Need Advice: Rent or Drop Price

[Nick Harb]

Hey guys! Need some advice here (https://www.redfin.com/TN/Nashville/1807-Elliott-A...). I picked up this house cheap in July for $280k from a woman that was put on hospice. My wife and I put in $40k. The house was in rough shape, and we did a bunch of work ourselves. 

We put it on the market at the beginning of October for $415k. Comps around us are listed at $418-$475k for similar specs and quality, but nothing is moving. They are obviously over priced, but the market has just gotten slow in Nashville. We have subsequently gotten the price down to $399. There is more activity, but no one seems to be moving. 

With a basis of $322k, would it make sense to just pull it off and rent for a year, or get the price down and move it/lower my profit? I fear that there just aren't people buying homes right now, and that if I lower my price even more, when I try to re-list at another time, that's going to be in the back of buyer's minds.

Thoughts?

[Linda S.]

@Nick Harb

If I were in your shoes, I'd drop the price another $15K and see if it moves it.   Sell it now while it's fresh and perfect, exactly what people want when paying a premium.    It's a gamble if you rent it out in hopes that the market will continue, but with interest rates rising, I'd absolutely sell it now.

Btw-- really nice rehab-- it looks great!