we buy a house.
There I've said it. As eager as we were to move, I doubt that it'll be happening anytime soon. After meeting with our agent in December and going over the comps in our neighborhood, there is no way we can sell our condo without taking a HUGE loss. We don't have money to be losing. So we'll stick it out until we can get a little closer to the selling price. I don't think that means a couple months, I think that means a year or more. Sad.
We would need about 3 times what we had in cash reserves to be able to sell, paying sellers agent fees, and buy with a meager down payment and closing costs.
I'll still be looking at houses on the market and I'm sure we'll still be doing open houses, but unless there is a ridiculous deal out there, we won't be buying.
I was just too stressed with paying down the house, credit cards, while also saving cash to take to closing. Trying to be so frugal and cheap was really stressing me out and stressing hubs out. We want to be able to live our lives, and staying in the condo isn't the end of the world. It's just not preferable.
Yes, rates will go up. Home prices will go up. But we just can't buy right now, unless we win the lottery.
In the meantime, we'll be paying down the mortgage to try to bridge the gap of where we are and what we can sell for. We'll continue to increase the cash reserves so when the time comes, we are ready with down payment and closing costs to buy. But really, the stress level is lifted and we can relax and just enjoy whatever 2011 brings us.
and maybe i'll be wrong and we do win the lottery.