Since March we were chasing a falling market in Seattle trying to sell our house. It’s still not sold despite the fact that we’ve dropped the price $125,000.
We can sell the house if our lives depended on it, but I think we’ve gotten to the point of reconsidering options. The other big option, which we weren’t overly thrilled about before, is renting out the house.
But as the price has gotten lower and lower, the prospect of renting the place out is starting to seem more and more appealing. The comps in the neighborhood would seem to place rent at around $3500 +/- 200, minus the 10% management fee… with all that taken into account I think that we’ll be getting on pretty much break-even in terms of the mortgage. Of course that basically means that someone else is paying my mortgage.
Hopefully I’ll have more info in the next couple of days.
But it feels a bit more empowering to take back a bit of control over my future.