We just finished our 2nd Flip in Clawson, MI and were very excited as this one went by way quicker. The first was about 7 months, and this one was more work and done in 3.5 months! The problem is we finished a week before thanksgiving and it's been beyond dead since. We've had 4 open houses and only 2 official showings. The only feedback we have gotten so far is:
-I wish it had a basement.
-There are some apartments nearby (it's an area where there are homes and small apartments/condos together.)
-Not a fan of the layout.
We did have one person very interested that was excited about the house and her agent requested comps from our agent to see how we landed on the price. We sent them and are awaiting to see what happens. The comps line up well with our price, but I wouldn't mind coming down a little if it meant selling sooner. Our agent says it's been dead in the area with only 2 pending sales in the last 30 days, so suggested a price drop is not in order since nobody has mentioned price being a problem. She said for every 10 viewings, there should be an offer. If there isn't, then we lower.
She did also suggest since it is slow and the holidays, maybe we pull the listing and put it back up after the 1st of 2018 so it doesn't look bad that it's been up so long. What are your thoughts and what would you do in this situation? This sale is what will really jump start a lot of our investing goals.
Here is the home:
It is basically a brand new home with all new furnace, ac, electrical panel, windows, etc and really proud of how it came out. Plus a 4 car garage which i think is a big selling point in the area. It even has an engine hoist, lol. I'm going to share the numbers and details after the sale in the success section (crossing my fingers).
Thanks and I welcome any advice about the home and selling during a slow holiday season.
Seems like you've done everything right, except the project completion timing. The house looks amazing! Well done.
In this situation, I'd say trust your agent. She active in your market, and certainly knows it better than anyone on here will. She recommended not lowering the price, as she doesn't believe that will net a sooner sale. The question seems to be do you take it off the market, or let it ride to the new year. By the stats on Zillow you're getting lots of hits, and even lots of people have saved the home. I'd let it stay active. Just because no one wants to make a move right now, doesn't mean people aren't looking. Once the holidays are over, things should pick up. Also, perhaps someone will come along in the meantime.
Stay confident! Like I said, the place looks amazing. If it wasn't in between two major holidays, you'd have certainly had offers by now.
Thank you so much for the kind words of encouragement! I was starting to think I missed something and was doubting myself. I will leave it on the market for now and wait for the slow period to end. Hopefully you'll see me post a success story in the next couple of months in the forum!
I’m debating the same thing on a flip, went about 4 weeks long on the Reno and listed the day before thanksgiving with 5 showings and feedback basically saying the location is not ideal but nothing about the price being high. I was trying to avoid a holiday listing at all costs but thinking now I will pull it soon and repost after new year same price.
I was debating setting up a Christmas tree inside to try to help a family envision living there. Haha. Let me know how it goes and I will share my results as well. We may get lucky and get a buyer before the year is up!