Hello folks, I need your valuable expertise in this one. My first flip hit the market last Nov and it's kind of stock. I need advice on strategies to move it quicker, if possible. Below are some details. • Area: Kissimmee, Orlando (Florida) • Sales Price: $254K (Dropped it last Monday from $259K, not too inclined to keep dropping. I still have a margin but it may shrink too much for the amount of time/work/Money I invested on it) • Fix and Flip with almost everything upgraded, it came out real nice • Average DOM in the area is 97, mine has been 76 (I know it is still under average but I need to move it quicker to get on the next deal) • One of the largest properties in the area. There are only 2 other properties listed close to its SqFT • 2nd lowest price per SqFt among the active listings. Lowest among the 3 largest houses, therefore the most expensive ones • It is listed in the MLS, realtors have done multiple Open Houses. I have also advertised it a lot in FB and CL • There have been some visits, it is sort of picking up now and people seem to like it but no offer so far. Any other piece of info you need to come to a conclusion please ask. This is my first flip so I already have a few things I know I have to do different next time, like staying away from houses out of the sweet spot. Though I'll certainly appreciate any comments on what I could have done different, I'd also like some on how to solve it now. Thank you in advance!

I would figure out why it's popping up as a foreclosure on Zillow and fix that. Most buyers don't know enough to know what that means even when it is one. A LARGE # of shoppers use Zillow so that has to be hurting you. On your next project I would try and have a little bit of fun. This house looks nice but bland. I've been guilty of the same thing on projects. I would highly suggest adding some design touches on your next project. Folks want to fall in love with the house. Your pictures honestly make me feel like I'm looking at 28 pictures of the same room.

After looking at your MLS listing I have a few observations. Staging is a MUST for this house. I apologize for being harsh here but the truth hurts. The agent basically described the house as being cheap. It's biggest asset seems to be its cheapness. Unfortunately, based upon the pics, the agent appears to be correct. Your house looks like a big, cheap, colorless blob. I again apologize for the bluntness. Some furniture and pics on the walls and maybe some green plants would make a world of difference. Maybe even paint a few walls a different color. Anything to bring life to this house.

Wow, I am super thankful for all the inputs, even the though ones!(Account Closed, I hope that feeling can go away with staging as well. The walls being all the same color and very plain was with the idea of not forcing a specific taste on potential buyers. I've heard that sometimes being too creative can put some buyers off if what you did is not of their taste. Regarding Zillow and the Foreclosure lablel. I did bring it to my agents attention a while back and they said they do not have control on what Zillow does there. I really don't know, I tried to go myself and correct it before I spoke with them as as the house is listed I couldn't. Is this correct or is my agent wrong? Once again, thank you each and everyone that has put time and effort in helping!!! Keep it coming!

Allende, I am also of the like mind of staying neutral in order not to alienate buyers by using extreme colors. You have to have something to stand out that will be of interest to a buyer. I like to save money just like the next guy and you can't get carried away with personal tastes and spending money like it is the house you are going to live in. In one pic you had a light fixture that looked like a $10 special from Lowes. I believe it was either in the living room or dining area. I might use this light in a bedroom but I want something a little more eye catching in public rooms. It might be worth a few bucks to hire an interior designer to give you a few affordable tips on dressing the house up and getting some pop.

You have received a ton of advice here and good stuff I might add. The agents listing is less than to be desired as pointed out by others, the design choices could have been better, and ultimately, your price is too high. I will add that your previous price reduction from $259k to $255k was a waste of time and hurt you more than it helped you. Lower a price only 1.5% doesn't do anything for anybody, your agent should have told you that. Now your next price reduction will be a second one placing you in a weaker position and basically writing on the wall that "this seller could be much more motivated". Lastly, a good learning lesson here is to try and avoid ever buying the larger or the smallest property in an area, you virtually wipe away a good portion of your buyers pool that way and your "lowest price per square foot" means nothing as larger homes get lower prices per sqft. So obviously you should be the lowest price per sqft.

