We are sooo stuck

I really want to be able to sell our house this year and get into a house with a yard, a basement, etc. We live in a townhouse community where all the houses are exactly the same. I have been looking on MLS and the same houses are selling for $50k LESS than what we would need to sell for.

It just royally SUCKS because we bought this house thinking we would be there a few years, get out the equity and buy a bigger house. Now, this will be 7 years there and we have $0 equity and no way to even sell it for what we owe.

I just want to have a house with space and the ability for my kids to have a yard. I thought we did the right thing 7 years ago and it has gotten us nowhere

Re: We are sooo stuck

On the brightside, all homes are down, even bigger ones with yards. If you have to sell your home for less, so does someone else. Don't let that hold you back from exploring all options.

Re: We are sooo stuck

we were in the same boat. We tried to sell our condo but it was just not happening for anywhere near we needed to sell it for. We decided to rent it out instead and purchased our home for way less than it would have sold for when the market was better. Have you thought about renting out your townhouse?

Re: We are sooo stuck

Re: We are sooo stuck

I feel your pain. We recently went through the same thing.

Right now all prices are down, so while you will sell for less than what you paid, you will also pay a lot less for a larger home than you would have a few years ago- so it evens out.

Also, mortgage rates are soooo low. We bought a house that cost almost 40% more than the one we sold, and because the rates are sooooo low, we pay practically the same monthly payment.

So don't get down on the situation, it can actually turn out great. Good Luck!

Re: We are sooo stuck

We were in the same boat, and sold our condo for a rather large loss. But, we couldn't have afforded our home 7 years ago, and I love, love, love our house. If you wait til your condo value goes up, you might not be able to afford the house you want.

Re: We are sooo stuck

we are right there with you. This summer we tried listing our house $80K below what we paid, but it didn't move. So it looks like we are going to relist next month for at least $100K below what we paid. We are so underwater it's not even funny, but because like another poster said - we'll be able to get a nicer/bigger house for the price we originally paid for this one. We just need to find the cash to pay off our mortgage if we end up selling

Message edited 1/17/2011 1:59:01 PM.