re: My House has been sitting on the market for a month now

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If you rent it, what are the chances you have to address some of the issues you listed before you try to sell again? Also, if you rent for too long, you lose your cap gains exemption

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If he's currently sitting on a six figure profit I would think even harder about selling and claiming the tax free windfall.

Sure he might wish he sold it in January for 100k more like I wish I bought Amazon in 2001. That opportunity was only obvious in retrospect.

Failing to take a major profit because you wish it was larger would be the wrong financial metric.

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Windows are old
Siding on garage
Roof getting old Etc…

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No one wants to buy a house and then have to spend $20K to fix all the shite that you should have before you decided to sell it.

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Not to mention, each one of those items is probably upwards of $20k each.

OP has unrealistic expectations. This market is all about affordability. And 3/4% to 6/7% rates mean a 25% haircut in home value. Unless you have a highly desired property that someone will pay cash for.

But that chunk of buyers are waiting for more blood in the streets. Inventory is just slowly picking up. Partly because nobody wants to part ways with their sub 3% mortgages heading into a recession.

So we might not ever see a huge correction with inventory potentially remaining tight. It’s not like the subprime crisis where peoples current home became unaffordable.

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We are also experiencing the worst inflation in 40 years. Why is no one upset with our government for all the excessive spending? What about the lockdowns?

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Poliboard has their issues but they’ve been going off on both for a while. They ignored Trump’s spending for the most part, however because it was their guy.

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Remember your agent (unless they’re bringing a buyer) isn’t selling your house. The buyer’s agent is.

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One of the reasons realtor fees need to come down. They legit get paid to list it and get shown by other realtors. It is a racket because other realtors seem to avoid the FSBO that offers to pay buyers agents.

Like they collude to keep that from catching on.

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12 showings no offer, reduced the price, still no offer. A year ago our neighbors sold the their house, which was very similar to ours, in less than a week for 50k more than our house is currently listed. It was a bidding war.

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You missed the window. Wouldn't sell anything now, especially if you can rent it out (rent prices are HIGH). Plus, wouldn't want to have to buy at the current rates, either.

The real estate cabal is nothing but a legal mafia. They should RICO their arse.

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A few years ago, a home could take 3 to 6 months to sell even in a good market

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i got a job offer October 31, 2008. Put in my two weeks so there's no turning back. Put my house on the market the next week to move to new town. Crash happens and it sits on the market for 8 months with offers of 20-40% under what i paid for it and 50% under asking after improvements. drop price. drop price.... nothing.

finally, relented rented it at a loss for 2 years. then list again and it sits for another 6 months. then my realtor says he wants to rent it at cost of our mortgage and he'll cover any repairs so i'm at least not hemorrhaging money for the first time in 3 years. then they just buy it and i make about 3-4k profit just wanted to be done with it.

then 2 months later, the market goes insane due to an oil boom in west texas and the house is valued at 2.5x what i bought it for. could have made an easy 100k+.

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I think that the last year's insane seller's market has warped everyone's perception

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you kids don't know pain.

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people who cashed in and bought more house and didn’t transfer the equity into their new house they overpaid for are the real losers.

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I did exactly what you said except not sure how much I "overpaid" for my house since I got it for $5k over asking. I'm really happy with my 2.75% rate and love the fact that my old house sold in about an hour for a lot over asking.
I put most of the equity into my retirement accounts.

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quote:Houses in BR going for 500k is ridiculous So are you implying that some houses in BR aren't worth this? Seems like quite the blanket statement.

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The thought of a $500k house in BR makes we want to throw up. You would have to be stupid rich to spend that much on a home in Baton Rouge.

$500k
6+% rate
Stupid taxes
Bad infrastructure
crime
private school LOL

House better be a castle