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Updated over 10 years ago,

User Stats

153
Posts
58
Votes
Bob C.
  • Investor
  • Hopewell Junction, NY
58
Votes |
153
Posts

Hold or drop price?

Bob C.
  • Investor
  • Hopewell Junction, NY
Posted

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?

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