Strategies for listing on the MLS during the holidays?

Question

I have a flip on the market for over 30 days now, just like @Christopher Blanco.

Flip Not Selling - 15 showings, all positive feedback, no offers

But unlike Chris, I only have 5 showings. I have read a bunch of suggestions offered to him. Ultimately price, location and condition are everything.

I plan to do 2 more price drops. I already did 3 price drops, listed since 10/6. And if I can't get it under contract should I

A. take it off MLS, and relist it in Jan. When I do relist it, is it a good idea to price it higher? or do I relist it at the same price where I took it off the market?

Or

B. Is it better just to leave the listing on the MLS during the holidays? Buyers are still buying, probably serious ones.

Median days on the market 45

Brian Pulaski · Answer

I listed a flip on 12/7 last year and it went under contract on 1/16, my longest wait for a flip, but it sold right over the holidays. I actually had an offer just after Christmas that we didn't come to terms (most probably would have jumped) but I held out and a couple weeks later went under contract at the number I stuck firm on with a new buyer. There are always buyers, although traffic may be slower, and you will need to keep track of the house showings, snow issues etc.

Braden Hobbs · Answer

@Chris T. Selling during the slow season is all about price in my opinion; if the house is decent and in a good spot. If it's not in a good location, the price is still the ultimate factor, it'll just need to be lower.

I tell clients when they want to wait until spring to sell they can expect about 5-15% more for their property, but they can also expect to spend that much more on their next property so it's a wash. As an investor, you need to decide if you are willing to price it to sell for this season, or if you're willing to eat the holding costs until the spring and hope you make 10% more on the sale.

You said you've done 3 price drops already since Oct. 6th? That's not good. As a buyer, I'm now wondering why no one else has bought the place and why you have lowered the price 3 times in one month? Your property now has a stigma associated with it due to the price drops. My opinion on price drops is that you have to drop it enough to appeal to a whole separate group of buyers. So if you're priced at $250k, a drop to $245k isn't going to attract very many new eyes.

I'm not sure what your market is like, but if it were my property here I'd unlist it, maybe try to get a 6-month tenant in there, and then re-list.

Jack Bobeck · Answer

@Chris T. My wife, a Realtor, sold 3 homes last year during December. Two were homes for sale and one was a buyer. There are no longer good months or bad months, people are busy 24 x 7 with life going on and people are getting relocated all the time or deciding on buying or selling for all kinds of reasons. She just got 3 new listings 2 weeks before Thanksgiving.....

Ask your Realtor for more suggestions on how to get the house sold. Broker Open House? Neighborhood Caravan? Host a "favorite sports team" party there and invite the neighbors. Get creative, get people in the house, you need more people to see it and then generate buzz from their visits. Leave the house on the market, but get some good advice from professionals that sell in and around the area.

45 Days on Market is nothing, really. The local MLS can give you and idea of the number of days on market for each zip code/city and that is helpful. I wish you the best of luck!

Chris T. · Answer

Agreed. There are always buyers.

Have you done anytime different for this listing to promote more traffic?

Chris T. · Answer

thanks Braden

Another experienced realtor told me that small constant price drops are recommended so that it would appear on buyer's search. But your opinion is to drop once - maybe $10k instead of 2 - $5k.

Unfortunately I tried to put my listing out for feedback from other investors, but it seems BP thinks I'm trying to advertise my listing here. BP is the LAST PLACE I would put my retail listing to advertise.

Jack Bobeck · Answer

@Chris T. Realtor Agreements are not forever. Count the days, go speak with the broker about the Realtor if you have concerns. Its your money, see if you can get one to work for you.

Chris T. · Answer

thank you @Jack Bobeck

Unfortunately, my realtor is someone I had to use, not someone I wish to use.

Strategies for listing on the MLS during the holidays?

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