House Not Selling

Chicago, Illinois
General Real Estate Investing
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House Not Selling

Marisa JManker
Investor · Chicago · Member since 2020 · 34 posts · 14 votes

Hi there Everybody It’s been a long time since I’ve been on here hopefully I can get some good Advice I would really appreciate it. I started my first Flip and long story short It is finally finished after so many months of obstacles. But now it’s been on the market for 12 days posted  on top of  re-listing  for a lower price and still no showings at all. 

The house is different from the other houses  In the area that are selling fast ! But this house Is A 1904 Vintage Farmhouse! Totally Renovated with an 1 acre land In the Suburbs of South Holland Illinois 

is there anything I can do to help get this unique house sold . Any Ideas would be great full ! Holding cost 💲 are eating into our Potential profit Big time. Thank you 

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Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
3y

If you have showings and no offers you are 3-5% high, 
if you have no showings you are 5-10% high.

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @Marisa JManker - First off, congrats on finishing your first flip!  I totally understand your pain and struggle, My first flip was by far my most difficult project and it didn't go anywhere near the plan.  

    Reminds me of a Dwight D Eisenhower Quote "In preparing for battle I have always found that plans are useless, but planning is indispensable."

    Do you have any good comps for the property?  Are you confident in your price?  If you are priced right it's often just a timing thing...and right now sellers are having to wait longer than they are used to.  This is espeically true here in Chicago.

    What do you currently have it priced at?

    I'd make sure you have a rockstar real estate agent with a massive network and great marketing skills.

    [email protected]
    Quality Builders4.966 Reviews
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    0Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y
    Quote from @Jonathan Klemm:

    Hey @Marisa JManker - First off, congrats on finishing your first flip!  I totally understand your pain and struggle, My first flip was by far my most difficult project and it didn't go anywhere near the plan.  

    Reminds me of a Dwight D Eisenhower Quote "In preparing for battle I have always found that plans are useless, but planning is indispensable."

    Do you have any good comps for the property?  Are you confident in your price?  If you are priced right it's often just a timing thing...and right now sellers are having to wait longer than they are used to.  This is espeically true here in Chicago.

    What do you currently have it priced at?

    I'd make sure you have a rockstar real estate agent with a massive network and great marketing skills.


    0Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y

    Hi thank you for your Insight we currently have It listed at $335k with $3500 towards closing costs. A house Just closed around the corner 7 days on the market at $339k we re -adjusted the price based on that and the fact there is no Basement but the house sits on 3 lots and it’s also on a Main Street & It’s an Farmhouse Pocket  Doors , all original Crown Molding, Built In china Cabinets and everything is new HVAC , Electrical, Plumbing! U name it and a 800 sqft master suite with huge walk In Closet 

    We’re having an open house Saturday 

    2Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @Marisa JManker - What were you listed at prior to $335k?  It seems odd that you are putting money towards closing costs already.

    Are there any other solid comps within a .5-1 mile?

    I know for me holding costs were something I always underestimated as a newer investor...espeically if you have out hard money and need to renew your loan.

    Hope your open house goes well today!!  Keep us posted.

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    0Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y

    Hey there at first we had It listed at $349k for the first 5 days took It down re listed at $335k .Remember there Is no Basement and the only Farmhouse style In the entire area so we adjusted the price accordingly because of no Basement. And because one sold around the corner for $339k the problem is I think 🤔 is finding a comparable for this type of house.

    Spoke with my Realtor yesterday and still no showings..I told her I didn’t think it was wise to do the open house but she assisted that we should.

    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Marisa JManker:

    Hey there at first we had It listed at $349k for the first 5 days took It down re listed at $335k .Remember there Is no Basement and the only Farmhouse style In the entire area so we adjusted the price accordingly because of no Basement. And because one sold around the corner for $339k the problem is I think 🤔 is finding a comparable for this type of house.

    Spoke with my Realtor yesterday and still no showings..I told her I didn’t think it was wise to do the open house but she assisted that we should.


     open house is a must for top 10% most expensive house in the area, there're large gap between your home and average home in area, that's why it's bit hard to sell.

    0Reply
  • Jennie Berger
    Lender · Chicago IL · Member since 2020 · 357 posts · 229 votes
    3y
    Quote from @Marisa JManker:

    Thank you and she says she didn’t need to stage and yes the house has professional pictures and thank you for the positive feedback.

    I'd agree with staging. We have only not staged one house in almost 4 years, and it was a new construction SFH we sold before it was completed to buyers who had previously walked through one of our other new construction homes (that their friends bought a few months prior). AND interest rates were below 3%. Literally every single other property we have ever rehabbed or built gets staged.

    Staging, in conjunction with a (most likely necessary) significant price drop to account for the missing basement (which seems to be on the top of almost every Chicago and surrounding area buyers wish list)--and perhaps consider a new Realtor (not sure when your contract expires but if she's telling you to price this way, and advising against staging, I'd be wary)--should do the trick.

