Our realtor called our case "terminal."

rnfromtn

We have a nice condo.  In a nice neighborhood.  We have been on the market for almost 2 YEARS now. (with a three month break)  We listed with a highly recommended realtor who specializes in selling low priced homes (first time homebuyers)  He came to us today and said that with half of his listed condos being foreclosures and short sales, we probably won't be able to sell our condo anywhere near the listing price, if at all.  He is recommending that we put it up for rent and move on with the house that we want to live in.  UGh.  I just want out from this condo.  And if we rent it out, we will never be able to sell it.  Also, if we rent it, we would likely be taking an 85 dollar a month loss on it.  I just needed to vent a little.  My freakin head hurts from thinking about it all day.  For now, we have lowered our list price *(again) and are going to sit down and weigh out our financial plan for moving forward.  Just pisses me off.  Damn housing market.  Damn recession.  Damn foreclosures. 

Pier1girl

That really stinks, I'm sorry.  

aglenn

I feel your pain. We were in a similar situation with a condo and after a couple years we switched agents and cut the price way down.  We basically ended up paying someone to take it off our hands, but it finally sold. We rented for a couple of years while we recovered from that and were just able to buy a home last November.  As much as it sucked, I'm glad we cut our losses and moved on.  We certainly learned a lot from it all. Good luck to you!  Hope you find a solution. 

massdreams

We are in the same boat in our condo. We aren't even trying to sell it because we know what the rest of the market is like and nobody would buy it for our price. We bought when the housing market was going down too, but we never imagined at the time it would get as bad as it did. For now, we're finding the silver linings to living in a small space.

Brewtowngrl

Condos are hard to sell right now in WI because financing is hard to get for them.  The good news is the rental market is at a premium.  I am getting $100 a month more this year then last year for one.  

MrsWindyCity

I'm sorry. We haven't tried selling yet but we already know we're going to be in the same boat (condo, too). It really sucks because we want to TTC #2 soon and I know that, whether we are able to sell or not, we are going to have to buy a bigger place when that time rolls around.

TMDMJAOCT07

It's a crummy time to sell, that is for sure.  Try not to get too discouraged though.  It just takes one buyer!  You never know!!

We just sold our townhouse, and talking to some other people, things are starting to sell, though its not picking up nearly as much as hoped and unfortunatly townhouses and condos aren't flying off the market, but there is hope.

 Do all the right things for showings, when possible, leave the lights on (it looks so much more inviting, even if it seem silly when its sunny and bright out), vacuum right before you leave if you have carpet, make the couch look inviting, the master bed - fluffy pillows, a blanket drapped across the bottom.  Clean shiny floors, empty garbage cans.

Good Luck!!! Try not to loose hope, I know its easier said then done, I really do!

egsquared

Ugh. We're in a simlar situation. We've been renting our condo for almost a year after we tried and failed to sell it. So now we're renting a bigger place in the hopes that we can either try to sell the condo again in in a couple years - we really want the money out of the condo to buy our next home - or we save some more money for a bigger down payment. On a positive note, the rent we're getting from our condo does cover the mortgage and assessments.

MammaBear81

I'm sorry you are in this situation.  I know renting isn't a great option, but consider even though you are taking an $85 loss each month, the principal on your mortgage will still be going down each month.  I don't know what you owe on it, or what you would need to "break even" but even if you rent it for a year or two the balance will go down, and maybe the market will come back up.  We are living in a house right now that we put about $100,000 into after we bought it and we can't even sell it for what we owe on the mortgage, it's very unnerving, we don't have plans to sell right now, but if we needed to, I'd be lost.  I hope things get better for you, and the rest of this economy!

rosesandpeonies

many are in the same position...including me.  I swore we would never be in our townhouse with any child...let alone two.  I thought it would be a starter home and when we decided to have kids we would move.  Of course that happened in the downfall in 2008 soooo here we are.  There is enough sleeping space, thankfully, but not enough living or backyard space.

In the next year we are going to move and rent our townhouse.  We live next to two foreclosures so there is no way we would be able to sell it.  

ugh!!!  I want to move so bad also.  I want more kids too.  It is what it is and at least you aren't alone in this boat. 

annibes

I feel compelled to chime in because we're with you, too. We bought 5 years ago, got a cheap condo and fixed it up, and even though we bought well within our means we are way underwater because the market crashed. We are currently trying to pay off other bills like crazy so we can save up to afford both this place and a house if necessary until we can unload this one. We aren't willing to bring money to the table to get rid of the condo because of what we are already losing from having remodeled (new kitchen, master bed and nursery, living room and office, windows, furnace and air conditioner).  We've counted that as lost money, but we are sick at the thought of losing more. Fortunately we can make do here for awhile. We have sleeping space and living space and our unit is up against a large common yard near the pool. 

Echowysp

That's what caused me to finally go into foreclosure.... other people's foreclosures brought down my house value by $90,000.  It sucks.

zeptattoo

If you rent it at a loss (even $85 per month) it is deductable on your federal taxes. 

wheelsonthebus

We're in a simliar situation. We bought our house just when things STARTED to drop...about five years ago. We thought we were getting a great deal. The interest rates were still pretty high. So now we have a house that is worth a ton less than when we bought it and we have a high mortgage payment and interest rate. We can't refinance because the house isn't worth anything. My mother wanted to sell my childhood home to use at 100,000 less than it's worth and we had to pass it up because we can't sell this house. I feel like we are going to be here FOREVER.

rnfromtn

WOW! It sucks that we are all in this position, but I can't tell you guys how good it makes me feel to know that there are others out there in the same spot.  We are also TTC despite the fact that we only have 2 bedrooms.  Plain and simple, I am getting older and can't wait.  It is also hard because every time we turn around our siblings and friends are finding "the perfect homes" and buying them with ease.  Hosting great holiday parties, while we can barely invite 2 people over at a time.  Oh well, some day will be our day.  In the mean time, we have to keep in mind that at least we have a home that we can afford. 

meh624

We are in the same sinking boat.  Condo 2 yrs (with a couple of breaks) on the market and nothing!!   The funny thing is we had other units in our complex sell without issue. Ours isn't listed any higher than them and its bigger with a 2 car gargage!!   I really DO NOT get it.   I know we can survive here for a little while longer and don't need a house but I am so tired of the lack of space and places for the boys to play!!!!!!!   We don't want to rent, can't buy unless we sell.  I am so tired of cleaning for showings that turn into nothing.  Vent over.  Good luck to you.