Selling a home and taking a hit

Anyone else selling their home and having to take a hit since they bought it a few years ago? My DH and I are having a hard time with dropping our prices, but would like to move on in our lives...ugh! We don't need to sell, but would like to take advantage of this market to buy a house. What to do?

Re: Selling a home and taking a hit

We took a pretty significant hit, but rationalized that we would spend less on the house we bought, so it's kinda the same.. It's a matter of having the capital for the down payment.

Re: Selling a home and taking a hit

We did not take a hit, but when we first put our house on the market and weren't sure how it would sell, we had the same thoughts as this:

Re: Selling a home and taking a hit

We are trying to figure this out now

We have the money for a down payment on a new home

However, if we sell now we will probably make NO money whatsoever. We can probably only get enough for our house to pay back our mortgage and HELOC (its about 265000 combined 0
We live in a townhouse and 3 others have sold for anywhere from 260000-289000 so we MIGHT make 15,000 but thats it...its hard bc I saved to put the money on this house and I feel like I lost it all...

Re: Selling a home and taking a hit

we had our coop on the market for a certain price. got an offer which was great, but buyer could not get the mort. amount they needed. after talking to some neighbors that had sold, I was shocked at how low they were selling for. not only would we be selling lower than we purchased for, we would not even get our down payment back Even if we got the price we wanted , it will not appraise.

we have decided to rent it out. we have the down payment, closing costs , and a cushion to buy our house we are in contract for.

DH wanted to "dump" the apartment and take a loss, but I can't do it. we worked too hard to save the down payment for this coop and I am not willing to lose it right now. yes we are getting a fantastic deal in a nabe that we wouldn't have been able to Touch a few years ago, but I just can't accept that big of a loss. I hope we don't regret our decision but sometimes in life you have to take a risk

so moral of this long story, can you rent out your place for a few years??

Re: Selling a home and taking a hit

We are stuck, same problem.

Because we dont need to move, we are waiting it out to see what happens.

Re: Selling a home and taking a hit

We are taking a hit but got a huge steal where we are moving to. We too wanted to move on in our lives and since we are buying a home that is much lower priced now than it would have been a few years ago, we see it as balancing out. If you are not happy and can deal with the $$$ loss, then it's time to move on.

Re: Selling a home and taking a hit

We are going thru the same thing. We cant decide whether it is worth it to take the loss and move on or not! We sold our first home in 2007 and make a good profit, bought this and now could lose that profit. However buy next house for a lot cheaper than a few years from now or a few years ago

Re: Selling a home and taking a hit

If you are selling and BUYING then it's not bad at all! You may lose $50k on the house your selling but you are getting $50k less on a house you are potentially buying.

The only way I see it as bad as if you are trying to cash out for retirement or something like that and taking a hit...

Re: Selling a home and taking a hit

Re: Selling a home and taking a hit

We will definately be taking a hit on our house that needs to be sold.. It is already below what we paid but what was ssaid before, we got our new house for an amazing price so it all equals out...

Still trying to sell ours...

Re: Selling a home and taking a hit

Yup, we sold for under our purchase price when we relocated. As long as you are buying a more expensive home than your first one its a win. You will save more than you are losing.

Re: Selling a home and taking a hit

Yes we owned the house for about 4 years and took close to a $100k hit, It was a painfull but thankfully we had alot of equity in the house so we could do it. Also we bought our new house lower, so it kind of balances out. A year later I am so glad we did it!

Re: Selling a home and taking a hit

We just closed on our condo and took a 10K loss and we didn't want to, but decided it was better to get rid of it and be free to buy something we want. Our condo was in a neighborhood that is less than desirable and none of our style unit (3 beds) sold in 2009 so we cut our losses and hopefully we will find a house we like in the next few months before the market changes.

Re: Selling a home and taking a hit

we are debating the same thing..we bought this house (WHICH WE LOVE) in the height of the market - spring 2007. Now we want to move to a better school district - 2 kids later and we were told we could put this house on the market for 40K less than we bought it AND we put 20K into the house since living here! and that is if we get someone to bite at the price suggested....and when does that ever happen =(

ugh..it S U X =((

good luck!

Re: Selling a home and taking a hit

Re: Selling a home and taking a hit

Re: Selling a home and taking a hit

I've been trying to sell my house but am taking it off the market at the end of September. Two weeks after we listed, we had an accepted offer - it wasn't what we were hoping for, but at least we'd be making a few thousand on it. That fell through. So we eventually lowered our asking price to the price we paid for it, though when we bought it there was no kitchen or washer/dryer. We've invested about 8-10k in it.

A few months later we got another offer. Their highest offer was still 50k below our asking - and at the time our house was very competitively priced - and we couldn't afford a lost of that size. That said, we were prepared to take a 10-15k loss.

Then some houses came on the market that were so low we couldn't compete. I went to look at a few out of curiousity. One looked to be in mint condition and although not my dream layout, the asking price was so attractive that I would've happily dealt with it. That house sold in a few weeks.

Our idiot realtor suggested a short sale, even though we could not prove a loss of income/financial hardship since our purchase. We weren't willing to taint our credit, nor were we desperate.

Sooo...we're taking it off because we're not desperate to sell or willing to take the loss that we'd need to. I'm actually happy to see the signs coming down and have already started to transform the house from one that is staged to sell to the way DH and I like. Although not a huge home, it's fine for DH and me and I don't see us outgrowing it until we have a nursery school-aged child. We don't plan on having any for another 2 years or so, so I think there is plenty of time to (hopefully) see the market rebound.