I’ve finished my first flip in October in Richmond CA. A single family, 3 beds, 2 baths, huge yard. The house turned out great after renovations. It’s listed at $650k based on comps. It didn’t sell in 40 days though.
My agent says it a combination of the time of year, rates and city reputation in general. Although this neighborhood is very safe with nice neighbors, buyers and even brokers say there’s a “stigma” associated with the town.
All that being said, a much less nice house with the same parameters a few blocks up sold in two weeks for the same price.
In any case the question is what should I do now:
- delist it and relist in March (what my agent proposes) - on the basis that more people buy in the Spring. Is this true in CA where the weather doesn’t change? I’m not crazy about the idea of paying mortgage for another 2-3 months. I’d have to refinance asap in this scenario (more costs).
- reduce the price a bit ($10k) and still try to sell it now. I don’t know what else we could do. It’s priced pretty much at my cost.
Thanks!
