I am going to try and give as many details as you need.
We bought this house in 2012 as an investment, it was a foreclosure, we wanted to fix it up and resell it for a profit, the whole point of buying ti was to make money, just so that is clear, not because we wanted a house this big.
Details:
purchase price: $221k
Money we put into fixing it up: $140k
So at this point we are all in for about $360k
Plus we have lived here for 3 years, it costs us quite a bit more to live here than it did in our last house, because the mortgage is more, heating and cooling it are more, we are constantly finding more projects and they are all $$$ If we would have stayed at our last place, which we would not have done, we were going to move, but just for numbers sake, it probably costs us an extra $1500-$2000 extra a month in the bad winter months.
We have it listed right now for $498k We are getting showings, but not very many and everyone has there reason why they don't make an offer. We knew this wouldn't be an easy flip, we knew we would enjoy living here while we did it, we knew that because of location, it's 25min north of the city, it is on 30 acres, it is a huge 6k sq ft house, we know there is a very limited amount of people even able to afford this in our area. The housing market for homes selling $175k are same day multiple offers, its a crazy hot market right now.
We had a showing last Friday and they said they "would pay $400k for it but not half a million"
I guess I am just frustrated, obviously, we didn't expect it to sell in one day, but we were hoping for offers, it has only been on the market since late March.
I guess I need some other eyes on this, we are emotionally attached to it because we did so much work and spent so much cash.
We can afford to live here on my DHs salary, and we love it, but we want something smaller, something that doesn't take so much money to run. More money to invest that way and less time wrapped up in upkeep.
If we would take an offer of $400 then we would have lost money, if you factor in what extra we have paid to live here. I think both my DH and I are in the mindset of we will stay until we get a better offer.
It rents really well on AirBnb :)