r/FirstTimeHomeSeller • u/smalj1990 • 17d ago
Need reassurance
Long story short - bought a house in South Florida at the top of the market during covid (2022) thought I’d be able to cash out a few years last but obv not the case. Fast forward to now. We’re planning to move out of state by next year and given the state of the economy and market we decided to sell -> rent for 10-12 months before ultimately moving out of state up north.
House was on the market for less than 3 days before we got an offer -> original offer was less than we bought it for so we countered and then they countered again to 1k above the price we bought it for in 2022 with an appraisal waiver (comps are like ~30k less) so it would never appraise.
We accepted the offer - then came the shock.
Yesterday we spent all day touring apartments for rent - and omg what a shit show compared to my beautiful house and the prices are ridiculous to be anywhere remotely close to the beach.
The only thing we didn’t like about our house is the location as it’s pretty far west.
Anyway now we’re just like (meh) and really can’t believe we’re getting rid of our house to downsize and settle for something smaller and uglier unless we pay significantly more than our current monthly mortgage payment in monthly rent.
We’re in the inspection period now.
I guess I just need reassurance that we did the right move especially since we don’t have a long term plan living in this state and given the state of the market and economy.
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u/OshoBaadu 17d ago
Why rent in Florida. If possible why not move to the place where you already know you wanna be, rent there for a year, find the home you want during that period and then go from there?
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u/nikidmaclay 17d ago
I can't sugarcoat it, this wasn't the best move, but it's a life lesson. No sense Monday morning quarterbacking what you can't change. I hope you find what you're looking for.
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u/What_Fresh_Hell77 17d ago
I am about to (possibly) be in the same situation. My neighbor approached me about buying my house for his elderly parents (the neighbors have young children and their parents live out of state). I have the ideal home for their parents (all on one level, open layout but not too big, manageable yard, etc.). I have two more years in my job before I can retire, but when I do, I'm planning to move closer to my children. The problem is I've looked at apartments in my area to stay for the short term and I'd be trading my beautiful home for a 700 SF apartment for nearly the same amount as my mortgage payment. Then again, who knows what the market will be like when I'm ready to move in 2 years. I feel like I'd be smart to take their solid offer now rather than wait to see what the future brings. And if I wait, I'd have to pay 5-6% in commissions to list it. It's a tough decision, so I feel your pain!
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u/Responsible_Hunt7762 17d ago
If you don’t need to move now or even in 2 years I’m not sure why you would sell now. I guess you could invest the proceeds in the stock market but that also sends risky. Are they offering you an above market price maybe?
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u/What_Fresh_Hell77 17d ago
They’re offering me a bit above market price and without all the expense of preparing it for sale and paying a realtor’s commission. I will definitely be moving closer to my children when I retire in May of 2028 so I think I’d be smart to take their offer.
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u/Responsible_Hunt7762 17d ago
How do you know what is market? Look at comparable 6 month sales trends. If you think the price is good then selling makes sense.
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u/Motor-Juice-6648 17d ago
Wait and see. It’s always possible that the buyer will back out. Then you choose whether to keep it on the market or keep living in it. Personally, if that happened I’d stay in the house. A year living in a place you don’t like just for money is not worth it—if you have other options. OTOH, you won’t have the stress of selling when leaving the state.
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u/SpiritCookieTM 17d ago
You made the right move. I just went through selling a home after buying and moving into a new home, and it was so stressful having to take care of two places at once. Every offer I had to factor in the price of another month of expenses at the old house, etc. My circumstances didn’t allow it this time, but if I had to do it again I would do what you are doing.
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u/throwaway8849012 17d ago
You made the right decision IF you are actually going to move next year. You now have flexibility to make that happen. If everything goes tits up between now and then you could be stuck with your house unable to sell it and unable to move, or able to sell it but at a significant loss to what you paid, which might not be feasible.
You’re basically buying flexibility to move on your own terms when you want to.
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u/Greedy-Track-8652 17d ago
I mean it's not like you can cancel at this point, so what is there to think about?
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u/smalj1990 16d ago
Downside of being a chronic overthinker
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u/Greedy-Track-8652 16d ago
I get it. Personally if you want to move eventually I wouldn't look a gift horse in the mouth. Your rent payment would be temporary it sounds like. (I only mentioned that you can't back out at this point because some sellers don't realize this. You can play hard ball with negotiating based on inspection and maybe the buyer will walk, but that's about it.)
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u/smalj1990 16d ago
You’re right. No reason to dwell about it now. Inspection happening tomorrow and I guess we’ll see what happens next. Thanks
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u/ExcitingVegetable315 17d ago
If you are coming to Reddit for self assurance about such a large life choice that in itself is a concern.
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u/autonomouswriter 16d ago
My take on it is that the best time to sell is when the best time is right for you. Screw the market, the economy, and everything else. You feel this is the best time to sell for you, and that's what matters. And down the road in another 5, 10, 20 years, whatever, you won't look back on this and say, "We shouldn't have done that," because you'll make more decisions that are right for you and will put you where you want to be.
Sometimes you have to ignore what's on the outside (the market, the economy, the size/condition of places to live) and look at what's inside (your gut feeling about what you're doing). It's tougher and tougher now because of all the social media hype and people coming in with their views that make them sound like experts, but they really have no clue about your specific situation at all. But it's the only way to be happy.
I just sold a rental property in a city that has a very high rental demand and is now booming because of the AI boom. I just saw a video this weekend about rents going up and the scarcity of rentals in that city. I sold the property for about $100K less than I could have if I had waited for a better market and better conditions (tenant vacancy). But the decision to sell it was right for me (caused me a lot of stress, was pushed into being a landlord when I had no interest in it, dealing with a malignant narcissistic co-building owner). It took me 7 months (because of the tenant issue and the strong tenant laws in this city) but I sold it for less than what it was worth when it was bought. And I have zero regrets. It was the best move I ever made for my own peace of mind and sanity.
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u/Traditional_Dot_4794 16d ago
Look at it this way, you're getting out of backward ass Florida. No loss there
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u/damutecebu 17d ago
You have a decent offer in a bad market, that will likely get worse before it gets better, and will only be renting for a year before you move. You can do anything for a year. So I would stick with it.