinion might change down the road, and I know there is a lot of dislike for condos on this board, but you may find you prefer keeping it as an income property. Whichever way I hope it all works out!
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We did the same thing - 2-3 months on the market and then pulled to rent out since it was pretty desirable neighborhood. I think it's tough right now for anyone with a condo or "starter" home b/c most buyers are freaked about buying a first home and want their first home to be a "forever" home. It's great you have rent that will cover most costs and at least someone else is paying equity into your condo for you, so it can be a pretty good investment for 5-10 more years hopefully.
Still sucks - I know how you feel.
Are you united with the CCOKCs?
I agree with this. I also think people are especially hesitant to buy a condo or townhouse because that is where some of the biggest drops in the market have occurred. People are scared it will continue to decline. Plus right now in a lot of places a first time home buyer can buy a lot more than what they previously were able to afford because houses are priced so low so people are getting SFH vs condos so they can picture themselves there for 10+ years. At least you can rent it out! That is a positive and could potentially turn into a good investment long term for you.
It sounds like you made the best choice for your family.
Three months isn't a long time to be on the market, though. You didn't lose, you just opted out of the game.
The average time a house is on the market here is 12 months. We're at the 1/2 way mark, and I won't feel like we've "lost" until we hit the average.
Thanks for the responses! We did live in a VHCOL location so this was the only way to enter the market at the time. Now we live in a more affordable area. Thankfully my H's job will pay for property management of renters for a couple of years, so I am going to let it go (from my mind) for awhile and then pop it back on the market when we are ready.
I realize 3 1/2 months is not a long time but we needed to take it off for all the expenses to move to another major metro area. Once our finances stabilize a bit, then we can consider it again.