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Old Yesterday, 07:37 AM
 
709 posts, read 445,051 times
Reputation: 1124

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Quote:
Originally Posted by RapidGalaxy View Post
Thank you for your responses, everyone!


I'm in Southwest suburb of Chicago.

The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15

Asking price $155K


I have to make a correction, the two 3BR are contingent, not sold:

First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)

Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
A comp is not a comp unless it is a sold similar property, as you know.

I would ask myself, what is the net amount I need/want from the sale and then, adjust price accordingly if you feel it is out of range for your specific area. 15 DOM is not that long, however, if the price, condition and location are all good, and you have not had any showings in the first 2 weeks, then the price needs to be adjusted.

It is all about your NET gain. Sale price X 8% - mortgage balance = net. This is based on the common 5% listing fee and 3% other fees associated with selling a property in IL.

Good luck!
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Old Yesterday, 07:58 AM
 
948 posts, read 851,558 times
Reputation: 2559
Quote:
Originally Posted by HokieFan View Post
Kneejerk reaction: You're overpriced. And from your Realtor's responses, he sounds like a dud.
Agreed. OP, you can't price your 2 bedroom condo the same as the 3 bedroom units. And if yours is a 2 bed/1 bath and the others are 3/2s, then you need to drop the price even further.

Unless there is other info (e.g. location, end unit) that makes your property more attractive, I'm guessing you need to be in the $130 - $135K range.
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Old Yesterday, 08:24 AM
 
Location: Salem, OR
14,074 posts, read 33,157,919 times
Reputation: 12966
Do two-bedroom condos sell for the same price as 3 bedroom ones there? Out here, 2's are priced lower than 3's. So it makes sense to me that you aren't getting any showings. If I have two weeks with no showings, unless it is a unique/luxury property, then we drop the price.
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Old Yesterday, 09:59 AM
 
Location: Here and there, you decide.
12,119 posts, read 23,689,743 times
Reputation: 4256
Quote:
Originally Posted by HokieFan View Post
Kneejerk reaction: You're overpriced. And from your Realtor's responses, he sounds like a dud.
I agree... overpriced (at least 10-15k). You’re realtor wasn’t comparing apples to apples. What is the square footage of yours vs the solds?
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Old Yesterday, 10:00 AM
 
Location: Here and there, you decide.
12,119 posts, read 23,689,743 times
Reputation: 4256
Quote:
Originally Posted by HokieFan View Post
Kneejerk reaction: You're overpriced. And from your Realtor's responses, he sounds like a dud.
I agree... overpriced (at least 10-15k). You’re realtor wasn’t comparing apples to apples. What is the square footage of yours vs the solds? Also, contingent doesn’t show the price actually sold for. Are there any sold units?
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Old Yesterday, 12:48 PM
 
2,528 posts, read 3,544,839 times
Reputation: 5093
Your realtor is bad. First thing to do is fire them. Then interview some others, find one who is willing to tell you the truth about the price and then let them list it. Zero showings means that the buyers think you are a delusional seller and not worth their time. Fix that by changing agencies and letting the new one price it more appropriately.
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Old Yesterday, 03:55 PM
 
Location: El paso,tx
2,293 posts, read 865,409 times
Reputation: 3646
A 3 bd/2 ba will sell for a lot more money than a comparably equipped 2 bd/1 ba. Get agent to pull comps on 2 bd th, even if you have to go back further in time, or in another nearby complex that is very similar in age/amenities/location.
No showings= overpriced.
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Old Yesterday, 05:38 PM
 
Location: MID ATLANTIC
7,767 posts, read 18,783,058 times
Reputation: 8465
And, this is what we call buying the listing......did you talk to just one Realtor? Or was this Realtor the one that gave you the highest price? This is one of the biggest mistakes first-time sellers make, going with the highest list price. But, it is also the easiest to understand. Of course you want top dollar for your home. Who wouldn't?
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Old Today, 05:04 AM
 
Location: Cary, NC
33,857 posts, read 58,843,774 times
Reputation: 32741
Quote:
Originally Posted by Silverfall View Post
Do two-bedroom condos sell for the same price as 3 bedroom ones there? Out here, 2's are priced lower than 3's. So it makes sense to me that you aren't getting any showings. If I have two weeks with no showings, unless it is a unique/luxury property, then we drop the price.

Right. A 3 bedroom will sell for more, even if the square footage is the same.


Quote:
Originally Posted by SmartMoney View Post
And, this is what we call buying the listing......did you talk to just one Realtor? Or was this Realtor the one that gave you the highest price? This is one of the biggest mistakes first-time sellers make, going with the highest list price. But, it is also the easiest to understand. Of course you want top dollar for your home. Who wouldn't?

But, usually "Buying The Listing" includes near immediate pressure from the listing agent to lower the price.
This agent just seems to be hands off and disengaged from "selling quickly."

Quote:
Originally Posted by jackmichigan View Post
Remember, you are in charge of the asking price.

Exactly right.
OP, IF YOU want a price cut, demand a price cut and can the agent if he doesn't comply.
Any property (without deal breaking compromises) can sell fast when consumers see asking price reflects decent value.
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Old Today, 06:28 AM
 
38,920 posts, read 15,264,442 times
Reputation: 25272
Quote:
Originally Posted by RapidGalaxy View Post
Thank you for your responses, everyone!


I'm in Southwest suburb of Chicago.

The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15

Asking price $155K


I have to make a correction, the two 3BR are contingent, not sold:

First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)

Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
How did you find out the sale price for pending sales?

But in any case, if a similar quality 3Bdr home is listed for $154K and your 2Bdr home is listed at $155K and you are not getting any showings, clearly you are overpriced.

Not sure what waiting until after Labor Day will do. Unless the idea is to wait until your home is the only one on the market in your price range.

But even if a buyer walks in willing to offer you what 3Bdr places are going for, will the appraisal come in high enough for financing?

Last edited by GotHereQuickAsICould; Today at 07:12 AM..
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