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Old 02-19-2019, 06:41 PM
 
50 posts, read 8,950 times
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I think we're priced Right at this time. The problem is the $500 only covers water, sewer, gate, landscaping. The exterior is old and needs everything from paint to siding. We have no pool, gym, or recreation room just the building. I knew people would have doubts on why they would pay $500 for no amenities but I'm hoping the neighborhood two car garage and backyard will be the game changer. The buyers like the home because it's bigger than most, backyard, and attached garage so close to downtown. What they said so far is the HOA is too high and they don't like the exterior, two things I knew would be an issue before listing it.
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Old 02-19-2019, 07:21 PM
 
Location: Pittsburgh, not Paris. #MAGA.
10,175 posts, read 5,644,331 times
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Quote:
Originally Posted by Cadsuper55 View Post
I think we're priced Right at this time. The problem is the $500 only covers water, sewer, gate, landscaping. The exterior is old and needs everything from paint to siding. We have no pool, gym, or recreation room just the building. I knew people would have doubts on why they would pay $500 for no amenities but I'm hoping the neighborhood two car garage and backyard will be the game changer. The buyers like the home because it's bigger than most, backyard, and attached garage so close to downtown. What they said so far is the HOA is too high and they don't like the exterior, two things I knew would be an issue before listing it.
That is a lot for what is covered. My HOA fees for my condo are a lot, too ($750 a month out here in Honolulu), but it covers sewer, water, cable, landscaping, 24/7 security guards, rooftop pool and recreation areas, and general building upkeep. I still think its steep, but its not unreasonable for the area.

What are HOA fees in your area generally like for what you're getting at your complex?

Also, as others have mentioned, your house hasn't been on the market for that long, so I'd give it some more time. But if things don't change after a while and the sticking price is the HOA fees, consider offering payment of fees (if it makes financial sense) for a predetermined period of time such as a half year or a year.
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Old 02-19-2019, 07:30 PM
 
50 posts, read 8,950 times
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Thanks
The 800k is the avg sales price for sfh in the area. My condo is on the market for half of that. If we had a pool, gym, or rec area I would probably not be selling.
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Old 02-19-2019, 07:32 PM
 
50 posts, read 8,950 times
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Our complex is old and looks dingy so potential buyers have said the exterior and HOA fees are the negatives so far.
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Old 02-19-2019, 07:37 PM
 
50 posts, read 8,950 times
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415k 2 bedroom 2 1/2 bath 2 car attached garage with a backyard area. My condo is kindve rare because it has a yard and 2 car attached garage so close to downtown. The only comps I can find are 2 bed 2 baths no yard or garage and they go for 390 to 500k in our area
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Old 02-19-2019, 07:41 PM
 
50 posts, read 8,950 times
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Yes I'm considering paying up to six months of the HOA fees. I don't mind lowering the asking price but since I'm not in a rush and I love the home I can wait it out and see.
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Old 02-19-2019, 09:34 PM
 
Location: Mid-Atlantic
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You've never sold a home before? People with children try to move during the summer if they can.
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Old 02-19-2019, 09:55 PM
 
Location: Research Triangle Area, NC
3,362 posts, read 2,294,939 times
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Originally Posted by Cadsuper55 View Post
Thanks I think my problem is I love the place so I was never all in on selling in the first place. It's the right decision but I need to let go.
Selling your personal home is always an emotional process. Sounds like you have kids who've spent at least part of their life growing up there so I'm sure that makes it even more emotional. But also sounds like you know this is the step you need to take for your family and you'll get to move to a new home where you make even more memories.

As far as the marketing/transaction side of it goes...what are the recent sales in your development like? They will all have the same HOA fees (or close; depending on how much variation there is in square footage/floorplans).

Have there been many units listed and sold in the last 6 months?

How long did they stay on the market?

What condition where they in/updates did they have?

and most importantly...

How were they priced?


Your agent hopefully did a CMA to answer all these questions and hopefully showed it to you when you listed with them. The comps are ultimately the best "guide" to the activity you should expect on your listing.
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Old 02-19-2019, 10:39 PM
 
8,747 posts, read 7,717,415 times
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Look at the negatives.

1: Homeowner fees are high due to how little they cover.

2: Prospects see exterior condition and realize a rd-do of exterior is coming and owners are going to have a big assessment to cover this. People tend to drive by before asking for an appointment, and with a bad impression from the street they do not want to waste their time viewing your unit. The view from the street says bad property and they look at it and buy another property. If they make an appointment and with the exterior condition, they are already rejecting your unit before entering.

3: Has no extra amenities to attract them to the unit.

4: Without child friendly amenities it is not a family friendly unit, reducing the potential buyers to adults, in most situations.

You are lucky to have had 3 viewings. When you are told it is the homeowners fee and exterior, the people are considering future fees to cover exterior re-do.

Until the assessment for doing over the exterior is determined, and you offer to place the money for assessment into escrow, it will be a difficult job to sell this property, unless you are willing to sell at a fire sale price.
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Old 02-19-2019, 10:56 PM
 
50 posts, read 8,950 times
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Thanks great advice
If I dont sell it in the next 2 months I will more than likely be renting it. I'll probably break even renting but I will be living in a cheap place after.
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