It's been a while since I posted about our efforts to sell our house. Here are the basic stats after 38 days:
- 11 Private Showings
- 2 Public Open Houses: 8 families
- 1 Private Open House: 12 Realtors
- Original Asking Price: $249,000
- Current Price: $239,000
- 1 Offer (rejected): $208,000
After we rejected the offer for what we deemed too low a price, we went through a period of two weeks with no showings. That drought ended this weekend when two families came by on Saturday afternoon.
Through this process, Molly and I have had HUGE mood swings. 2 weeks ago, it looked like we might have competing offers, and have the house sold and closed by early November. We we're excited, but nervous. Now reality has set in. As we head into the holiday season, we expect action to slow down. I would not want to buy a home between Thanksgiving and Christmas.
Our agreement with Edina Realty runs for six months. If at the end of that time frame, we do not have an offer we're willing to accept, we will evaluate hiring a maintenance service for the house, and sinking $20k into new furniture and remodeling (i.e. we stay put). The kids would prefer this decision. As we own the home free and clear, we are not forced to sell.
See other blogs posts from this series (selling a house in a rotten economy).
So what are the pros and cons of selling now versus continuing to live in a home that you own free and clear? The latter sounds pretty cost-effective to me; the former sounds pretty unappealing in a down real estate market. What am I missing?
Posted by: Jim Lattin | October 25, 2010 at 10:51 PM