Rehab finished. Now it just sits

Real Estate Broker · Houston · Member since 2024 · 24 posts · 5 votes

I've done everything right. I bought low. You stayed on budget and finished a major renovation, including roof, electrical, plumbing, added bedroom, bathroom and walk in closet, redid hardwood floors, new kitchen, sheetrock and paint in 5 months. The numbers still look good but now the house is just sitting. I'm a realtor. I did a CMA and priced the house conservatively. I post it on all my social media and did multiple open houses. I even put it on craigslist.org. I know these are tuff times and the average days on market is longer in this buyer's market. Does anyone have any suggestions ( thinking outside the box) as to how to get this house sold before it eats up all my profit?

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James JonesPro Member

Investor · Collierville, TN 38017 · Member since 2017 · 951 posts · 648 votes

18h

Tammy, the market already gave you the answer. Three months of showings with the same feedback — price — means it is priced for a buyer who is not there.

Before I cut again, I would run the second exit. What will it rent for? In Memphis, a 3BR Section 8 house rents for $1,395 to $1,950, and I want rent at 1% or better of my all-in number. If your house clears that, holding it and refinancing on DSCR at 70-80% LTV can beat chasing this sale down $20K at a time.

If the rent does not clear it, then price is the problem and it has to be fixed in one cut, not three. Carrying costs will eat the difference while you wait either way.

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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
18h
Offer owner financing with a low down payment
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James JonesPro Member
Investor · Collierville, TN 38017 · Member since 2017 · 951 posts · 648 votes
18h
Tammy, the market already gave you the answer. Three months of showings with the same feedback — price — means it is priced for a buyer who is not there.
Before I cut again, I would run the second exit. What will it rent for? In Memphis, a 3BR Section 8 house rents for $1,395 to $1,950, and I want rent at 1% or better of my all-in number. If your house clears that, holding it and refinancing on DSCR at 70-80% LTV can beat chasing this sale down $20K at a time.
If the rent does not clear it, then price is the problem and it has to be fixed in one cut, not three. Carrying costs will eat the difference while you wait either way.
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- Tammy Fleming
  OP
  Real Estate Broker · Houston · Member since 2024 · 24 posts · 5 votes
  12h
  Thank you James great observation. The buyer is not there. I need to research renting now.
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Noah WrightBusiness Member
USA, Nationwide · Member since 2024 · 328 posts · 122 votes
18h
You did the hard part right. A full gut on budget in 5 months is no small thing, and pricing off a real CMA tells me the house isn't the problem. The outside the box move is to stop the clock instead of chasing the sale. Lease it to a solid tenant and put a DSCR loan on it, which qualifies on the rent rather than your income, so the rent carries the payment instead of your profit, as long as the rent covers it. You can still sell later, and a house with a lease in place also opens it up to investor buyers. If it was listed recently, some lenders go off the lower of the list price or the appraisal, and seasoning rules vary, so ask about both first. What would it rent for?
[email protected]737-773-3717
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- Tammy Fleming
  OP
  Real Estate Broker · Houston · Member since 2024 · 24 posts · 5 votes
  13h
  Thank you Noah. Great feedback. I never thought about it like that. Waiting is eating all my profit?
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Jeremy White
Member since 2026 · 52 posts · 19 votes
15h
When a finished house sits, the first thing to collect is the feedback buyers and their agents give after showings, because it tells you whether the issue is price, condition or presentation. A buyer agent commission bump or a closing credit that pays for a rate buydown can move a house without a visible price cut, since the monthly payment is what most buyers shop. Fresh photos and a short list of what was replaced, such as the roof, electrical and plumbing, also help a house stand out from older listings.
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- Tammy Fleming
  OP
  Real Estate Broker · Houston · Member since 2024 · 24 posts · 5 votes
  13h
  Thank you for taking the time to drop some knowledge. That was great advice.
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Cat Rauh
Lender · Irvine, CA · Member since 2026 · 26 posts · 9 votes
14h
Tammy, a full rehab with a roof, systems and an added bed and bath in 5 months is a solid job. A few things from the money side while you work the marketing.
If there's a short-term loan on it, call your lender now, not in the last month of the term. Ask what an extension costs and whether it's automatic. Knowing that number tells you exactly how long you can afford to wait for the right buyer.
Run the rental numbers as a backup exit. A house that just got a new roof, electrical, plumbing and an extra bedroom is usually exactly what a long-term rental loan wants to see. If the rent covers the full payment with taxes and insurance, refinancing into a 30-year and renting it until the market loosens up beats cutting the price twice. You can still sell later.
And if you do adjust the price, one bigger move usually works better than a few small ones. Small drops tend to just reset the days on market without bringing new buyers.
Full disclosure, I'm a lender to flippers, Texas included, so this sell-or-rent fork comes across my desk.
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- Tammy Fleming
  OP
  Real Estate Broker · Houston · Member since 2024 · 24 posts · 5 votes
  13h
  Hi Cat
  Thank you that was great advice. I'm open to working with you on this
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Redgy Saint-Germain
Developer · Boston, MA · Member since 2017 · 247 posts · 135 votes
11h
Tammy, sorry you're stuck in the waiting part. I myself ive got 2 condos on the market right now not moving, It's the worst part of any flip.
A few things I'd try.
First, figure out if it's a traffic problem or an offer problem. If people tour and don't offer, it's price or something in the house. If nobody tours, it's the price band or the photos. Ask every agent who showed it for one honest sentence of feedback.
Second, think in search brackets. Most buyers search in round numbers, so sitting $4k over $350k hides you from everyone searching up to $350k. A cut that drops you into the next bracket does more than a small cut that doesn't.
Third, sell the payment instead of the price. A few thousand in seller credit toward a rate buydown often moves buyers more than the same amount off the price, because they shop the monthly number. Put it right in the remarks. A small bump in buyer agent compensation also gets other agents pushing it.
Fourth, show off the work you can't see in photos. Put the roof, electrical and plumbing permits, dates and warranties on a one page sheet, and think about a pre-listing inspection so buyers aren't nervous about a flip.
Last, work out what each extra month of carry costs you. Then a price cut feels like math instead of a loss, and if it would rent well, you have a backup exit.
Redgy
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Trevor Rice
Investor · San Antonio, TX · Member since 2026 · 1 post · 0 votes
10h
Tammy, after five months of carry I'd stop trusting the CMA and re-pull sold comps only. Last 90 days, within a half mile, same bed and bath, sqft within 15%. Pending and active listings tell you what people hope for, not what closes. If your price is above the top of the sold range, that's your answer, and one clean cut beats three small ones. Buyers in this market are paying for finished product but they still want a deal on it.
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