Sell or Cash Out Refinance Duplex Pittsburgh

[Sky Hoyle]

Hello all, first time poster long time reader. My question is with my Duplex I've had on the market for 45 days with no offers but at least 10+ showings. Its an up and down original brick duplex in a trendy area of Pittsburgh. Separate utilities except water and one unit is vacant the other is owner occupied. Both units have been updated fully. House is worth around 200k based on comps.. I owe around 94k on the original fha mortgage so I have significant equity. Would you sell even though you have no offers after 45 days in a hot market or cash out refi and hold for appreciation?

[Harry Schoeller]

Sky Hoyle who is your agent and what brokerage are they an independent contractor for? I'm concerned with possible guidance you've been given. And the single family homes on the backside of Mount Washington are selling fast. You are absolutely right. They are selling fast to newly married couples and young urban professionals as starter homes. Young people who will be turning these houses back over in 3-5 years.
You are seeking a property investor. Someone who intends to hold the property much longer than the time a newly wed couple would. I'm assuming you do not have access to the MLS and I assure you as great as Zillow and Trulia are they are not always 100% accurate nor do they update immediately with the Multi Listing Service.
As you'll have read in my earlier posts you are not asking an unreasonable amount of money for your property. But you're not asking for a bargain that would've sold in the speed you were so hopeful of. I've seen clients homes sit at a perfectly fair price for 8 months before sale.
If I ask if you want to buy this brand new corvette for a perfectly reasonable 80k you may or may not buy it. You might take your time and think about it or see if the price drops if it doesn't sell. If I offer you this brand new corvette for 60k you're a lot more likely to jump on it because it's a DEAL.
Private home owners aren't concerned as much with a deal as they are with finding a home. The place that suits them and feels right to them. An investor doesn't give a damn about if the building feels like home or is comfortable or their dream home. An investor looks at cold hard numbers. And while your numbers aren't outrageous they also don't give an investor any reason to JUMP on it because there's 500 multi families in this city offering the same or better return.
You said you have substantial equity in the place. If you've made a decent return on your investment then just price the place at a number that will sell quickly and move to the next project. If you'd like to find a property with higher return and more cash flow I assure you I already know of several. I'd be happy to help you to find properties that will generate the kind of returns you're looking for. But as of right now you have 3 decision. 1.Hold the property longer and hope the Mt W market stays solid.
2.Lower the price to something that will sell rapidly so you can move to the next project.
3. Stay at the same price but learn to accept it may sit for some time. And if it sits for too much time then accept what the market is telling you and lower the price.

I don't mean to be disrespectful. I know sometimes it can be frustrating. But with the right amount of patience, expectations, and proper guidance, you will find yourself happy with your future success in real estate.