Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'd look and se who has actually sold units in your building. Those are the realtors you want. I'd tell her now that you're done with her. Why wait until Friday?
Do what you will, but I don't think this one's the realtor's fault. YOU need to lower the price. It really doesn't matter what type of property it is, where it is, or what condition it's in, but priced properly around those three parameters anything will sell. Sellers almost universally place a higher value on their own properties than the market does.
It's human nature, but unfortunately amplified in these times by the fact that houses have become more of "an investment" than a place to lay your head at night and raise a family.
It is, of course, a condo. I don't know too many people itching to get into condos when single family homes are so prevalent in most suburbs. Offer the future buyer a deal they can't refuse. In the meantime you're on the hook for property taxes and that hefty HOA fee.
The big thing to consider is, In this 4 month period, have other Condo Units in your development been selling. Have other Condo Units in the general area been selling. If the answer is there are other units for sale, but none have sold, it shows that the competition in other developments is drawing the buyers, and they are ignoring units for sale in your complex. When this happens, the only way to attract buyers, is low enough price you get your attention.
If some have sold, what price did they sell for. If you are say $10,000 above the price the others sold for, you are way overpriced. It is not what you think your unit is worth, what it would have sold sometime in the past. Price is the thing that keeps property from being sold, while similar units have sold at a lower price.
The next thing is, what price did similar units in your development sell for. If others have been selling, and for similar units have sold for less money, you know the problem. The problem is you are overpriced for what people will pay in that particular Condo development.
Those are the first thing you need to check out. Condos are harder to sell than single family homes. Single family homes are more individual, while Condos are all similar. Some complexes will be the fad place to buy, while others are not selling. The reason they are selling, and your complex is not selling is in the majority of the time, lower priced for what the units are offering. If they are nicer, better located, etc., and they are selling at about the price you are asking, it means people are getting more for their money in the the other complex, and this is the reason your unit is not selling. When this happens, units in your complex are not going to sell priced the same as the more desirable units.
You said you have cut your price by $10,000 and it is now priced far below it's market value. Market value is the price people will buy your unit. When it has been for sale for 4 months, and no buyers, this may not be true.
Today, buyers agents are the ones that sell your property, not the listing agent. People today are told everywhere you look, "Don't buy from the listing agent, as they represent the seller and will be spending their time looking after the Sellers Interest", which is a true statement under agency laws. If you like your agent, her changing offices is not a big factor, as she is not the one that is going to sell your condo. It will be another agent, from in nearly all situations another office. As she is going to have a new office, and have few listings to sell, you will be a priority client, if she is handling your listing. Too many sellers think that changing agents will get you a buyer. Not true, unless it is an unusual property, and needs handled by someone specializing in problem property. A condo is not one of the properties this type of agent fools with.
What you need to do is get this agent to sit down with you and find out the following. She is the one you need to do this, as she has been the one handling your property.
1: Have other units in the condo complex that are similar sold in the last 4 month. If yes, at what price did they sell.
2: If another condo complex has been selling faster than your complex, what factors make them them more desirable to buyers than your complex.
3: Which units are lower priced that have been selling, your unit or theirs. If they have been asking the same as yours, it will show your units are overpriced for the current market and that is the reason they are not selling. If the other units that are selling are nicer, or in a better neighborhood, it indicates your unit is overpriced, and not worth as much as your unit. If they are selling cheaper than your complex, it means you are overpriced.
The first things you need to know.
A---Are Condos selling in your area, or are they almost impossible to sell at this time. If none are selling is the answer, the only thing that will start bringing buyers is you have to go for price.
B---Are other units selling, but not in your complex, same solution.
C---Are other units nicer and more desirable, and are selling for your asking price, same solution.
I was an investment real estate broker from 1972, till I retired. I only sold 1 Condo unit in my whole career. They were not valuable enough me to fool with. However I did keep watching the market to keep aware of what was going on. What I have told you, are things I learned in real estate classes at a major university, and observed over all those years.
I'd appreciate any suggestions if this is the right direction to go in.
How about "Asking price includes one year HOA dues paid by seller." This becomes negotiable if a prospective buyer offers less than asking or requires concessions.
