Is my property worth selling at this point?

Question

I have been trying to sell my rental property since September 2024. We're on our second agent and losing all confidence in them. Would like some advice - what do you think of the current listing photos, and should we explore private offers and stop working with our agent instead?

Here's the listing URL: https://www.redfin.com/CA/Palm-Springs/633-S-Canon-Dr-92264/...

Here's the listing URL: https://www.redfin.com/CA/Palm-Springs/633-S-Canon-Dr-92264/...

Matthew Martin · Answer

Hey Barry. My guess is that the price is still too high. The market will dictate the price and the lack of interest says that it is priced too high. That's probably not what you would want to hear, but I'm sure you are thinking it. I'm curious to know what work needs to be done. The pictures look great and the property looks good. It may be worth considering short term rental options, but I hear that is a full-time job, and Airbnb is more user biased as opposed to owner biased like it used to be while they were building. I am in Desert Hot Springs down the road. Let me know if you would like to connect.

Sunoo Bertsch · Answer

Genuine question. Have your agents suggested lowering the price, and you refused?

Barry Wong · Answer

I have lowered the price 3x already starting from 1.35, to 1.33, to it's current price of 1.29 and considering lowering again to 1.23 - so no I have not refused to lower the price.

Agent is saying that homes in the 1.18 range that need less work than ours are not selling either in Palm Springs.

Theresa Harris · Answer

Is that a typo (2024)?  Talk to your agent and another agent, find out from your agent why it isn't selling, how many showings there have been and what the feedback is on it. They should also be able to show you recent sales in the area-how much are comps selling for vs list price, how quickly are they selling and what isn't selling?  Then talk to another agent and ask them what fair market value is.

I don't know the market there, but where I am houses in lower price points seem to sell faster than others.