Looking for advice—losing hope on selling in Memphis

[/u/JustJunk613]

Looking for advice here. We bought our house for $485k in November of 2021 (appraised value) in one of the two most desirable (and safest) neighborhoods in Memphis. We put over $70k of work into it, and are now moving out of state. We listed for $515k in mid May and have only had a handful of showings and two open houses with a few people at each. Our realtor had a packed broker open, sends flyers out to agents in other offices, follows up with anyone who shows, and we just dropped the price to $499k. For safety I don't want to post the address, but rest assured the house is gorgeous and the pictures are great (fully decluttered, high end finishes, new furniture). We actually had a couple people super interested the first week who didn't offer--the only negative feedback we got from them is the yard just wasn't big enough for them, which we obviously can't change. We have to move at the end of the summer and I'm feeling desperate. We just dropped the price last week, but I'm thinking we drop it significantly and just try to move the house. What I can't make sense of is there are some homes in our neighborhood that are selling premarket way over comps, while other are sitting for months and months (and again, desirable neighborhood, many that are sitting are in great condition/renovated). What are our next steps? Beyond drastically cutting the price, is there anything we can do? What if that doesn't drive interest? Seriously getting concerned, as it has been on the market for about 50 days.

submitted by /u/JustJunk613
[link] [comments]
Looking for advice—losing hope on selling in Memphis
Continue reading...