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Updated about 1 year ago,

User Stats

23
Posts
15
Votes
Lor Fara
Pro Member
15
Votes |
23
Posts

Renovated flip, doesn’t sell, next options

Lor Fara
Pro Member
Posted

I’ve finished my first flip in October in Richmond CA.  A single family, 3 beds, 2 baths, huge yard.  The house turned out great after renovations.  It’s listed at $650k based on comps.   It didn’t sell in 40 days though.  
My agent says it a combination of the time of year, rates and city reputation in general.  Although this neighborhood is very safe with nice neighbors, buyers and even brokers say there’s a “stigma” associated with the town.  

All that being said, a much less nice house with the same parameters a few blocks up sold in two weeks for the same price.   

In any case the question is what should I do now: 

- delist it and relist in March (what my agent proposes) - on the basis that more people buy in the Spring.   Is this true in CA where the  weather doesn’t change?  I’m not crazy about the idea of paying mortgage for another 2-3 months.  I’d have to refinance asap in this scenario (more costs).  

- reduce the price a bit ($10k) and still try to sell it now.  I don’t know what else we could do.  It’s priced pretty much at my cost.  

Thanks! 

  • Lor Fara
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