Our timing was impeccable. All through the last year, the housing market in Phoenix was literally on fire. Values were rising, houses were flying off the shelf, and we saw that our home had some serious appreciation.
Then we put it on the market. SLAM that door shut. Suddenly inventory went from less than 4 weeks to more than 6 months, and it turned from a seller’s market to a buyer’s market. Almost over night.
So, even though we priced it to sell, and we were aggressive up front, and being in a good neighborhood with great schools, and desirable location, our house has languished for almost 3 months now.
We took the plunge and moved, hoping that being unoccupied and clean would help traction, but alas, no, so we are in temporary housing, and have a little more than 3 months until our company will buy our house for market value.
A bad place to be.
Options are bleak:
- Stay in temporary housing and keep our household goods in storage. It is tight, being in a 1 bedroom apartment, and it is in a good location, about 4 miles from the office, and a counter commute, so that is a positive. But the bad news is that after July 15th, I have to start paying out of pocket. At $159 a day (minus fees and taxes). Gulp. That is nearly $5500 a month for “rent”. Add in the almost $1,000 a month to store my household goods, we are quickly approaching $7K a month in out of pocket expenses (not counting our mortgage, and utilities we need to keep up on the house in Phoenix). Groan.
- Rent a temporary place. Find a pet friendly place, and rent. Seems easy, but we do have two greyhounds, large (yet calm) dogs makes this difficult. Rent will be much less than the cost of the temporary housing, and we can get our “stuff” back. So that is cool. But we have to sign a lease for a year.
Not really a choice. Burning through our savings at $7K a month will wipe out our down payment before my company “buys” my house in October. Then we won’t be able to afford a down payment. So we rent.
Found a complex that is “pet friendly” and a reasonable price. We will sign the lease shortly, and hope to move in in the next couple of weeks.
The irony: the management company asked if we had a rental history. Uh, no, we have owned for almost 16 years in total…