First: Have a talk with your Realtor. There's no excuse for not being responsive to a client. Open houses aren't very effective; they're often done primarily to please the client (and to get a list of potential buyers for other properties). Still, they're worth a try, and many agents do them, as I said, to please the client. However, your agent should be following up with the people you've had coming through (or their agents).
Second: Your condo is overpriced by $25,000. That's why it's not selling. Have your agent run a CMA. I just did. You'll find that there's one other active in your community, on Old Gallivan, for $252,500. It's a foreclosure and has been on the market for 74 days.
A 2/2 condo on Portsmouth sold in May for about $241,000 ($244,000 minus seller concessions). That was a short sale. And a 2/2 on MacGlashan sold for a net of $280,000 in February ($286,400 minus seller concessions). That wasn't a short sale or foreclosure...but that was in February and prices have declined substantially since then. Meanwhile, a property on Nightwatch was on the market for quite a while and didn't sell at $275,000.
The online photos look OK. Nothing spectacular; they could be better, but they're OK.
But the main problem is the price.
Hope that helps.
For more tips on how to sell your home visit my site. I don't work in your area but some of these ideas might point you in the right direction. Best of luck.
Sorry to hear about your situation. It will be hard to compete with foreclosure prices. It will probably be years for this to market to clear up. Enjoy the condo, you're probably going to be there a while. On the other hand if it's not listed for sale, it will never sell.
If you're interested, you can sign up for an automated CMA tool called Market Snapshot - it's on the front page of my web site. Let me know how else I can help. I am right here in Leesburg.
Wasn't difficult determining which property was yours. I searched the MRIS for condos in 20147 that had gone on the market during a 6 week period (last week in February to first week in April). That narrowed the properties down to a handful. Then I checked the tax records until I found the one you owned. I figured I might as well share the comps with you, rather than having you think that the problem was with, say, the appearance or condition of your property.
It's difficult to compete with foreclosures and short sales. You do have a few advantages, though. One is that short sales are very time-consuming and uncertain. If someone is in a position to buy now--not wait 3-4 months or longer and not even be certain that they'll be able to purchase then--your type of property becomes far more desirable. And while REOs aren't as difficult, they're sold in "as is" condition, which scares some people off. And I've heard lots of stories of banks approving a contract on an REO, then giving the buyer an incredibly short timeframe to close the transaction.
So it can be an uphill battle competing with REOs and short sales. One thing you might consider is having your agent keep an eye on the active listings in your community. If the short sales and REOs go away (the short sale could be purchased or foreclosed upon; the REO could be purchased), then you might immediately place your property back on the market. Or if another non-shortsale/non-REO comes on the market, put yours on at a lower price. There may be multiple windows of opportunity like that, even while the real estate market generally is soft.
Hope that helps.
I bought a house back in 1992 during a sellers market and due to a breakup, I decided to sell the house in 1995. It took 2 years to sell my home and 1998 was a buyers market. Ouch! Anyway, I chose the same realtor that I bought the house with to sell it. She was horrible. She would not show up for open houses. Her presentation was so shoddy. The final straw was finding an open bottle of wine sitting out in the living room and no one had even come by that day. I got rid of her immediately. Sadly, she was solely concerned with commissions. Get someone else that is more energetic and yes, the price is something you have to reevaluate. I ended up selling my house for what I paid for and I lost thousands of dollars in my own renovations. Unfortunately, the market is somewhat stagnant. Come election time maybe we'll see an influx of people coming and going to the region who need housing for at least the next 4 years. Good luck, Dan.
Going forward, make appointments with three agents who have sold condos similar to yours. Don't necessarily go with the agent who gives you the highest list price - ask about their marketing plan. Will they make sure your property is exposed to the largest number of buyers? Will they use lots of pictures? Will your property be advertised on multiple web sites (including Realtor.com)? Once your property is priced correctly, the key to getting the best offer is exposure to the largest number of buyers - and those buyers are mostly looking on the internet. You need to make sure they see your home!
From the way it sounds with all the showings you are having, the home is marketed. It may not be marketed to the right people but they did market it.
Then that leaves price, the Realtor that you have now should have done a Comparative Market Analysis to determine the sale price for your condo and you should be priced at or below what other similar condos sold for in the last 3 months. If that was not done your price could be way off.
As for what to do, I would ask friends or coworkers who have recently sold for the name of the Realtor they used. Make sure you interview at least 3 looking for one that you feel comfortable with and has a solid plan for getting your home sold.
If you have any more questions about picking the â€œrightâ€ Realtor or would like to be pointed in the direction of who to talk to in your area please feel free to ask.
Your agent was correct in saying that an open house would not work but is not correct in ignoring your phone calls and emails. She should be strong enough to tell you your pricing is not correct but instead she ignores you in hopes that an offer comes in. Telling a client their home is worth less than they think it is worth is one of the hardest discussions to have with a client. Most of the time it is met with such resistance that instead of having the conversation, a lot of agents just avoid it.
My advice is to get an honest opinion of your value from an experienced and straight talking agent.