First off, I know nothing about the Florida market, but with that said: • There is NOTHING that makes this house pop to me. Cabinets are plain, appliances are plain, fixtures are plain. Everything looks like something I can go to Home Depot and get today and looks like every spec home I have ever seen. • There is BRAND NEW construction right down the street going for 20K less than yours. • Since nothing pops, you need to make it pop either by adding better finish materials or staging it

@Allende Hernandez - Additionally, the neighbor at 2520 Marshfield Preserve Way sold for $239,990 this time last year. Their house is 2930 SF with 4 BR 3.5 BA. I like their kitchen cabinets and granite colors better (but that's 100% personal preference). http://www.realtor.com/realestateandhomes-detail/2... So you might be 15k too high at $255k. They were on the market for 60-70 days between listing and sale.

Any idea why Zillow has it listed as a foreclosure?

Buying & Selling Real Estate

9yFollow

Flip stuck in market?

Allende Hernandez

Miami, FL · Member since 2011 · 296 posts · 72 votes

Hello folks, I need your valuable expertise in this one.

My first flip hit the market last Nov and it's kind of stock. I need advice on strategies to move it quicker, if possible. Below are some details.

Area: Kissimmee, Orlando (Florida)
Sales Price: $254K (Dropped it last Monday from $259K, not too inclined to keep dropping. I still have a margin but it may shrink too much for the amount of time/work/Money I invested on it)
Fix and Flip with almost everything upgraded, it came out real nice
Average DOM in the area is 97, mine has been 76 (I know it is still under average but I need to move it quicker to get on the next deal)
One of the largest properties in the area. There are only 2 other properties listed close to its SqFT
2nd lowest price per SqFt among the active listings. Lowest among the 3 largest houses, therefore the most expensive ones
It is listed in the MLS, realtors have done multiple Open Houses. I have also advertised it a lot in FB and CL
There have been some visits, it is sort of picking up now and people seem to like it but no offer so far.

Any other piece of info you need to come to a conclusion please ask.

This is my first flip so I already have a few things I know I have to do different next time, like staying away from houses out of the sweet spot. Though I'll certainly appreciate any comments on what I could have done different, I'd also like some on how to solve it now.

Thank you in advance!

0 Reply

64 views

Most Popular Reply

Natalie Schanne

Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes

@Allende Hernandez - So, as everyone has said. Price drives traffic to see your place. If it's priced at market, none of the items I mention below matter.

Personal comments from looking at your marketing / listing:

- Real or virtual staging of 1 bedroom, 1 bathroom, dining room, and living room would be nice.

- I don't care for your agent's choice of cover photo on your MLS listing (Realtor.com) - it's like 50% driveway. The straight on shot from google maps looks more attractive to me. Can you get a cheap drone shot from like 20 feet off the ground?

- Some of the room pictures look exactly the same. I'm not sure if it would be helpful to have a small label like Bedroom 1, Bedroom 2. The pictures show a lot of ceiling, so I don't have a great sense of how big the room is. They might as well all be 10x10's.

- Your agent's marketing materials need to emphasize "Freshly/Professionally renovated - move in ready." Anyone can see you bought it for $174k a few months ago. Your agent's 2007 comment makes it seem like everything is 10 years old but like new. What's brand new since you bought it?

- Your agent's marketing copy in MLS doesn't exhibit proper grammar & syntax. The errors are minor but abundant.

"HUGE PRICE REDUCTION! LOWEST PRICE PER SQUARE FEET IN THE AREA! PAY LESS FOR MUCH, MUCH MORE, READY TO MOVE IN! HURRY, IT WON'T LAST AT THIS PRICE! FULLY REMODELED HOME IN AN AMAZING COMMUNITY! VERY LOW HOA! LIKE NEW, BUILT IN 2007 WITH OVER 2900 SQ. FT. (among the largest in the neighborhood) ALSO ELIGIBLE FOR FHA FINANCING! SELLERS OFFER ONE YEAR HOME WARRANTY AND VERY MOTIVATED TO SELL!! 4 Bedrooms 2.5 Bathrooms home with a tandem 3 car garage. Kitchen features, granite countertops, new stainless steel appliances, 42 inch cabinets with crown molding. A huge master suite on the first floor with his & hers walk in closet a huge walk-in shower and garden tub. Excellent floor plan for entertaining with separate dining room and great rooms plus large eat-in space near the kitchen. A great home in fantastic neighborhood... and don't forget new Valencia Community College Campus is coming soon."

Good luck. Let us know how it turns out.

11 Reply

See this reply in the discussion

Flip stuck in market?

Most Popular Reply

52 Replies