Flip Not Selling - Advice?

[Bryce Betley]

I listed my flip Jul 1st. Lowered the price twice now. We have had around 5 showings and two open houses with 10 'groups' coming through. Zillow shows 30+ saves, 1000 views the past 30 days.

I got a few feedback from the showings which boiled down to 'the work is done nice, but layout won't work'. Searching on here yields that it comes down to price. 

A very close comp sold within 4 days and was 5k less than where I am at. That comp was lived in, so there was furniture where mine is empty. 

I am thinking about getting it staged and pictures retaken. I am not sure what else to do. What is your advice?

[Jason Richards]

Originally posted by @Bryce Betley:

Originally posted by @Jason Richards:

Full staging is generally a good idea for flips.  It helps the finishes 'pop' and allows the prospective buyer to visualize the use of space.  

As for other recommendations, I'd need to see photos.  I'm not sure if this forum will allow you to post a link.  Maybe share the address?    

 Here is the link to the listing: https://www.redfin.com/PA/Pittsburgh/908-Fordham-Ave-15226/home/74769186

I definitely recommend staging.  

I assume the comp you are referring to is on Illinois Ave?  That property has a 1-car garage.  Adjusted sale value is probably $10k-$15k less, depending on your local market pricing.  

IMHO, a 3/1/0 is a tougher property configuration to sell.  Most folks that need 3 bedrooms need an extra bathroom and extra storage space (garages can help with this).  You're not at the top of the market.  I saw the recent comparable sale that sold for $235k.  However, that flip was higher end.  It has tile/wood accented walls, higher grade countertops, open floor plan, crown molding, etc.  

Your home is very nice for the price, but given the time on market for other recent sales, I think it's time to have conversation with your agent about the price, if you have a hard money loan on the property.  You don't want the high interest loan to eat up your margins as you wait for a buyer willing to pay your price.  Of course, you can afford to wait it out a little longer if you own the property outright.  

Again, just my humble opinion...