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I have a condo in a great neighborhood in Southern California within 12 minutes to the beach, airport, navy base, and downtown. The average home sells for 800k in this area. I just put my home up a week ago and I've had 3 showings. I have over 1000 views on Zillow and the feedback I received from my agent from the buyers were that the hoa ($500) was the biggest negative. I completely agree especially since we have no amenities. Should I be patient and wait at least two months before just renting and calling it a day? The complex is being renovated within the next 2 years and having kids while selling is making me want to call it off. What do you think
You've only had it up for a week. Be patient. We sold our house in the fall and dealt with selling while having kids and while it's not fun, you just have to hang in there.
Did your agent do a broker's open? And if so, what was that feedback?
Price is the greatest equalizer.
I would expect way more than three showings in a week for a desirable property in a hot market - so it seems like it might be priced too high.
Or condos are not that desirable in your area? Maybe a glut of inventory?
HOA of $500 is high, but it must cover a lot - probably including insurance, maintenance, etc. - Find out all of the components and make sure your agent explains them to prospective buyers.
$500 per month in HOA fees doesn't seem high for an $800K condo (ours are in the $800 range). You say there are "no amenities," but the HOA fees are going somewhere ... either to the operating budget or reserves.
People often imagine that HOA fees are high, but, when considering the cost of what they typically cover, realize that their personal costs for the same items on a SFH would not be much lower -- plus they would have to deal with all the items.
I suspect your fees cover: landscaping and yard maintenance, pool maintenance, trash pickup, water, general building cleaning and maintenance, property insurance, security, billing/administration, etc. ... and also a host of 'Reserves' for painting, roof repairs, elevator maintenance, irrigation, driveway maintenance, etc.. None of these things are "free," even though you don't get a monthly bill for them.
How is your particular unit priced in comparison to others of a similar size in the same neighborhood? Have you claimed your home on Zillow and been following along with area comps to ensure that it was priced correctly? Is your listing well represented with enough good photos and a description of the property and all of its positive attributes? (Sometimes we trust our agents to do the selling for us and they fall short for us in that regard.) Also, if you have claimed your home on Zillow, you have access to a section about what you love about the home which you can add additional information that your agent didn't include on the MLS listing description. You can also verify that all of your home information is correct. Further, it allows you to see how your home ranks amidst others in the area as far as views are concerned.
I agree with the others that it's probably just too early to tell. But I would also make sure early on that everything about my home was on point, just to be safe, as you don't want to wait several months and find this stuff out.
The average home sells for 800k in this area. I just put my home up a week ago and I've had 3 showings. I have over 1000 views on Zillow and the feedback I received from my agent from the buyers were that the hoa ($500) was the biggest negative. I completely agree especially since we have no amenities.
So, what is the listing price of your home? How many bedrooms?
You've only had it up for a week. Be patient. We sold our house in the fall and dealt with selling while having kids and while it's not fun, you just have to hang in there.
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.
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Give it more time.
