(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.
Coldwell Banker Select, Edmond
Karen Moseley, Realtor
Realtor, Prudential Alliance Realty
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!
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.
Keller Williams Elite
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
405 413 0791
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:)
Keller Williams Realty Elite