Im trying to flip a new build - long story, but have had certain circumstances come up and can't keep the home - but I'm now competing with the builder because they have homes still being built in the neighborhood (there is nothing against me selling it). They have started offering added incentives and low balling due to market conditions. What do I have and what can I do to sell mine? Or should I give up and just rent it out and wait? Any advice appreciated.

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You either have to be really willing to understand the market value right now and be willing to price at or below that which could be a loss or substantially less profit than planned.

If you can afford to rent it and have good mortgage rate then I would lean this.

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Yes, and understand that someone way not value your upgrades as much as you do. I know someone who paid a $60k premium for lacquered cabinets, but I would never see that as an upgrade.

Are their houses complete? If not you have the advantage for someone who wants a home now.

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As long as the builder is still building and even if they have spec homes, you're going to have a really, really hard time unloading that house. If I were in your shoes, I would look at renting it, up to even considering a negative flow on it in the short term until the neighborhood is complete. You could gather some rental comps and see what the going rate is. If you're breaking even, that's a lot better than selling for what you paid (which it sounds like you cant), or taking a loss on sale.

Thanks folks..is there any downside to listing it lower (other than the potential loss)?

When I closed, the builder had none. But people started walking away and suddenly they now have 4-5 properties available for move in. It's crazy how much things changed in a couple of weeks.

MD1 correct, it wouldn't be a short sale.

What state are you in?
What interest rate do you have?
What is your total housing payment?
How much are the builder's homes currently selling for?
Wow much did you pay for the house?

Keep it and rent it

You paid a premium for a new build, so it’ll be hard to compete with a builder who can customize a home for a buyer. The rental market is on fire right now so consider renting it out

Sell now for small loss, loss will be much bigger in 3-5 years, housing prices are correcting to their long term trend. If the property is in one of the sunbelt states, don’t waste time and execute asap, housing crash will be 30-40%.

My interest rate is 5.625% which is not great... Probably better than 7% but still, no where near ideal. If I rent it out, I would be able to cover about 90% PITI. In this case what would you advise? Property values are rapidly decreasing and I see people dropping the sales price daily, pretty scary.

Is it worth having it listed for both sale and rent at the same time and just seeing how it plays out?

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