Home Selling in Racine>Question Details

Mary Durbin, Home Seller in Racine, WI

Best way to sell a great condo, in a buyers market of foreclosures?

Asked by Mary Durbin, Racine, WI Thu Jan 14, 2010

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Linda’s answer
Make sure your property stands out from the competition and in buyer's minds. Most buyers want a house that is updated and move in ready. The more you do to present yours in that light, the better. There are many inexpensive ways to improve the appearance of a property. You don't mention how old the condo is or if it is vacant or occupied. Investing in replacing carpeting and light fixtures/hardware can be well worth the investment if your property would benefit from updating. In addition, it needs to be priced right and promoted effectively by your realtor.
0 votes Thank Flag Link Fri Jan 15, 2010
Hi Mary,

The key to selling a condo in any market is pricing. In the market we are presently in, especially in Racine, you have to be very conscious of what comparable sales have occurred within the last six months, and what your competition is asking for their units. The Racine area condo market for used units over inflated about 5-6 years ago because of sewer & development moratoriums that created a scarcity of units available. You add to that the general decline in real estate prices nationwide, and you have a drastic correction in values. We are probably back to 2002-2003 pricing for condos today. Even if today's seller is willing to admit the value has dropped, there is still a lack of buyers. Having probably listed & sold more condos in the Racine market over the last 22+ years than any other agent, I have never seen such a lack of interest as we see today. I attribute it to the inactivity of the "Baby Boomers" in the buying market. This age group is still the biggest consumer of condos, even though the number of younger buyers is rising. They are sitting on the sidelines waiting to see what happens with the local, state & national economies.

As far as competing with foreclosures, you must have your condo looking sharp to be in the running. A fresh coat of paint, flooring cleaning or replacement is a must. Most foreclosures show the signs of lack of resources or motivation to keep up normal maintenance and cleanliness.

In spite of all of that depressing info, there are still some condos that are selling. They are primarily lower units, or upper units with lots of square footage, that are priced correctly. I took the liberty of looking up your unit in the local tax rolls, and your condo definitely falls into the larger upper unit group. Coincidentally, I sold your unit when it was new construction. I was the project manager for that project back in my youth. The negative perception of electric baseboard heat, which your condo has, has to be countered by displaying your monthly utility bills. Once potential buyers see that they are not that much higher than natural gas, and with no mechanical breakdown potential, a good agent can sell around those objections.

If I can be of further use to you, please do not hesitate to email or call me.

Hope this helps,

Dave Bellovary
Broker Associate/Condo Project Manager
RE/MAX Newport Realty Corp
Racine, WI 53405
262-939-0935 (Direct)
0 votes Thank Flag Link Fri Jan 15, 2010
Highlight amenities like a swimming pool, fitness center which would be very expensive in a single family home. If your condo offers maintenance personnel to care for the common areas, do repairs, this is good news for home buyers that need to travel frequently. Keyed entries and even doormen offer security.

The ease of selling your unit may be dependent on other units for sale in your building.
0 votes Thank Flag Link Fri Jan 15, 2010
Contact a few realty offices, interview some agents and choose the one you like best--however, do keep in mind --it doesn’t matter what the seller “needs” or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place. Look at comps, recently closed similar units in the immediate area--determine a listing price-- price it on target, show it well--neat, clean clutter free, and a fresh coat of paint if needed, etc.--couple that with marketing with lots of exposure. A good agent will guide you through the process.

0 votes Thank Flag Link Thu Jan 14, 2010

The best way is to contact a "Local" realtor in your area.

I would suggest going under "Find a Pro" on Trulia.

Your agent will be able to pull comp's surrounding your condo & provide you with an analysis of what the realistic market value will be. If there are alot of REO's around your condo, it may impact the comp's substantially. Also if the development is primarily "investor" owned condo's, it will impact what type of buyer's will be able to purchase.

Best of luck!
Web Reference: http://kathyweberhomes.com
0 votes Thank Flag Link Thu Jan 14, 2010
The best way to sell anything in a Buyer's market is price it right for the condition and amenities. Make it stand out and shine above all the others so that a buyer can see themselves in it and the value. Usually 5% below the most recent pending, depending on your market segment.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Thu Jan 14, 2010
How are we supposed to know what the offer was on the "pending" property? NEVER EVER base your price on anything but sold listings. As a broker, Terri, you should know that. Shame on you.
Flag Fri May 3, 2013
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