Help! Flip’s not selling…price-lowering/marketing strategies?

[Vonetta Booker]

**Apologies in advance for the “freak-out” tone of this post…but that’s why I come to you guys! ;-)**

Hi, guys…I'm trying not to go crazy over this (and maybe my expectations were/are too high), but I'm getting anxious that my flip has been on the market 16 days with no offers yet. I know some might think, "16 days is nothing!"…but I feel like every minute counts in minimizing those HML carrying costs, unloading the flip and moving on, especially since the rehab itself took about a month & a half over the initial timeframe (due to no fault of the contractor's).

Here's the listing, w/ address, pics, MLS #: http://www.mlsfinder.com/kwls/kw/index.cfm?action=listing_detail&property_id=422699110773

(Also, related posts about this property here & here)

I put it on the market (I’m also the agent) June 28, initially listed at $254.9. The first week, I had 5 showings; the general feedback from agents was that although buyers liked the overall rehab & staging, the bedrooms were too small for them (something that I’ll definitely take into account in future flips—but being that this was my first, I didn’t at first recognize this as a potential liability.)

A week ago I lowered the price to $250k, thinking that would bring a rush of buyers? Nope, not so much. Since the July 4th weekend, I’ve had one other showing & an open house this past Sunday which brought out a lot of people, but no offers. Feedback the same--house looks great, bedrooms too small. I thought I’d done the right due diligence re. comps & the pricing, but now I’m like, “Jeez…was I that far off?”

I'm totally open to dropping the price even further, but now my confidence in my comp-assessing ability's been shaken a little, lol. I'm thinking a reduction to $245k might do it, but I don't know…I'm just afraid that I'll keep dropping & dropping with still no activity. I've done lots of marketing—MLS, agent email blasts, featured ListingBook & Facebook ads, a SEO single-property website, open house, flyers, Craigslist, etc. Is there any more I can do? Is there something I'm NOT doing? Or, is the extra stuff just moot because the price is just too high?

I’m open-minded re. doing whatever I have to in order to get this sold quickly. I hate to sound like I’m jumping the gun, but time is money! Should I do one more bigger drop $5k down to $245,000? Or, more frequent, smaller increments (i.e. $500-$1000 a week, for example?)

This is the hardest part to me…because at least I felt like I had some control during the buying & rehab process. Now, I feel like I’m at the buyers’ mercy, lol. Heck, at this point if need be, I’m resigned to making just a small profit or breaking even—like BP-ers say, “Consider it tuition!” :-/