Relisting a property (what to do)
I have a condo in the Irving park area that i am trying to sell. It is a 2bd/1bth condo that i bought over 2 years ago and lived in till about 3 months ago. I bought it for 77K and currently have it listed for 139K.
My quandary is this. I listed the condo about 3 months ago and got plenty of traction. I believe i had about 6 offers altogether on the property (from 130K to 140K). I opened escrow with a buyer at 135K and 2.5 months later the deal fell through. The buyers financing failed quality control apparently and also the buyer delayed quite a bit. The issue is that i put the property back on the market and have not had much if any traction. Maybe 2 showings that were not interested. I believe part of it is due to the time of the year and my condo is suited more to first time home buyers (about 80% of showings were to first time couples)
I am trying to decide if i should take it off the market and put it back up come spring or to heavily discount the price and sell it faster in the fall/winter. I really want that cash to use for my flipping activities. Since i bought it for 77K and put in 8K i am all in for 85K. Selling it at a big discount around 120K is still good profit.
What would you do?
Most Popular Reply
Given the time of the year and the fact that even if you got your $120k price in the next 30-45 days, with winter on top of you in Chicago, you are not likely to complete a fix/flip between now and the end of the year anyway. So, rent it out for 6 months, and list it again in the spring. In the long run, I think a few months patience is going to be worth your while.