Weekend Reading – Turns out the Real Estate Market is Slow

by RJ

in Random

A few months ago, my wife and I decided to list our house for sale. Our goal, was and still is, to move down to the city of Chicago.

We were both optimistic at first about selling. We live in a good neighborhood. The schools around us are great.

We had about ten people come see our place in the first month and few more since than. Yet…still no offers.

This comes as no surprise to many, but it’s pretty much the worse time in history to sell your house. The nice thing is that we’re in no hurry. If we have to sell next year, than so be it. We like where we live now, we just don’t love it.

Enough about me, lets get to the weekend reading.

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Financial SamuraiNo Gravatar October 16, 2010 at 11:32 am

Take your time in this market. What bout just renting, not selling, or buying another one instead?

mic43ll3No Gravatar October 16, 2010 at 11:42 am

It took us about 10 months to sell our house last year, and we had the tax credit on our side. Good luck to you, and I’m glad you’re able to do this at your leisure.

michael @ credit cardsNo Gravatar October 17, 2010 at 1:36 am

I guess renting a new house is not a good option; your house has not yet been sold so it’s ok if you still live there. You also said that you are not in rush anyway. Renting another house to another town may only add on your expenses. Wait till the comes someone will be interested to buy your house so you and your family can finally move to buy your own in the town where you want to live.

RJNo Gravatar October 18, 2010 at 10:18 am

@Financial Samurai – We thought about renting. We would rather not, but we would if it makes financial sense. If it doesn’t sell by mid-November, our plan is to take it down for a few months and relist it as a rental/for sale.

@Mic – Ten months is a little less than average around here. The nice thing is that we’re not in a super hurry.

@Michael – Yep. Not interested at all, in renting one, while still owning another. We live in a nice area, which the real estate market is pretty strong. There is just a lot available right now.

Thanks everyone for your support.

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