Wednesday, March 31, 2010

Regrouping

I asked the real estate broker who I used to buy my condo in 2007 to stop by and go over the prospects of selling. I'll cut to the chase; she said not to even try to sell it now.

She had done all the research and brought over many printouts showing what has sold recently. The prices were disturbing. She also highlighted current ones where their listings had expired and were then re listed at MUCH lower asking prices. From all the data, it looks like I would lose approximately $25,000 - 30,000. I had expected a small loss, but that would be unreasonable.

She was pleased with the way the place looks, clean, neat, etc. She gave me a good contact to replace the air conditioner condenser. (I don't use the a/c, but it has to work to be able to sell.) And we're going to keep in touch. Once the market starts to show signs of life, I'll list it with her. Other brokers would have been glad to write up a listing for me, at a price that would never work, and let me be bothered by realtors bringing by clients. But this woman is truly professional. She knows that when the time is right we'll be able to list it with good results instead of dangling it out there now when the market is bad.

I know that waiting is the right thing to do but sometimes it's just discouraging. I had hoped to be preparing for my next adventure but it looks like this one isn't completed yet. I'll be spending some time this weekend trying to figure out what I'm supposed to do next.

I would have posted this in the morning but I don't want anyone thinking that it's an April Fool's joke. Sadly, it's true.

4 comments:

farmlady said...

You are not alone. Here in California it's just heartbreaking to see so many families just walk away from their homes because they can't afford to live in them and can never break even on their investment. So many losing their jobs, not being able to find another one and then having to give up their homes. For so many it's out of their control.
Hang in there because you still have a home and things will get better.

Maria said...

I'm sorry it didn't work out right now. But give it time, things will get better. Have comfort in knowing that you are not alone and that so many others are going through the same or worse (I know....not much comfort!)

If you are a Christian...Philippians 4:13

Wendy said...

I know that feeling - the hurry up and wait. I have a really hard time with it, too, because sometimes the path seems so clear to me, but it seems like the Universe has other things in mind for my future, and I have to be patient while the events play out. It's tough, and very frustrating.

The good news is that you know the area and you've already been doing some fun projects (guerilla planting ;).

The 4 Bushel Farmgal said...

Thanks, everyone, for the words of support. You can't realize how much that means.

farmlady - Your son is going through much worse than me, and I hope all turns out well for him.

Maria - yes, that is a good reference for me. Maybe I've been missing a message....or trying to do too much on my own?

Wendy - hurry up and wait, exactly. I SO wanted to be turning over my garden patch this time next year :(
I'll have to find more challenges!


A side thought: My broker told me that the banks are giving out VERY FEW loans, which is why houses aren't selling here and prices keep dropping. Could that be part of the reason the folks in California are having so much trouble? If so, WHAT HAPPENED TO THE STIMULUS??? Weren't the banks supposed to start giving out mortgages to kick-start the housing market? Is anyone in gov't watching over this, or did they just write out the check and walk away?

Please remember what's happened to our country when it's time to give your representatives the yay or nay.