Our housing market is flourishing

I opened the newspaper this morning and staring me in the face was fantastic news.

The housing marketing in our town is flourishing.

Check out the article for yourself.

frugal housing market is flourishing

Homes are being sold within hours of listing. Many of them going for more than asking price and some are receiving three or more bids by the time the sun sets.

For those who are new, we are selling our rental property to pay off debt.

I think this is the kick in the butt we needed; We have been giving our tenant time to purchase the home, but they have ignored our most recent texts.


Text:  Hey (tenant), have you had a chance to get qualified at your bank?

*No reply*

Call

*No answer*

Text:  Hi, just checking in to see if you have news on the mortgage process?

*No reply*

Text:  Hey do you want me to pick up the rent check or did you mail it?

Tenant (finally): We mailed it!

Text:  Ok, great. It’s been 3 weeks now, anything new on the mortgage?

*No reply*


At this point, i’m pissed off.

We put off listing the house because they told us that they want to purchase the home.

Now you ignore us? Now you repay our patience with a lack of caring?

Moving on…

We told them this morning that they have 24 hours to secure a pre-qualification letter or we are going to list the rental property.

Enough is enough.

Adjusting the numbers

We don’t want to be greedy but I’m starting to readjust the numbers.

I originally figured we could sell in the 80k range, and walk away with $30k after HELOC, taxes, fees etc.

Now I’m thinking… We have a 3 bedroom home in a sought after market with an established renter paying $1,000+ per month.

That’s instant cash flow for an investor and a great starter home for a young family.

Why can’t we ask $90k? Why can’t we walk away with $40k?

Sure, it needs new carpets and the roof requires a $4,000 repair. But it’s a seller’s market; Maybe someone will be willing to take on these projects by themselves?

In other news, another $500 monthly payment on our property taxes is due this week. That’s a tough one to swallow, but thankfully I am receiving $650 from UpWork in about 3 days. We will put this money directly towards the taxes. Hopefully by the time the house sells we will have paid down a good chunk of the taxes.

 

3 thoughts

  1. I agree you’ve given the tenants more than enough time to purchase the home if they really wanted it. Time to move on and list it – I’d caution too high of a list price though, if you price fairly and stir up enough interest you’ll get multiple offers very quickly. That will drive up the price because of high competition. If you price it too high you may eventually get what you want but you’ll have to wait for the right buyer and time is money. Plus, once a house has been on the market longer than average people start to question the price more and may end up low-balling you. I’d definitely get your realtors input on this one.

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