We took our house off the market today. We’ve had 15+ people come through the house and every single person has told us it’s way overpriced despite the fact that it’s currently listed for below what we paid for it four years ago. It would be one thing if some of them said it’s overpriced but when you have every single showing say it’s way overpriced then the house is obviously not holding it’s appraised value in our area’s current economic condition.
Our realtor told us today that he’s having a very hard time selling ANY house right now. He just had a closing go horribly bad last week because of the bank. He also told us (wish he had told us this when we listed) that since August, over 500 houses in our general area have been taken off the market (not sold, just taken off the market) therefore flooding the rental market. Our area was SERIOUSLY hit hard by the downsizing of my husband’s company. It literally made the area thrive and made the area die. We looked into the rules of short selling and to make a very long story short – it’s not even a possibility for us.
Sooooo…we’ve entered the realm of the unknown. Are we going to live a very long time in our current house? It’s a possibility. Are we going to try and sell it again within the year? It’s a possibility. Is Les going to have to commute two hours each way to us? It’s a possibility. (One neither of us is willing to do for years to come.) What does all of this mean for our family? We have no idea. On the one hand, we are thankful Les has a job. On the other hand, the price we’re paying for him to have a job in a different state from us (and the inability to join him) is taking it’s toll on us as a family. We are taking it one step, in the dark, at a time. It’s scary. It’s overwhelming. It’s reality.
Please keep our family in your prayers.