Posted by: Kim | July 9, 2008

1 year, 1 month, 18 days

When we listed our home for sale in Southern California on May 21, 2007, we were optimistic we could sell in a couple of month’s time.  We confidently packed a 12′ trailer with our stored belongings and moved Halloween and Christmas decorations to Oregon for storage with family.  The house was staged and ready to move.  Then the subprime mortgage mess hit.

As the months ticked by (as well as those holidays that we no longer had decorations for), we began to wonder if it would ever happen for us.  The number of foreclosures in our immediate neighborhood alone were staggering.  It was becoming harder and harder to maintain the asking price we had targeted as the comps were sliding faster than we could have imagined.  We found ourselves agonizing over each price drop, trying to find that happy place between staying competitive but still managing to get the best deal possible for our home.  After all, we’d been planning this move to Oregon for a couple of years.  We were one of the fortunate few who bought our home 10 years ago at the start of the real estate market boom.  We were in a solid mortgage with a fixed APR.  We truly didn’t need to sell, but wanted to sell.  We did go through the talks about taking it off the market and waiting, but as the economy worstened and the cost of living down here in beautiful SoCal rose, we decided it was just best to stick it out.  Besides, we just didn’t see any hope of a significant recovery to make it worth continuing to pay $4.55/gallon for regular unleaded.

Well, after one year, one month and 18 days of being listed, we finally accepted an offer for our home last night.  Would we have imagined selling for the price we did a year ago?  Absolutely not.  Is it a price we can live with today?  Absolutely yes.  It literally feels like a moral victory to have landed the deal we signed.  Granted, we still have to get through the inspection and appraisal, but we’re feeling much more optimistic about life today.  Now I get to trade my house cleaning for packing.

And how am I feeling today?  I think Kool & the Gang are saying it best…

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Responses

  1. Hoooooray! Have a drink on me! (Not literally of course, but you know what I mean…..)

  2. OH CONGRATS!!!!!!! I am SOOOOO happy for you!


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