ride it out or take the loss

Our house is for sale right now. We have a dream of building our own home, and we even own our own piece of land to do so. But we need to wait to sell this one first before we can sink any cash into new construction.

We're anxious to sell, and obviously anxious to build. So far, we've had many showings on our home but only one low-ball offer. We're thinking of lowering the price again, but that will only invite further low-ball offers, right? The house is more than we need, and most of our payment goes towards interest. Therefore it feels like we are wasting cash on it each month. But is it better to waste the cash and wait for the right offer, or is it better to lower the price now to try and attract a quick offer? It's a difficult decision to make.

The housing market is definitely in a slump, although it hasn't hit our area as hard as in other areas of the country. Admittedly, our impatience and frustration with house showings has a string influence on our decision-making, but like most situations, I suspect that it makes sense to be patient.