You can call another agent to give you a Market Analysis.
We as agents can only suggest a list price to you. We can also decide on whether or not we want to take that listing and you can decide on whether or not you as a seller want to list with that agent.
Make sure they explain market conditions in your area as well. What is the list to sales price? Average Market time? Absorption rate....how many condos are on the market to how many have sold in the past 6 months.
I hope this helps!
Mike Yun, Broker
Jameson Real Estate
It is very likely that this agent is trying to assist you and help you sell your condo for the best price possible. However, unless you have a signed listing contract, you are not obligated to list your property with this agent at all. The agent works for you and cannot force you to list your property at any price.
Whether or not the agent is correct about the pricing he or she is suggesting depends on way too many factors for us to judge - location and neighborhood, floor level, number of units in your building, number of similar properties on the market, average market time, condition of your property, health/strength of your condo association, etc. If you are not certain about this agent's assessment, you can check with other agents to see what their assessments of the value of your property and proper list price are. Just be honest with the agents you are asking to help you determine how you should list your property - let them know that you might have already chosen an agent but are looking for a 2nd opinion.
In any market, an average of 25-35% of listings sell within 30 days. The remainder, 75%, take a lot longer to sell. Why did they talk so long to sell? Because they were over-priced.
Remember, we expect 10-12 showings or one offer in the first two weeks on the market, otherwise we reduce the price, usually around 5%.
Also, list price is a marketing tool. My last listing sold in one week with a full price offer. My newest listing was priced at market and has five offers. It is much better to be slightly under-priced, and sort through offers, than over priced, waiting for offers.
Your listing agent should sit down with you and go through the comps to help the two of you decide what listing price makes sense. If you have questions or want more comps, it is ok to ask.
You as the owner have the final say of course. Still you are paying a real estate agent for their expertise, so you may want to take their advice.
If you list the property too high, you will likely miss buyers. There is a lot of inventory on the market, so the right pricing is critical. You can list it higher, then adjust the price based on the amount of interest. No showings - definitely drop the price. Showings but no offers, try to get feedback from the agents showing the place, maybe you can do something to the property to make it more appealing (like drop the price :) .
Please feel free to contact me if you have any questions or concerns.
Thank You and Have a Great Day!
Prudential Starck Realtors
Cell # 312-968-9335
As to is the market that bad, yes it is. Prices have fallen a lot in the 3 years since you bought it. Your going to take a loss no matter what, but it depends on what your unit looks like/upgrades in there.
I would go out an interview 2-3 agents, and go with the one you mesh best with. I would be happy to help in anyway.
Americorp Real Estate
Brokers Associate, e-PRO
Good question. Your 3 bedroom and extra parking space is valuable. However, and this is a biggie...the selling price will not depend on what you paid or on what you owe! Take recent sales and figure the per square foot selling price of the condo AND the parking space. You can get a good market value that way. Ask your listing agents, someone who really knows your area of Chicago to to this for you. It works in Florida. Just forget about what you paid and forget about what you owe if anything...just focus on sold properties in your building.
Debbie Albert, PA
Coldwell Banker Residential
It is true that people who bought back in 2005-2007 are often losing their shirts because that was the peak of the 'bubble' and prices have come down and in some areas down a lot, but you still need to do the comparisons.
Let me know if I can help.