Should I put my flip on the market or wait?

[Doron Rice]

I completed a flip a few of weeks ago (central NJ) and put it on the market. There were a few showings and then when the meltdown begun there were no showings at all. I decided to pause the listings so the DOM will pause as well and thought to wait till the social isolation period will end. I wonder if there are still activities these days and if i should put it back on the market or wait for a few months or so. 

[Tim G.]

I had a flip planned to complete early to mid March, when things started looking more serious mid Feb we rushed it done. Accepted an offer right away and incentivized the buyers with $10k to close 9 days sooner (we closed 3/27). So, you can see I was of the mindset I'd prefer to hold cash right now than a vacant house. 

There is still activity and deals going on in my market although MUCH less. But... personally I'd try and sell now. If it doesn't sell, revisit on the other side of this. Here are the factors in why I'd try for now. 

1. Prices are probably going to go down, either from fall out or the inventory that all hits the market once they can begin selling after this is over. 

2. Lending is likely going to tighten up more and more making it harder to get loans. 

3. There are likely more layoffs coming and that will reduce buyers. 

4. No one is going to think your DOM are unusual even if it doesn't, we're in a pandemic.. 

You've got nothing to lose by trying now, just my opinion.