30 days on market... next step?

[Jonathan Yip]

Hi everyone! I recently finished my first rehab for a flip and put it on the market! A few bumps along the way but overall happy with the process. The house looks GREAT.

It just crossed 30 days on the market so far. Had a few showings but pretty slow overall. I researched comps and calculated out an ARV, and my realtor came in very close on his analysis as well. We priced it to market right out of the gate, so it isn't overpriced.

There are a few issues - the neighborhood isn't great and the house is a lot nicer than its surroundings. Trash on the street, vagrants passing through from time to time, etc). The next door neighbors (it's a multi-family unit) are also very nosy and in close proximity.

The comp down the street sold at around what we are asking, but it took 90 days or so.

I calculated the cost of money, utilities, taxes, etc, plus the loss of potential earnings on not recouping the money, at around $4K a month. The house is currently listed at $217K. So in theory I should be willing to take $209K today instead of $217K in two months.

My questions is: should a price drop be the next step? Are there any other actions I can take that result in big "wins" for the amount invested?

Appreciate any input. Thanks!

[Matthew Paul]

Lets see , trash , bums , a multifamily next door thats noisy . And you possibly over improved the house .  I would drop the price now .  Its all about Location .