Dani Stevens…, Home Buyer in Edmond, OK

I'm wanting to sell my condo so I can get into a house. The condo has already been on the market for a year.

Asked by Dani Stevenson, Edmond, OK Thu Mar 7, 2013

The thing holding people back that come for showings is the HOA fee (it's high). We have had the same Realtor since the beginning and now we are looking for someone new that can get this place sold. Please help!!!!! Any information is good. Thanks

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17
Ron Thomas’ answer
The HOA is the villan, but you chose to replace your Agent?
(And people wonder why I am not high on HOA's!)
You can blame the high HOA fee, and you can blame your Agent; but it would be a sure-fire bet that you are asking too much for the Condo; or it would have sold.
4 votes Thank Flag Link Thu Mar 7, 2013
Another thing to consider in condos is the owner to renter occupancy ratio. If it is below a certain amount, 60-70% renters, then a buyer normally can not get traditional FHA financing. I know of a bank which will do 'in house' loans and the condo can sell without the ratio being a problem. You need to check with your management and see what the ratio is. I have one which is closing in a few days. The complex is split at 50-50 so we had to go to the bank.

Karen Moseley
650-3548
Coldwell Banker Select, Edmond
karmoe@cox.net
1 vote Thank Flag Link Thu Mar 7, 2013
What commissions are you offering and are you over priced? Email me at Josh@JoshBarnettOKC.com
Web Reference: http://www.GetSoldOKC.com
1 vote Thank Flag Link Thu Mar 7, 2013
I would be delighted to meet with you, if you have not yet sold your condo.
0 votes Thank Flag Link Sun Sep 28, 2014
These are all great tips. have you considered selling it on your own?
0 votes Thank Flag Link Fri Sep 26, 2014
Great question! There are many reasons for a place not selling, too numerous to mention here. Are other condos in the complex selling? If so then the need for on-line exposure may be the key. Call me so I can review your situation and give you my honest opinion and then suggest your next step. Monica 405-615-0055
0 votes Thank Flag Link Tue Jun 11, 2013
are people scheduling for a showing ?
0 votes Thank Flag Link Mon Jun 10, 2013
What does your HOA fee cover? If it covers a lot of outside maintenance and insurance, then sell this as a positive. Can you sell it cheaper and just get out form under it?



Karen Moseley, Realtor
Coldwell Banker
650-3548
0 votes Thank Flag Link Sun Mar 17, 2013
Wow, lots of good responses! Yes, condos are a niche market and many that can afford a certain price will lean towards a single-family home. But there are definitely buyers out there looking for condo living. Let me know if I can help. I currently own a condo as an investment property and rent it out. I'd be happy to share my experience with you. You might consider using it as a rental property. Condos make great rental properties. If you can show you have it rented (or will have it rented) you can usually get a loan on a home of your own while owning an investment property. I own my home and will close on my second investment property on Tuesday!

Leah Brown
Realtor, Prudential Alliance Realty
(405) 414-2433
0 votes Thank Flag Link Thu Mar 7, 2013
Hi Dani,

You have receive great answers from the other responders. Let me see if I can help you by taking your comment a step further.

I crunched the number to look at the Absorption Rates (Inventory) for Condos since I have another Client who is wanting to List their Condo and I'll need the same information for my Listing Presentation. Okay, back to Absorption Rates. For the entire Oklahoma City MLS system:
6 months: 125 Sold 24 Pending 149 Total / 6 Months = 24.83

Currently 143 Condos for sale / 24.83 = 5.76 Months Absorption Rate or Inventory. This is a Seller's Market, 6 is a Neutral Market, and above 6 is a Buyer's Market. If no one Listed their Condo for sale and Builders were not building anymore Condos it would take 5.76 months for all of these Condos to sell.

You're probably thinking right now...see I told you our Condo should have sold by now! Not so fast. As a rule of thumb for a real estate property; if a property is on the market for 180 days or longer, the property is overpriced, there is something wrong with the property....needs updating, painting, etc., and or a combination of both being overpriced and having warts.

Is this all ways the truth? No of course not. And Condos are a good exception to the rule because you are essentially looking at a Niche Market. Many people who want a Condo are "empty nesters" downsizing, investors, and people who have stepped from renting an apartment , to buying a Condo, and are taking the next step to buy a home. There are other exceptions or reasons for a property not selling. However, the 180 day rule is a starting point to resolve any issues with your property.

How do you know your home is priced right? By the traffic...i.e. the number of showings you are having to see your home or offers on your home! If you look back up to the number of Condos for sale in the Oklahoma City MLS there were 143. These are your competition.......

Call me and we'll put together a plan to beat the competition. If I do not think I can beat them or help you, I'll tell you so and we'll part as friends!
0 votes Thank Flag Link Thu Mar 7, 2013
Dani:

I have sold and owned condos. Price or condition are the issues if the condo has not sold.

Give me a call and we can work as a team to get your condo sold.

Carolyn Sims
Keller Williams Elite
405-808-7922
Web Reference: http://csimshomes.com
0 votes Thank Flag Link Thu Mar 7, 2013
Hello Dani:
I have sold condos in the past, I do not have one at this time, I do get people wanting condos, I also live in Edmond, I know the Edmond market, I am a Realtor with Re/Max and we have the best web site in the world, I am also a member of Homes.com, Realtor.com, Trulia.Com, and I will also place your home on any web site for condos:
I also have a special for my sellers who are also going to buy:

Give Me a Call
Thank you
John Phillips
405 413 0791
jphillips81@cox.net
0 votes Thank Flag Link Thu Mar 7, 2013
I have sold condos and yes they are difficult to sell but not impossible. I tried looking up your listing, but was unable to find it. Will be happy to meet with you to see what we can do to move forward with your goal.
Monica
0 votes Thank Flag Link Thu Mar 7, 2013
Hi Dani, Are you by chance at the Quail Springs Condominiums? Give me a call and I would be happy to help go over some options for you.

Lisa Schnorrenberg, GRI, Broker
Lisa Schnorrenberg Real Estate
(405) 590-3677
0 votes Thank Flag Link Thu Mar 7, 2013
No we are in the Benttree Complex
Flag Thu Mar 7, 2013
Dani,

I hope you are well. Condo's can be a more difficult sell than a home due to the small percentage of buyers shopping condo's (usually rules out families, buyers needing yard/space, wanting more privacy). Also, the monthly HOA can drive buyers away from the purchase as well. With this being said, it's critical you are priced right, the condo is in great condition and staged well, & your REALTOR/agent has a good marketing plan for the needed exposure. I have sold many condo's/townhomes in the past, so If you need any help feel free to call at 405-464-3533. I look forward to hearing from you:)
0 votes Thank Flag Link Thu Mar 7, 2013
I would be happy to assist with an assessment of how to sell your condo. Pam King, RE/MAX Metro Group 405-923-6574.
0 votes Thank Flag Link Thu Mar 7, 2013
I'll be happy to look into it for you. Please feel free to contact me at your leisure.

Bridgett Wells
Keller Williams Realty Elite
405-651-9320
Bridgettwells@kw.com
0 votes Thank Flag Link Thu Mar 7, 2013
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