House #49 has been listed for about 6 weeks, and we’re not getting nearly as much interest as I had hoped. I mentioned in my update post the other day that we’ve had some house issues, and this is one of the houses we’ve had issues with. Our sheetrock/painter did a horrible job in this house, and unfortunately, neither my project manager, my partner, nor I noticed the extent of the remaining issues when the house went up for sale (this one is in Milwaukee and I didn’t see it in person between the time it was listed and several weeks later).
But, our buyers have certainly noticed, and they haven’t been happy. While the renovation — in general — is great, the issues with the drywall and the poor paint job is a negative first impression that has stuck with our buyers. And given that we’re trying to sell this one at a point that is about the top of the market, we’re not getting offers.
We’ve had one price drop already, and the next step is to either take the house off the market to fix the issues (which will require removing all the staging furniture and repainting, among other things) or drop the price again and sell below market value. Luckily, the issues are all cosmetic, so it’s not a major catastrophe if we need do some more work, but the fact that we’ve lost several weeks of prime selling season and have turned off so many potential buyers is certainly going to hurt or profit potential on this one. We’ll still make money, but not nearly as much as we should have.
Anyway, in the meantime, here are the staging pictures for this house: