Making sure we don't repeat mistake
We flipped our second house (did several manufactured homes first), and hopefully closing next month. Not going to make much, and trying to figure out why. The house went on market 7/1/17. So the HML payments really gnawed at profit. Started at $155k, selling for $134k, and glad to escape!
The feedback we got from buyers centered around two categories: Price (too high), and Layout (didn't like). I don't get why the price was considered too high, as it was in line with similar houses on the market. We actually had a full price offer within days, but it fell through. Buyers had an offer on a different property that came back on market. Ours was a 3/2, the one they bought was a 2/1. Not updated, $30k less, smaller, same neighborhood. It seems buyers here don't place any premium on renovations. We are thinking for our next flip we will do less reno, less cost.
The layout seemed to be the biggest problem. It has two baths, but not a true master bath. Otherwise, it had a kitchen open to family room, so somewhat of an open layout. Is a master bath that important to buyers? How do i find out exactly what the problem is when the feed back is so non-specific?