Rehabbed house won’t sell

[Melissa Dittmer]

Our listing at 1809 Court St in Beatrice Nebraska has been on the market since August and it will not sell.  The location has some downsides, so we have lowered our price tremendously based on that and the market conditions.  We left a blank slate with the walls as it was all wallpaper before.  We bought at the wrong time of the market.  Appreciate your suggestions on getting it sold. Thanks 

[Andy Sabisch]

Timing at times is everything and selling or renting around the holidays is a double whammy as people have other things on their minds.  Zillow shows the rental estimate at $850 / month.  If you want to see what the Spring / early summer brings, consider a 6-month rental and look at one of the hospitals in town (looks like you have 2-3 in the area).  Visiting nurses might be an option and even if you just cover your holding costs, you can ride out the winter and get what you are hoping to get.

Looks like you paid around $52K and not sure what you put into the flip, but you listed it for $136K then dropped it to #126K then to $120K and finally to $105K over a 2 month period and it has been there since October.  Based on the prices in the area and the work you did, it should have sold.  But with the age of the listing now and the number of price drops, it is scaring off buyers . . . why has it not sold, why so many price drops, is the seller desperate?  If your agent has not provided you feedback or sought it out after any showings, you need a new agent.  How long are you under contract for . . . bad to get locked into a long term contract - if an agent can't sell it quickly, they won't sell it in 6-12 months.

Taking it off the market, renting it or holding it and relisting it as a new listing when the market shifts would generate more interest . . . you have done a very nice job on the property and giving it away is a shame.  Hopefully you can reposition it when the weather warms and buyers are looking for a new house.  With the hospitals you should be able to get a rental to pull you through

Best of luck!