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I bought a house this past March right before accepting an out-of-the-blue job offer across the country, so I need to sell the house. This Redfin news worries

I bought a house this past March right before accepting an out-of-the-blue job offer across the country, so I need to sell the house. This Redfin news worries me (although I'm happy for the buyers!) For anyone who has been through the process of selling a house right at the start of a market turn — what advice would you give? It seems like I need to get rid of the house ASAP, but are there any other important steps that I might miss?

jaggederest 8y ago
Go about 25% lower than you think. It'll sell reasonably quickly. I had to take about $100k haircut, but that's a coastal market for you.
twblalock 8y ago
Are you sure you need to sell it? Could you rent it out? There is pretty much no way you won't lose money unless the house went up in value a huge amount since you bought it -- enough to cover all of the costs you incurred when buying it and when selling it. On the other hand, you might be able to cover a large portion of the mortgage payments by renting it out, depending on the rental market in the area.
- gwbas1c 8y ago
  > There is pretty much no way you won't lose money Are you crazy? An absentee landlord can't keep close tabs on the property. It can be trashed, or the tenant can stop paying rent. I didn't rent my old house out for that exact reason.
  - BigJono 8y ago
    Isn't that what a real estate agent is for? Half the places I've rented the past 5 years have been owned by some random bloke in China...
  - cobbzilla 8y ago
    No need to be absentee landlord, a good property manager will handle everything for 8-10% of the monthly rental income.
  - twblalock 8y ago
    I know plenty of people who rent out houses in other states. It’s not crazy at all. They have good property managers and good insurance.
jackcosgrove 8y ago
Look at "flat fee listing" services. You can save at least 3% (seller's agent commission) and up to 6% by avoiding realtors. These services will charge a flat fee to list your house on the major online portals, but you're on the hook for showing it. You'll still need a lawyer. Not really an ASAP solution, but you can save tens of thousands of dollars this way. Also, don't sweat a price drop as long as the market you're moving to doesn't lag the market you're in. You might lose money when selling, but if the other market is stalling too you'll pay less and it could be a wash. Timing a market slowdown such that you sell before a drop and buy after a drop is nearly impossible with a primary residence.
- Xcelerate 8y ago
  Interesting. I'll take a look at flat fee listing services. I hadn't heard of those before. Unfortunately, I moved from semi-rural countryside to the Bay Area. I won't be buying a house here any time soon haha

jaggederest 8y ago

Go about 25% lower than you think. It'll sell reasonably quickly. I had to take about $100k haircut, but that's a coastal market for you.

twblalock 8y ago

Are you sure you need to sell it? Could you rent it out? There is pretty much no way you won't lose money unless the house went up in value a huge amount since you bought it -- enough to cover all of the costs you incurred when buying it and when selling it. On the other hand, you might be able to cover a large portion of the mortgage payments by renting it out, depending on the rental market in the area.

gwbas1c 8y ago
> There is pretty much no way you won't lose money Are you crazy? An absentee landlord can't keep close tabs on the property. It can be trashed, or the tenant can stop paying rent. I didn't rent my old house out for that exact reason.
- BigJono 8y ago
  Isn't that what a real estate agent is for? Half the places I've rented the past 5 years have been owned by some random bloke in China...
- cobbzilla 8y ago
  No need to be absentee landlord, a good property manager will handle everything for 8-10% of the monthly rental income.
- twblalock 8y ago
  I know plenty of people who rent out houses in other states. It’s not crazy at all. They have good property managers and good insurance.

jackcosgrove 8y ago

Look at "flat fee listing" services. You can save at least 3% (seller's agent commission) and up to 6% by avoiding realtors. These services will charge a flat fee to list your house on the major online portals, but you're on the hook for showing it. You'll still need a lawyer. Not really an ASAP solution, but you can save tens of thousands of dollars this way. Also, don't sweat a price drop as long as the market you're moving to doesn't lag the market you're in. You might lose money when selling, but if the other market is stalling too you'll pay less and it could be a wash. Timing a market slowdown such that you sell before a drop and buy after a drop is nearly impossible with a primary residence.

Xcelerate 8y ago
Interesting. I'll take a look at flat fee listing services. I hadn't heard of those before. Unfortunately, I moved from semi-rural countryside to the Bay Area. I won't be buying a house here any time soon haha