[dad1501]

We are first time sellers. Our realtors told us to expect a frenzy of buyers swooping in from all over. They said we would get 20 showings today with multiple offers over asking. We listed yesterday afternoon and so far...crickets. We are in Fairfield County which is one of the hottest suburbs that New Yorkers are fleeing to. We bought our condo in 2018 for $285,000 and put in $20,000. It is listed at $325,000. Is the market cooling off or is there something wrong with our listing? We have run it successfully as an Airbnb and people have loved it.

https://www.zillow.com/homes/5-Elmcr...86836373_zpid/

[ConnecticutSir]

Originally Posted by dad1501

We are first time sellers. Our realtors told us to expect a frenzy of buyers swooping in from all over. They said we would get 20 showings today with multiple offers over asking. We listed yesterday afternoon and so far...crickets. We are in Fairfield County which is one of the hottest suburbs that New Yorkers are fleeing to. We bought our condo in 2018 for $285,000 and put in $20,000. It is listed at $325,000. Is the market cooling off or is there something wrong with our listing? We have run it successfully as an Airbnb and people have loved it.

https://www.zillow.com/homes/5-Elmcr...86836373_zpid/

I know you probably just posted this here to advertise your listing, but I'll give my two cents regardless. Only thing I can think of is, maybe Norwalk isn't as desirable as the other towns around it? Maybe 2 bed 1 bath is too small for some people? Maybe the $275/month HOA fee turns some people off? Also, the real estate agent shouldn't have made promises he/she can't keep. Yes, some houses go under contract same day, but that certainly isn't ALWAYS the case. Your real estate agent should have based the price of your listing off of comparable listings. If you don't get any showings after a week that would be odd given the current state of the real estate market, but I still wouldn't panic. 2-3 weeks with no showings I'd ask your real estate agent to reevaluate your listing. Hope this helps.

[dad1501]

Originally Posted by ObedientSir

I know you probably just posted this here to advertise your listing, but I'll give my two cents regardless. Only thing I can think of is, maybe Norwalk isn't as desirable as the other towns around it? Maybe 2 bed 1 bath is too small for some people? Maybe the $275/month HOA fee turns some people off? Also, the real estate agent shouldn't have made promises he/she can't keep. Yes, some houses go under contract same day, but that certainly isn't ALWAYS the case. Your real estate agent should have based the price of your listing off of comparable listings. If you don't get any showings after a week that would be odd given the current state of the real estate market, but I still wouldn't panic. 2-3 weeks with no showings I'd ask your real estate agent to reevaluate your listing. Hope this helps.

Thanks for the advice. I definitely didn't post to advertise - it would be bad to let potential buyers know that we aren't getting any interest lol. I mainly wanted to know if there are any other sellers here and how much interest they're getting and to get feedback on the place. $275 HOA fee is actually really low for Norwalk, one of the lowest. Our realtors did not promise anything, but they did get our hopes up a lot. Our listing is on the high side for a 2 bed 1 bath but there have been 2 bed 2 baths that sold recently for $380-$390k. I didn't think 1 bathroom would make that big of a difference. Norwalk has been one of the hottest markets for a while now - I think some report said it had the highest sales price increase.

[CTartist]

Originally Posted by dad1501

We are first time sellers. Our realtors told us to expect a frenzy of buyers swooping in from all over. They said we would get 20 showings today with multiple offers over asking. We listed yesterday afternoon and so far...crickets. We are in Fairfield County which is one of the hottest suburbs that New Yorkers are fleeing to. We bought our condo in 2018 for $285,000 and put in $20,000. It is listed at $325,000. Is the market cooling off or is there something wrong with our listing? We have run it successfully as an Airbnb and people have loved it.

https://www.zillow.com/homes/5-Elmcr...86836373_zpid/

Nice condo in a good location right near I-95. To me it seems like a safe area too. I live in Trumbull but I have a doctor at the Norwalk Hospital so I know the area.

The only thing I can think is that the schools in Stamford and Norwalk are not desirable as the very affluent towns. Let's look t the Market report. I am going to throw my town because it has good schools even thought it is much further.

Median Sales Price up since......April 2019.......April 2020 compared to April 2021
Greenwich..............................11.8%...... .....43%
Stamford................................4.3%...... .......16.1%
Darien....................................28.8%... ........46% (wowie)
Norwalk..................................41%...... ........18.2%
Trumbull.................................46.6%.... ........30%

It does appear Norwalk is cooling off although I can't figure out why. Stamford and Norwalk schools I think are about the same but I could be wrong. Maybe for a city Stamford schools are now a little better than Norwalk and of course it is close to NYC.

