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Wednesday, June 21, 2006

The Let Down

Our bubble burst very early. Although all the planets aligned early, there were a couple of realities we faced in the last couple of days: 1. It's a buyer's market here in Vegas. Even though we found our dream house at a great price, selling our own house was going to suffer for it. 2. Buying a house can be seriously expensive, and the financial markets aren't as ideal.

Our house is worth less than we imagined. We'd make a pretty profit, but not what we really want. The real estate market is saturated here, AND we were counting on our house selling in 30 days before the new house closes escrow. Talk about pressure. Having to price the house for less than we expected changed the plans quite a bit. Even with the ideal credit we have, coming to the table with less money (or any money if the house didn't sell), was really pushing sanity on a few levels. Sooooo... we're pulling out of the deal. We'll pay our realtor for his time in the last two days (we did have someone look at the house today already) and get our earnest money back.

We've learned a valuable lesson. I doubt highly Karl is going to stop in his endeavor to get me to agree to another house, but we're both agreeing we don't need to add more stress than necessary. I heard today that buying a house is the second most stressful thing you can go through (second only to death). Not sure if that's true but I see the point! Perhaps the next year will bring better news.

12 comments:

Nik said...

Aww man, that sucks! Actually sounds like it's a bittersweet deal. I'm glad you get to keep your sanity, relatively, intact though. lol Sorry about the house though, I was really hoping good things would happen. There'll be other houses with less stress and higher levels of sanity for you guys.
On another note: Is death really all that stressful? Ya don't really have to put a lot of effort into that.

An80sNut said...

Rational move. Right now is a very odd time in the market and the last thing you want to do is purchase something that might be worth less months after it sells due to a softening of the market. Waiting a little bit isn't going to hurt. B) And the good way to see it is that you've had time to discuss what you both want in your next home.

New White Keds said...

So sorry to hear that. I know that you must have loved this house if you were willing to purchase it. Rationale says you did the right thing, so good for you. But emotion is not always rational, so I am sorry for the sad news. In the meantime, you now know what you want in a home, and though the bubble is not necessarily popping, once things stabalize you will have more options to move forward.

Ken said...

Wow. That just bites. While it may seem rational and the ultimate right decision, it doesn't cushion the emotional let down. If you are serious, keep in touch with your realtor, and sell your house in due time. It's a 60 day market out there right now and with entry-level housing being driven to condos, townhomes and three-story houses you should be in good shape in a few months.

Cyndiblock Talk said...

Ideal credit? I am not familier with that term!!! I am sorry about that. It is tough. We had to go way lower then we wanted to sell quickly because we didn't want to be stuck with two mortgages. It was scary.

Vegas Princess said...

I am so sorry for you! But I know exactly how you feel. We are experiencing the same wrenching heart-ache at being torn between finding our dream house and not being able to sell the one we are in now. It was easier when we lived with the in-laws and had nothing to sell. When the rest of your life depends on something happening in a short amount of time it can lead to huge stress so you did the right thing.

Redneck Nerdboy! said...

Yeah, it's a strange time for housing. There are houses here in Sacramento that have been on the market for two years! Nothing wrong with them, but no one's buying and the prices haven't come down for some reason.

They're even building new track houseing all over the place due to contracts that have already been signed. WHY isn't the market price coming down???

Signed,
Crying In His Apartment

Bar said...

Bummer about the house but valuable lessons are sometimes worth it. Its better to wait than to be sorry later!

I helped (as in did everything) my aunt sell her house and buy a new one last year. It was SO STRESSFUL. I am not surprised its near the top of the stress list.

Meow said...

Bad luck about the house. It must be pretty scary to put your own house on the market and buy a new one ... not something I've ever done, don't know that I'd want to. I'm not into stress !!!!
Good luck with whatever you decide.
Have a great weekend.
Take care, Meow

Fred said...

Sorry to hear it didn't work out. But, it was probably the right thing to do. Did you have to pay the real estate agent anything, though? That's awfully nice of you to do that.

Well, maybe not now, but it will happen at some point.

Teri said...

I am sorry to hear about the house, but I am really am a firm believer that things happen for a reason.

Davydgrey said...

Too bad about the house, but you know you didn't want to go through the agony of moving anyways. You can always buy the house down the street from Amy...