First Flip is on Market Now What

[Chris Sackinger]

So i have finished my first flip and it is on the market in Mount Holly NC. I am biased but I think it looks great and hope it is snapped up quick. That is the problem. After running the comps there is a nice one at $115K and another at $122. I priced this one at $125K and have had a lot of buzz on Zillow with views, but only 1 showing. The feedback from the showing was that it looked great but was priced too high. My questions are:

How long do you wait to reduce the price? House has been up for about 5 days and we just went through the 4th. 

If you reduce the price, how much do you reduce? 

Any feedback would be great and a link to the home is below. Thank you for any suggestions. 

http://www.zillow.com/homedetails/101-Abernathy-St...

[Julie Hicks]

So, I would wait a minute.  I think that you are still ok! #1 generally whenever a realtor places on market it takes up to 4 days for it to get to all of the websites that the broker is affiliated with.  Those prices aren't very far from yours.  I wouldn't decrease the price until after 2.5 weeks on market.  If you hurry and reduce, to me it looks like something fishy.  Also, make sure you have the right realtor that is actually answering all of the calls and responses from Zillow.  

In the future, I would have listed this property for 124,900.  This is the reason:  Whenever you type into search engines and ask for 125k and below alot of times the  125k priced home doesn't show up.

Also, for what it is worth.  I own part of a real estate team in Atlanta and later part of last week and this week is slow compared to other weeks. Next week should be alot better.  Our inbound call volume is half what it normally is.