Market Shmarket

So, time for a quick update on my house, which has now been on the market for 11 days.

To begin on a positive note, I have to say I'm pleasantly surprised with the foot traffic the place is getting. The house sees at least one showing a day, usually two, despite bad weather and a lack of a sign in the front of the house (there's one in the back, but I have been assured by my realtor that one will be in the front by today - sigh...). April is definitely the month to put a house on the market, and I will probably use this as a template when I relist the OTHER house (the one I couldn't sell last year) in 2008.

Now to the negatives - the house for sale 3 doors down from mine is STILL FOR SALE. And the price is still $45K less than mine. People really seem to like my place when they come by to see it, but the 500 lb gorilla in the room is still that other place. After my open house this past weekend, my realtor suggested (after the house had been on the market for 6 days, I might add) that maybe I should think about lowering the price on the place. Something like in the $450's, he suggested. Doesn't exactly exude confidence, huh?

Anyway, we're supposed to have spectacular weather this weekend, so I'm sure buyers will be out looking in droves. If nothing happens this weekend, then, fuck it, I'm lowering the price. I'm more interested in selling quickly than profitably, even if it causes me to be "upside-down" on my mortgage, which is almost a definite sure thing at this point.

The Washington Post today had a great article that sums up my situation better than I ever could. Here's the article. I'll likely have to refinance my other place to cover the loss. Faaaantastic. Real estate fever - CATCH IT!!