Dallas market slow down - can't sell a house for 45 days in Allen, TX (Plano: neighborhood, prices)

[RoamingTX]

Originally Posted by evaolga

---- I paid 210k not a long time ago + 35 k to do updates around ( cosmetic ) so I am 250 all in + need to pay agent commission around 15k if sells ......so I am in big trouble here ......I do not live in TX also

Good. There’s nothing better, IMO, than inexperienced out of country flippers getting smacked in the face with reality.

You’ll be really lucky to get 245-250 for that place.

[Peter5457]

Originally Posted by evaolga

---- I paid 210k not a long time ago + 35 k to do updates around ( cosmetic ) so I am 250 all in + need to pay agent commission around 15k if sells ......so I am in big trouble here ......I do not live in TX also

Are you from California? So many California investors and flippers going out of state doing deals, even the newer ones. There must be many many others in the same boat as you.

Did you do the work yourself or was there an all in one wholesaler who promised to do everything for you so you could make a good return? Of course they already got paid when they sold it to you right. Or, maybe just an assignment of their option contract to you.

[djslakor]

I think we can all agree this post should be renamed:

"Why won't my extremely unattractive POS house sell in a normal market?"

Then it would at least be accurate. This is the worst case of an example "slow down" predictor I've ever seen.

[Peter5457]

Originally Posted by RoamingTX

Good. There’s nothing better, IMO, than inexperienced out of country flippers getting smacked in the face with reality.

You’ll be really lucky to get 245-250 for that place.

Most foreign investors aren't flippers. They're usually in it for the long haul. They may need to diversify their portfolio out of their country so they may become landlords in the US, LOL. But it seems to have worked great for many of them because they were all here buying a decade ago.

You might be seeing more out of staters and immigrants investing and flipping but the foreign money has slowed.

Also, many DFW investors were investing in Houston last few years because of cheaper opportunities and they lost their shirts due to Hurricane Harvey. You win some, you lose some.

[nissan]

Originally Posted by wheelsup

The floor is very dirty. Huge turnoff. How much trouble is it to go over it and make it clean?

I stopped looking at the pics once I saw the floors. If one can't clean the floors before taking a pic to market the property, it just shows a lack of care that probably manifests itself in many more areas.

OP you should just cut your losses and move on. It's apparent you made some really bad "upgrade" decisions here. Take it as a learning experience but don't expect to get what you're looking for on a sale.

[wheelsup]

I don't think the "upgrades" were horrible but he paid way too much for them. That looks like about $7k in material cost at most including the kitchen granite, which was like putting lipstick on a pig.

The flooring/tile in the kitchen should've been removed and the dark wood look continued throughout the entire house except bedrooms which should be carpet. And this is a $200k house, put down laminate for $1,000 tops, an easy DIY. Home Depot has some good stuff for ~$1/sq ft after coupons called Hampton Bay scraped laminate. The cabinets should've been painted white. The front yard needs to be cleaned up and Jesus Pete maybe mow the lawn and trim the sidewalk? It screams "I'm doing the world a favor just for listing the house".

But even so it's currently priced well above the other homes that are selling. It was purchased for too high a price and too much was contracted out if he indeed did put $35,000 into it.

[TurtleCreek80]

Originally Posted by djslakor

I think we can all agree this post should be renamed:

"Why won't my extremely unattractive POS house sell in a normal market?"

Then it would at least be accurate. This is the worst case of an example "slow down" predictor I've ever seen.

I would title it “I put lipstick on a pig, now why can’t I get top dollar for this house?”

[evaolga]

Originally Posted by RoamingTX

Good. There’s nothing better, IMO, than inexperienced out of country flippers getting smacked in the face with reality.

You’ll be really lucky to get 245-250 for that place.

**** I was really lucky in TX with my investments for many years .....only on this one I made mistake ....it was promised to me as good deal

[TylerJ1288]

I will jump into this thread. We live in Winnetka Heights (North Oak Cliff area) and our house has been on the market 46 days now. Six months ago houses hardly lasted two weeks.

Our house has been very competitively priced from the beginning and is priced extremely well for our area ($400k, 1,760 sq ft). It has been a very disappointing time.... everybody seems to love the house, just not a perfect fit for whatever reason. Main problem is the overall slowdown of the market though, just not many buyers out there.

So if anyone is looking in North Oak Cliff, send me a message. Very willing to negotiate

[wheelsup]

Originally Posted by evaolga

**** I was really lucky in TX with my investments for many years .....only on this one I made mistake ....it was promised to me as good deal

Don't confuse a rising and rabid market for smart investments.

You most likely made money despite what you bought, not because of what you bought.