When I check an area I go to Trulia and check the crime maps. Your condo looks like it is in a higher crime area. There is a lot of dark areas (higher crime) on this map. Maybe people are looking at this site and they are not coming by. See what the realtor says.
https://www.trulia.com/p/ct/norwalk/...5#lil-crimeTab

[CTartist]

[quote=dad1501;61050441but there have been 2 bed 2 baths that sold recently for $380-$390k..[/QUOTE]

Where is this condo? Not all parts of Norwalk are equal.

Where you from the Norwalk area when you bought you condo or did you move here from a different area/state?

[dad1501]

Originally Posted by CTartist

Nice condo in a good location right near I-95. To me it seems like a safe area too. I live in Trumbull but I have a doctor at the Norwalk Hospital so I know the area.

The only thing I can think is that the schools in Stamford and Norwalk are not desirable as the very affluent towns. Let's look t the Market report. I am going to throw my town because it has good schools even thought it is much further.

Median Sales Price up since......April 2019.......April 2020 compared to April 2021
Greenwich..............................11.8%...... .....43%
Stamford................................4.3%...... .......16.1%
Darien....................................28.8%... ........46% (wowie)
Norwalk..................................41%...... ........18.2%
Trumbull.................................46.6%.... ........30%

It does appear Norwalk is cooling off although I can't figure out why. Stamford and Norwalk schools I think are about the same but I could be wrong. Maybe for a city Stamford schools are now a little better than Norwalk and of course it is close to NYC.

When I check an area I go to Trulia and check the crime maps. Your condo looks like it is in a higher crime area. There is a lot of dark areas (higher crime) on this map. Maybe people are looking at this site and they are not coming by. See what the realtor says.
https://www.trulia.com/p/ct/norwalk/...5#lil-crimeTab

Yes I understand Norwalk is different from Darien, New Canaan, Westport, etc. but our condo is priced compared to other sales in Norwalk. You make a good point about crime, although Washington St is even worse and their condos have no issue selling.

[dad1501]

Originally Posted by CTartist

Where is this condo? Not all parts of Norwalk are equal.

Where you from the Norwalk area when you bought you condo or did you move here from a different area/state?

Those condos were a couple streets over in neighborhoods that (to me) are busier and not as nice but in "safer" areas according to the crime map.

[Reilly1017]

It’s only been 24 hours...is this really what our expectations are now?

It’s a condo, 1 bath, HOA...are they financially sound? Possibility of special assessments? Usually a buyer with a good agent that is thoughtful will research these things before running out and making an offer immediately. Also, the weather is beautiful out today, some casual buyers are out doing other stuff. I wouldn’t worry too much until a week from now if you have no interest.

I know the single family house is on fire right now, but 1 bath condos are not flying off the shelves. Nice listing, nothing to worry about, give it a few days.

[dad1501]

Originally Posted by Reilly1017

It’s only been 24 hours...is this really what our expectations are now?

It’s a condo, 1 bath, HOA...are they financially sound? Possibility of special assessments? Usually a buyer with a good agent that is thoughtful will research these things before running out and making an offer immediately. Also, the weather is beautiful out today, some casual buyers are out doing other stuff. I wouldn’t worry too much until a week from now if you have no interest.

I know the single family house is on fire right now, but 1 bath condos are not flying off the shelves. Nice listing, nothing to worry about, give it a few days.

Haha I know we still have time, but it makes me nervous given that all the other condos here are/were flying off the shelves. Last condo my realtor sold got 20 showings the first day on the market and it went $30k over ask. I think things have slowed since then, which I didn't expect. So I am disappointed. It is pretty rare that a place doesn't get a single showing its first weekend listed so I do think it means something.

[CTartist]

Originally Posted by dad1501

Those condos were a couple streets over in neighborhoods that (to me) are busier and not as nice but in "safer" areas according to the crime map.

Did you see this condo in your complex that sold December 2020. I think this is your complex. It sold for $276,000: 2 bed, 1 bath 1100 sf.
https://www.coldwellbankerhomes.com/...3/pid_38336452

Maybe the realtor just wants to see if she can get a higher price but will lower it in a few weeks if it does not sell like your neighbor.

This is how the condo near yours was listed.
12/14/2020....Sold: $276,000
10/13/2020....Price: Reduced: $289,000
10/06/2020....Listed: $319,000