House Has No Showings

[Marisa JManker]

Hi There everyone I’m back🤗 looking for some guidance on how much I should reduce the price on my Listing. Currently It is listed at $335k and we also had an open House and still no Inquiries at all . If there is anyone who can take a look at the property and comps I would appreciate it. The address is 15533 s state South Holland 60473 …especially if you’re from the Chicago area and is familiar with the south suburbs because we are really struggling trying to figure out the comps for this house in this neighborhood . We are all In at $228 k and this next price reduction Is really Important Thank you . 

[Bruce Woodruff]

Nice house! Looking at the nearby 'For Sales', it looks as if you are a little high...is it because you have an acre? What is raw and worth there? Is it splittable?

But you have only been on the market for 19 days, so hardly the time to worry, I'd wait another couple weeks and see what happens....

Put it on local FB groups and other places besides the MLS.

[Account Closed]

Quote from @Marisa JManker:

Hi There everyone I’m back🤗 looking for some guidance on how much I should reduce the price on my Listing. Currently It is listed at $335k and we also had an open House and still no Inquiries at all . If there is anyone who can take a look at the property and comps I would appreciate it. The address is 15533 s state South Holland 60473 …especially if you’re from the Chicago area and is familiar with the south suburbs because we are really struggling trying to figure out the comps for this house in this neighborhood . We are all In at $228 k and this next price reduction Is really Important Thank you . 

Nice remodel. A quick search of 60473 (south part) is relatively safe with a diverse culture and cuisine. 

I see your price is $ 335,000 and all the available houses around you are $180,000 to $280,00. That impacts your reach.

The only obvious drawback that I can see, other than price, is the two lane highway in front of the house. But there is plenty of play area on the side and back. Is it noisy inside from traffic? It looks like you first listed Aug 21 2023 and when you bought it had been listed for about 3 months. I'd say I wouldn't worry until it had been lsted for at least 90 days. 

Just looked at google maps. Is that a train yard a block away in the back? That might deter some people.

[Jonathan Klemm]

Hey @Marisa JManker - Seems like this is someone your current realtor should be doing.

What was your previous listing history?   Where did you start at $?  How long was it on the market for? 

You're in a tricky area on the south suburbs of Chicago where comps are tough....my opinion is it's more on time than on price.

[Eudith Vacio]

Hey @Marisa JManker - your realtor realistically should be giving you guidance on any price reductions. I agree with everyone else, when I look at that price point, you are competing against bigger homes that are 4 bed 2+ baths. When I search based on a home similar to your size, beds, baths -  you're looking high 200's, low 300 range.

[Marisa JManker]

Thank you and yes I think the price is too high as well ,It’s Just complicated coming up with the comps we Did run a syndication but only 2 leads but they didn’t respond so I guess It could be the price But there are homes that have sold for that much In the area similar we have agreed to Reduce the price October 1st …I think my Realtor is having a hard time pricing the house because It’s A 2 story with no basement but It has the same square footage It’s 1800sqft It’s really big Totally Renovated and it sits on 3 parcels 2 Sheds and a 2& half car Garage ! And no the land can’t be spliced

[Marisa JManker]

Quote from @Eudith Vacio:

Hey @Marisa JManker - your realtor realistically should be giving you guidance on any price reductions. I agree with everyone else, when I look at that price point, you are competing against bigger homes that are 4 bed 2+ baths. When I search based on a home similar to your size, beds, baths -  you're looking high 200's, low 300 range.

[Bruce Woodruff]

Quote from @Marisa JManker:

it sits on 3 parcels 2 Sheds and a 2& half car Garage ! And no the land can’t be spliced

So the other 2 parcels can be sold or not?

[Marisa JManker]

Quote from @Eudith Vacio:

Hey @Marisa JManker - your realtor realistically should be giving you guidance on any price reductions. I agree with everyone else, when I look at that price point, you are competing against bigger homes that are 4 bed 2+ baths. When I search based on a home similar to your size, beds, baths -  you're looking high 200's, low 300 range.

Thanks for your advice I agree based on the comps I’ve seen were too high …She wants to reduce Oct 1st to $324,900 but I honestly think It should be $299k 

[Marisa JManker]

Quote from @Bruce Woodruff:

Quote from @Marisa JManker:

it sits on 3 parcels 2 Sheds and a 2& half car Garage ! And no the land can’t be spliced

So the other 2 parcels can be sold or not?

No they can’t be sold 

[Evan Polaski]

@Marisa JManker, pricing is tough.  You have some Chicagoland people replying above, so take this with a grain of salt, being from Cincinnati.

I am a fan of slightly underpricing my flips.  As you saw, coming too high means no traffic, you are now a "stale listing" and the regular price cuts can make people think you are desperate.

Personally, I would go lower ($299) and hopefully create a flurry of interest.  Personally, I am a fan of pricing on a typical search amount.  If you price at $300k, you will get people looking at $250k - $300k AND those looking at $300-350 or 400.  At $299k, you are only grabbing people at the top of their price range.

Another strategy we did, when we had one of our flips go in and out of contract and sit, we took it off the market for a couple weeks or a month, then put it back on to show up on people's searches again as a new listing.  While someone can look back at the price drops and listing removal, then relist, most buyers are not really looking at in any meaningful way, so it can help get eyes on the property again.

[Eudith Vacio]

Hey @Marisa JManker, yeah I think that may be a good idea, and if it is priced too low, you should get multiple offers on the house or a lot of people viewing the home

[Bruce Woodruff]

Quote from @Evan Polaski:

Personally, I would go lower ($299) and hopefully create a flurry of interest.  Personally, I am a fan of pricing on a typical search amount.  If you price at $300k, you will get people looking at $250k - $300k AND those looking at $300-350 or 400.  At $299k, you are only grabbing people at the top of their price range.

Good point! I don't think many beginners think about the range where people actually do their searches. I always look for properties up to $100k higher, depending on where/when I'm looking. Figuring time on market and all that in, I can offer $50k less and by the time all is said and done, a lot of sellers will come down $50k (at least) anyway....