Solution for Unsellable Home

[Ronald Fontenot Jr]

I'm trying to find a solution for a colleague who has a home that has been on the market for some time and is having a hard time selling it seemingly due to the higher interest rates coupled with exorbitant windstorm rates (close to the coast). Many homes in this neghborhood are slow selling. His mother is the listing broker and isn't even booking showings for lack of interest.

Home is beautiful, 5/4/2, 3200 sf, recently tastefully remodeled, needs nothing

Details:

Listed for 380,000 (has dropped price from 411k), approx appraised tax value 406k (market value dropping but county appraised value has gone up), he owes about 370,000. Comps are 380-410k.

Just purchased in May 2021 but has now moved into a newly built home so he's paying two mortgages and needs to sell this one. (horrible timing on his part)

Monthly payment PITI is approx $3400, local rental rates are $2800 -3000 tops

Not in an area conducive to STR and can't afford to set it up for such.

The only solution I can see is him slashing the price and stroking a check at closing if it sells. What do y'all think?

[Chris Seveney]

@Ronald Fontenot Jr

Every home is sellable for the right price

They will need to be more aggressive on the sales price or offer to buy down purchasers interest rate.