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Nadia, Home Seller in 929 north astor

I have a condo on the East side.. I need to sell because I'm moving.. any recs on how to start?

Asked by Nadia, 929 north astor Mon Dec 24, 2007

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Nadia, if you're able to show the home yourself then try listing it on a FSBO site ($300 or so to be in the MLS) or a site like Craigslist or Yahoo Real Estate. It is still a good idea to interview Realtors to get an idea of the market value of your home based on comps that have sold and to know a good Realtor in case you aren't able to sell it yourself. Ask the Realtors how many homes they've sold in the last 6mo, how many they currently have listed, and what their average listing price / close price is. A good strategy would be to list your condo yourself at 3% less than what the market price is. This way, you have an attractive price and are still able to pay a buyers agent if need be. Then use a real estate lawyer to review the offer and counter if necessary. Realtors are licensed but I prefer to have an actual lawyer help with contracts. Hope this helps.

Try FSBO first -- not to save money (although you probably will), but instead focus on selling quickly for the same net sales price for yourself. Read the article I linked to below, it compares FSBO listings in Madison, WI to Realtor listings. It was done by 3 independent economists, not economists paid by the Realtors Association.
0 votes Thank Flag Link Wed Jan 2, 2008
Nadia, I recommend that you interview a few real estate agents who specialize in the downtown condo market. In a buyer’s market, it is really important that your agent provides you with staging suggestions as well as appropriate pricing strategies. The broker you hire should be in a position to market your condo in as many resources as possible - to expose your condo to the greatest number of buyers.

I see that you are a condo owner at The Regency House in downtown Milwaukee. Currently, there are several units in your building for sale. Following an appropriate pricing model will play a significant role in this marketplace.

Most real estate agents will provide you with a free market analysis to determine the appropriate marketing strategy. If you would like more information about the current marketplace in downtown Milwaukee, then please contact me at dray@shorewest.com or review my website at http://www.DavidKnowsDowntown.com. Best regards, David
0 votes Thank Flag Link Fri Dec 28, 2007
Nadia, You should always try to interview no more than 3 realtors that are familiar with your area. have them provide comparables especially in your complex and other similar condos. I see your on Astor so you will have a plenty of comparables right in your neighborhood. Also have the agents breakdown what you are getting for the commission rates they are offering and breakdown closing costs for you. With this crazy market we are in with a glut of inventory - pricing is very key. Always remember what you paid for the property when you bought and what it is worth now. Any equity that you have taken out throughout your ownership of this property is gone unless you have put it into upgrading your unit. So remember that in your pricing. Properties in Milwaukee have not been appreciating at double digit clips since mid 2005.
I specialize in relocation and am in the Milwaukee area. If you have any more questions or have interest in having me provide a Comparable Market Analysis for you, feel free to call or email me. Best - Dave Eyrise, Realty Executives Integrity (262) 901-0801 or daveeyrise@reintegrity.com
0 votes Thank Flag Link Fri Dec 28, 2007
You need to find a reliable and experienced Realtor to guide you through the process. Basically that is all you need to know.

I understand that this is no mean task however. and unfortunately, it is ofter too late before you have found a good one. I would look first for a referral from friend who had a good experience. A realtor who is experienced in the type of property you are selling, ie east side condos.

Nadia,
I would look for the CRS designation. Certified Residential Specialists have a minimum standard for education and experience. When I am recommending an agent around the country, I first select a CRS with whom I have met personally. I find this is the best way.
I know a couple of agents in Milwaukee I would recommend.

Good luck!!
0 votes Thank Flag Link Wed Dec 26, 2007
Nadia-

Your first decision is whether or not you'd like to try and sell it yourself vs. hiring a REALTOR to handle the sale and marketing for you. I would base this decision on a number of factors first and foremost being the amount of time you have to dedicate to handling the sale vs. hiring it handled.

Once you've gotten some clarity on this you'll need to determine your asking price. This is a very important step. Overpricing the property will harm the sale short term, and quite often, weaken your opportunity for getting the most equity out of the sale. Underpricing may cause a fast sale but will also affect the equity you may have in the property.

You can contact a local real estate expert who handles sales in your area or condo complex and ask them for advice on this. Many will do this free of charge with the hope that you'll at least consider them to handle the sale should you choose to list the property.

Feel free to visit our website for free tips on how to prepare you home for sale. Choose the "Seller Resources" option from the left side menu at our homepage.
0 votes Thank Flag Link Wed Dec 26, 2007
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