Congratulations on hiring a new agent. Smart move IMO.
I met with my new realtor a few minutes ago. He is certain it will sell and has recommended dropping the price (no surprise here, as everyone has already mentioned). He stated that the HOA fee PLUS high quarterly taxes makes this particular community of condos "very challenging" to sell (no surprise here, again) b/c of the wealthy suburb I live in, people tend to stay out of this area when looking for condos and gravitate more towards the capital, where fees and costs are significantly cheaper. There have been 2 condos for sale in my community and both took 6+ months to sell. He stated that mine is in excellent condition (brazilian cherry wood floors, granite countertops, open floor design, vaulted ceilings, updated/modern appliances, design, etc, etc) and b/c it's a stand alone condo (it looks like a small house), he knows it will sell if I simply lower the price more to make it that much more attractive. He's working now to have photos retaken this weekend and will host a broker and real estate agent luncheon at my place next week to garner interest among those in the community so that their clients will be made aware of my home. His reputation in this area is excellent and he seems genuine about aggressively and effectively getting my home sold...
(
I'll keep you all up to date with how things go .
I met with my new realtor a few minutes ago. He is certain it will sell and has recommended dropping the price (no surprise here, as everyone has already mentioned). He stated that the HOA fee PLUS high quarterly taxes makes this particular community of condos "very challenging" to sell (no surprise here, again) b/c of the wealthy suburb I live in, people tend to stay out of this area when looking for condos and gravitate more towards the capital, where fees and costs are significantly cheaper. There have been 2 condos for sale in my community and both took 6+ months to sell. He stated that mine is in excellent condition (brazilian cherry wood floors, granite countertops, open floor design, vaulted ceilings, updated/modern appliances, design, etc, etc) and b/c it's a stand alone condo (it looks like a small house), he knows it will sell if I simply lower the price more to make it that much more attractive. He's working now to have photos retaken this weekend and will host a broker and real estate agent luncheon at my place next week to garner interest among those in the community so that their clients will be made aware of my home. His reputation in this area is excellent and he seems genuine about aggressively and effectively getting my home sold...
(
I'll keep you all up to date with how things go .
...makes this particular community of condos "very challenging" to sell
...people tend to stay out of this area ... and gravitate more towards the capital
It's when people read these sorts of comments that having some location information,
even vague information, in the user date and/or profile makes posts and threads relateable.
Things are going very well with the new realtor. My home has had 15 showings in 2 weeks and this is significantly higher than the total number of showings I had with the previous realtor during the 3 month time frame that I worked with her. All feedback has been extremely positive.
I lowered the price of the condo to $299k and have, however, just one offer. This current offer started at $250k. My realtor and I have gone back and forth with the potential buyers and have gotten them to go up to $270k. Although I am happy they have increased up to this amount, it is still quite below the $299k that I am selling the home for. A few of the other would-be buyers have expressed an interest in the past 3 days concerning making an offer, but nothing has manifested, as of yet.
Additionally, just a minute ago, my realtor called me and stated that the current would be buyers (who have made an offer) would like to introduce a hubbard clause into the contract, should I agree to their price. The property they are attempting to sell is another condo in my area. My realtor stated that those particular set of condos usually have no difficulty in being sold.
I had no idea what this was and had an extensive discussion with him about this. He states that it would be advantageous to me as the seller.
I'm honestly torn about what to do.
It's getting late into the season and although I want to be done with this condo, the HOA fees, and the quarterly taxes, how much of a continued financial hit will I take if I accept their pending offer (which won't manifest at all if their current condo does not sell) vs. reject their offer and wait for a theoretically better one? If I accept their offer and the hubbard clause, will I be inadvertedly dragging out this process,even more?
What do you think I should do?
My realtor says it's a tough decision and he cannot make a strong suggestion concerning which way I should go.
Do Hubbards in your area allow you to keep the home on the market showing as active and take another offer if one comes through in the meantime if the original people haven't sold theirs yet? It does in mine, we went through something similar recently (we were the buyers who had a Hubbard while we sold ours, our new house remained on Active status), I'm not sure if it would in yours. It's a question I would ask your realtor to help decide how to proceed.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