    In the meantime, some deep breaths and patience will help get you through. Dig deep. I know the angst you feel that the property isn't under contract yet. It feels like FOREVER! You'll get through this, with lots of lessons learned, and maybe even make some money (I hope!), and move onto your next project with a boat load of insight you didn't have before.

    Good luck Marisa!

    Jennie Berger

    Property People

    1Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y

    Thank you for your Response I appreciate It …. I think there is a problem with the comps like you said a price decrease because of no basement What would you suggest for a price adjustment for no basement & did you look at the property 15533 s state what do you recommend 

    0Reply
  • Michelle Upton
    Rental Property Investor · Avalon, CA · Member since 2020 · 4 posts · 2 votes
    3y

    I am just closing on my first flip as well. It took longer than expected to sell, 2 months for cosmetic rehab and 2 months to get under contract. HML due soon after closing, the market has changed but we will still make a profit. We did have alot of showings so that is important. I would make sure it is advertised well and try and be patient. Good Luck!

    1Reply
  • Janice R.
    Investor · Las Vegas, NV · Member since 2015 · 100 posts · 40 votes
    3y

    Hi Marisa,

    I don't have any thoughts about the price because I don't know your market.  I do have ideas on your listing that may be easy and inexpensive.

    1.  Your listing is written beautiful but I bet buyers don't read more than 1 or 2 sentences, if that.  It needs to "pop". Buyers want to see the best features up front.  For example (I'm sure you'll do better):

    *New Renovated Modern Farmhouse  *Vaulted ceilings and original hardwood floors  *New kitchen featuring stainless steel appliances, quartz countertops and custom cabinets  *Spa-like bathrooms  *Over an acre of beautiful natural surroundings  *Near shopping, restaurants and major commuter routes.   *Sellers will credit buyers $3500 toward closing costs.

    2.  What about virtual staging?  That gives the buyer an idea where their furniture goes rather than seeing empty rooms.  I have done this a few times and it's only about $25 each picture and only takes a day or two. I put the empty room in the listing first and then the virtual staged room.  I think it's a good marketing tool.

    The house looks great! Good luck!

    1Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y

    Lol! Ahhhh! I like that I’m going To use that Description also there Is One large Apple tree and pear tree on the property fully Grown and plenty a fruit !  I’ll add that as well and we will do the virtual staging. We are going to on October 1st re list and drop the price hopefully! With what you advised we get some showings. Thank you and I will keep you posted 



    0Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    3y
    Quote from @Janice R.:

    Hi Marisa,

    I don't have any thoughts about the price because I don't know your market.  I do have ideas on your listing that may be easy and inexpensive.

    1.  Your listing is written beautiful but I bet buyers don't read more than 1 or 2 sentences, if that.  It needs to "pop". Buyers want to see the best features up front.  For example (I'm sure you'll do better):

    *New Renovated Modern Farmhouse  *Vaulted ceilings and original hardwood floors  *New kitchen featuring stainless steel appliances, quartz countertops and custom cabinets  *Spa-like bathrooms  *Over an acre of beautiful natural surroundings  *Near shopping, restaurants and major commuter routes.   *Sellers will credit buyers $3500 toward closing costs.

    2.  What about virtual staging?  That gives the buyer an idea where their furniture goes rather than seeing empty rooms.  I have done this a few times and it's only about $25 each picture and only takes a day or two. I put the empty room in the listing first and then the virtual staged room.  I think it's a good marketing tool.

    The house looks great! Good luck!


     Great ideas. I agree people don't read past the first sentence (if that) and also don't look at the info/photos.

    0Reply
  • Allan C.
    Rental Property Investor · Member since 2018 · 826 posts · 810 votes
    3y

    @Marisa JManker if I were you I’d get aggressive with price reductions. $5-10k prices reductions tell me sellers aren’t very experienced and just hoping, so as a buyer in this market I wouldn’t be eager to engage.

    You need to keep in mind weather is working against you. Pretty soon weather will turn and demand will drop with it. I suggest calculating your holding cost if you can’t sell until April and using that as a book-end for how low you will lower your price to get an offer within 30 days.

    0Reply
  • Marisa JManker
    OP
    Investor · Chicago · Member since 2020 · 34 posts · 14 votes
    3y

    Thanks for the advice but holding till April Is not an option for us we're using a HML so we have to sale this house ASAP ! That's why we're reducing the price October 1st from $335k to $310.900

    1Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    3y
    Quote from @Marisa JManker:

    Thanks for the advice but holding till April Is not an option for us we're using a HML so we have to sale this house ASAP ! That's why we're reducing the price October 1st from $335k to $310.900

    The Real Estate Today weekly podcast just mentioned that the best time of year to BUY is the first week of October.  Inventory is highest and summer holdover sellers are more motivated.   Interesting tidbit.  

    I appreciate the update.  A lot of us are pulling for you.  Flipping is tough enough without HML deadline risk.  Best of luck and please keep us posted! 
    1Reply
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