I’m in a quandary over my house.
We bought the house three years ago for $130K. We finanaced 100% of it, so we only have about $4500 in equity in it. We’re moving this summer, and my calculation is that after we pay the realtor, we’d have to get $134K for the house to break even in the closing.
Unfortunately, the housing boom that has taken America by storm has hit everywhere but my neighborhood; we listed it at $136K, which our realtor thought was an absolute maximum that we could reasonably ask for it. It’s been on the market for about 6 weeks, and we’ve had maybe ten showings. We’ve had plenty of people express interest, but no one made an offer until last week, when someone offered $126,000.
We countered at $134K, and they came up to $130K. The problem now is that our realtor seems to think this is the maximum these folks can get through their lender. I think I’d be happy at $132K–a $2000 loss–but they might have to pass on it. I told our realtor that I didn’t feel like we had to take the first offer that came along, but she was quick to caution that another offer may not come along.
I really, really don’t want to take a $4000 loss here. Then again, if we don’t get another offer in the next few months, we’ll end up paying both mortgages for long enough that we’re even worse off. I also just absolutely hate the idea that I bought the one house in America that has appreciated exactly 0% in the last three years.
If anyone with more experience or a wiser head for real estate than I had any thoughts, I’d appreciate it.