All Forum Posts by: Marisa JManker

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.

 The open house is for whoever drops in.  Talk to her and find out how she's advertising the open house and what else she's doing to market the home.  I had a family member try to sell a home recently and their first realtor was also new and the lack of connections he had didn't help.  They relisted with another realtor who specializes in the area and it made a big difference.

Sometimes it is the price point.  eg $360K vs $349K.  The lower price will show up for anyone looking for a home under $350K, but the other won't even though someone could put in a lower offer and get it for under $350K.  These are things a good realtor will think of.

@Marisa JManker

It’s been on 12 days…. It’s end of summer and people getting kids back to school. Leave it fro 30 days and see - if price needs reduction reduce it then.

@Marisa JManker I checked out the listing. South Holland has quit a bit of inventory on the market compared to a lot of other suburbs here in Chicago. You also have one of the most expensive listings in the area, so the majority of the buyer pool is going to be looking at the averaged price home which is $261,182 currently. 

Did you realtor set expectations on the market time? The average is currently 64 days between listing and contract. The median is 41. This all adds up to this process taking a lot of time. 

The biggest concern to me would be the lack of showings. You need on average 9 showings to get an offer. Your photos look fantastic, and the house looks nice. All signs lead back to needing a major price drop in the future if you don't get traffic. 

12 days isn't a long time.  If it was me, unless the average DOM was like 10 days in my area, I would wait to see if anything comes up within 30 days.  Unique properties can be tough to comp.  The property will always sell when the price meets the market demand but being aware of the DOM for a location is important so you don't jump the gun.

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