Need to Sell my Condo (Royal Oak, Berkley: for sale by owner, foreclosed, lease)

[karleste]

I'm trying to sell my 2bd 2bth condo in northern Bloomfield Hills, to acquire a starter house in Berkley/Royal Oak. I have had no luck listing with an agent. Its 1 mile south of new Motion Motion Studios, and 2 miles east of Bloomfield Park mall complex. Its really a great place, we just need more room. Does anyone have any suggestions?

[zthatzmanz28]

cut your asking price by 25%??

[MIEng]

The problem may not be your agent. You are competing againts hundreds of foreclosed properties in your area at rock bottom prices. Can you afford to lower your price below similar properties in your area in order to compete?

[Jwo85]

It's a buyers market out there right now. Your price should adapt to it.

[tiffany_ga]

Your price needs to adapt but don't sell yourself short. Don't lose anything trying to sell the place. Have you tried just putting a sign in the yard that says "for sale by owner"? Some people prefer to buy from the owner rather than an agency. If that doesn't work then maybe you should consider hanging on to the place until the economy bounces back (which always happens)

[jeanniepep]

In this market, everyone is taking a huge hit on sales prices! I am currently buying a great house dirt cheap, and I seriously feel bad for the sellers even though I'm getting such an awesome deal.

Is there any way you could rent out your condo for a few years? At least the rent would cover your current mortgage payments, and you could hang onto it while you wait for the market to bounce back a little bit...I know the prospect of becoming a landlord would scare the heck out of me, but I don't know of many other options these days.

Good luck!!

[MMichelle]

You might want to try another agent. Be sure it's "bargain" priced and shows perfectly! What type of feeback have you had?

[snoopygirlmi]

I'd look at renting it out or sticking it out for awhile longer.

The housing market has yet to really feel the bankruptcies and all those people who just found out they won't be working anymore at the plants/suppliers/dealerships. It hasn't hit bottom by a long shot.

I'm waiting a few more months before I seriously look at other places because my lease will be up early next year and I want to get the best deal I can.

I've heard of sellers paying the down payment for the buyer, paying their mortgage for a few months, giving them *bonus* money to buy the house. Yeah, it's crazy, but people are more cautious about spending money, so you've got to make it a deal they can't refuse. Especially, if you are in a ritzy type area like Bloomfield Hills and people are living in an environment where a lot of your neighbors what's next for their standard of living.

Just a few things to think about.

[karleste]

I have reduced the price 25% and am not actively trying to rent it at the time. I would prefer to sell outright.

[MIEng]

Did your agent tell you for how much similar properties are selling? The very few people that are looking to buy right now are looking for deals, very tough market to sell right now.