Where are you relocating too? Somewhere in VA? The main thing is that if you bought your condo recently, you may take a hit on the sale. One thing that I feel strongly about is to own where you live.
Best of luck to you!

Hi Rebecca!

Just checking in!

School's out! Here's to the start of a great summer!

Write or call. Love to help with your real estate needs. That's what I do!

Fulton
424-964-7474
ulton@kw.com

You're witnessing one of the really neat things about Trulia and other similar applications--that you can get multiple perspectives from many minds on the same subject.

Jim's response speaks to the value a full-time Realtor in-tune with his/her local market can bring to any discussion of selling your property for the most money, within your time frame, and with the least amount of hassle.

Sold comps are usually the first thing to gauge projected performance against, but I agree with Jim, they are NOT the end-all-to-beat-all. Solds are what banks will use when they "assess" the property value agreed upon in a sales transaction (collatoralizing the asset). Remember, they are buying your property and the buyer pays them back in monthly installments called a mortgage. So they want to make sure they're paying close to fair market value. Especially important in slow or declining markets where we could be chasing values (down).

The bank wants you and your Realtor to substantiate the value you attributed to your property. Every seller (me included!) thinks their home is worth millions and is twice as grand as the one that sold next door. The bank KNOWS that. They KNOW Realtors take overpriced listings sometimes just to get the business. So they order these third party, objective appraisals which use sold comps to attribute a fair market value of similar, like and kind properties.

An appraisor is called upon to do this and he/she relys on SOLD comps preferrably no older than 6 months, 2 within a mile of the subject, and one within 5 miles. (But with inner city condos comps are more prevelant so no need to go further back than 3 months and outside of a mile). The appraisor, like the Realtor, relys heavily on a foundation of time tested market awareness and understanding to account for current trends--kind of the "gut" feeling.

We would have to carve out a marketing strategy that accounts for the net you need from the sale of your condo. We would start by evaluating buyer demand for similar properties in the past 3-6 months. That would be the beginning of our efforts. And it's fun! I love this thing called real estate!

More as it develops. Jim, your turn! ;)

Fulton

Rebecca -

The short answer is "it depends" - are you willing to undercut the competing properties by X% in order to get it sold?

Sold comps are important as Fulton says, but I believe that Sold Comps Matter Less in this market.

Where is your condo located in Belmont? What new construction (or anticipated new construction are you competing against)?

Hi again, Rebecca.

Hey, some stats for you:

31 condos have sold since Jan 1st. Avg list price $370,073, Avg Sold Price $359,498, Difference -4% , Avg days on market 124, and $241 sq ft. Lowest price $104,000 most expensive $1,222,750 !

Condos currently on the market 68, Avg price $365,026, avg days on market 250 !! Price per sq ft= $267. Cheapest and most expensive $85,000- 895,000.

More properties on the market, fewer selling, but they are selling. And as Valerie says, Belmont still draws a steady buyer stream. But you can see, there is more competition and longer market times, so pricing will be critical!

All my best.

Fulton

Right now is a GREAT time to sell a condo in Belmont! In town living with gas prices through the roof!? You will be fine. Houses close to town are sitting on the market for a much shorter time than houses a bit farther out. Belmont is a great area also! I am not sure if you are familiar with La Taza & Belmont BBQ, but they are both owned by my family members and there are always people that come in to La Taza looking for places closer to downtown! Where are you looking to relocate? If you are interested in selling, I would be happy to assist you. Best of luck!
Regards,
Valorie Ford
Real Estate III-Downtown
vford@realestateiii.com
434-327-6900

Dearest Rebecca,

In my 20 years as a Realtor I've learned and believe one marketing adage, that pricing is THE most important thing. All other considerations, such as location, size, ameneties, etc., are all a function of price. Even the most ugly home in the worst environment has its price.

So what is your price? And can your Realtor (me) support that price opinion using similar, comparable properties that have sold in the past 3-6 months allowing for the current market trend? I do neither of us any favors taking a lisitng and having it sit for months and months.

I will e-mail you all properties similar to yours that have sold and start the conversation there. How does that sound?

Fulton
Fulton@kw.com
http://www.CharlottesvilleHomeSellingTeam.com
434-964-7474