Hold or drop price?

[Bob C.]

My first two houses sold within 5 days of listing, so this is new territory for me and any guidance is appreciated.

This house has been on the market for 5 weeks and not one offer has come in.

The typical bread and butter ranch around here is $240k-$260k - so this more of a "step up" house.

First two weeks it was priced at $380k. Zero lookers.

Dropped to $364k and got 4-6 on the first weekend and maybe 3 since then. Two said they would likely make an offer. (2 weeks have passed sine then)

7 attended Agent's open house a week ago. 2 non-neighbors visited the public open house this past sunday.

Feedback on the house:

Positives: finishes, craftsmanship, neighborhood, large, priced right

Negatives: Funky layout (and I de-funked it quite a bit), high taxes (but awesome school district), Washer/dryer in garage (unusual here in the NE and no way to fix that with this house), low curb appeal (siding is unusual for around here and it's front is weird with the door coming into the "basement"), electric heat, no central A/C

Comments have been consistent in that the house is priced right, but the house just is not fit for them.

I was hoping to get it under contract before we get into the HOT (no a/c) and SLOW months of July/Aug.

Carrying costs are: $3,000/mo

Should I drop to 359k (or lower) or wait it out for it to get busy again in mid-September?

[Joel Owens]

So if ranch is bread and butter then why deviate from what the buyers in the market are demanding??

The house at least to me from the outside is pretty ugly. Is that real stucco or synthetic??

Some places on the inside have good upgrades but other places looks cheap. Looks like in one bathroom you upgraded the sink and counter but left that awful fiberglass shower and just put a new shower top screwed in. Should have ripped that out and custom tiled it.

There Is no crown molding anywhere on the ceilings that I can see. The staging doesn't look right and it seems to small for the space.

I think they are blowing smoke telling you it's priced right but a wonky layout. That's a nice way of saying it's too weird and overpriced. No central A/C especially if other houses have it is a killer. I know I am warm blooded and love the cool air. If no A/C it would automatically kill the deal and I would walk out of the place.

You first had it listed and no showings.

Then you drop the price and surprise showings begin to happen.

Now you need to drop the price more to get offers.

Unless you land the absolute buyer that loves this place with all of it's faults then you have to get moving on dropping the price.