Home Selling in 60610>Question Details

bea, Other/Just Looking in 60025

Selling a Gold Coast Chicago 2bed/2bath condo. Why so few showing requests? (Under contract early;perfct inspection, but buyer walked anyway.)

Asked by bea, 60025 Sat Sep 8, 2012

Why would it not get more showing requests at this time? Upper floor in 23 y.o. highrise of 24 floors, west-facing w/balcony, new kitchen, 1100 sf. Though there is no washer/dryer in-unit, the bldg allows install. Priced upper 320's. No HW but good quality newer carpet. Great feedback from showings it does get, but no more offers! Why so few showings when market is supposedly strong and 2/2 inventory in Gold Coast supposedly low?

Help the community by answering this question:

Answers

13
There are 2 essential variables at play here:

Price - Take a good look at comparable properties that sold in the past 6 months. If you're not getting a lot of activity after an extended period of time, the market may be telling you that you may be priced too high. Inventory may be low, but buyers still want bargains. Consider offering some sort of incentive (ie, home warranty, closing cost assistance, or a free cruise. You can find give-away packages online)

Condition of the Property - Even if you're in the most desirable building, block, or neighborhood. Most owner-occupant buyers want something nice where they only have to add a few touches to make it theirs. Spruce it up, stage it nicely, and you may even get multiple offers.
1 vote Thank Flag Link Sat Sep 8, 2012
Hi and thanks to all who responded. The condo sale closed on 11/15.
0 votes Thank Flag Link Thu Jan 10, 2013
Congratulations Mary!
Flag Tue Oct 1, 2013
Hi Janet,

It is a new year and things are heating up in the market. I would be happy to meet with you to discuss a better marketing plan for your condo.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Wed Jan 9, 2013
Dirk offered excellent guidance, it is one of three things.
You are aware, according to your comments, of the discrepancy of those properties that have sold and the assets of your unit. You CAN NOT ignore what your unit does not have. Well, yes you can but the result is silence from the market place.
-
Now is the time to huddle with your real estate professional and develop a pro-active strategy that will neutralize this issue and turn it into an ASSET or adjust your price accordingly.
-
Understanding how this is done gives fabric to Joseph;s comment. Selling your condo can not be like shopping at wallymart if you expect to get the best purchase price. Sometimes the buyer needs a little convincing. You may need to empower and encourage your agent to get this 'gold' sold!

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Jan 3, 2013
Hi Janet,

I work and live in the Gold Coast, I'm very familiar with most of the buildings. There is plenty of activity in the area and if the buyer walked, it's for a very good reason.

Feel free to contact me at anytime.

Jose Hernandez
Coldwell Banker
312-788-7079
0 votes Thank Flag Link Tue Sep 18, 2012
After a little research, I believe I figured out your building. If I am correct in my thinking what listing is yours on the MLS, your unit was initially priced too high. Another unit on your same floor sold for $305k within the last 6 months.

The units in your building that sold for between $336k and $370k had hardwood floors and brand new kitchens and baths.

Also, now that its been on the market a while, you are losing the excitement factor for Buyers that have been on the lookout. I am working with buyers right now who have been eyeing a property for a while and they keep asking me, "if it is so great, why is still for sale?" They are just waiting for the next price reduction.

Have you considered staging your property? How has your marketing been? What is the feedback you are getting?
0 votes Thank Flag Link Sun Sep 16, 2012
It is quite simply either 1) price issue, 2) condition of the property or 3) ineffective marketing. I would analyze all three to determine your strategy moving forward. Let me know how I can help.
0 votes Thank Flag Link Sat Sep 8, 2012
What are the assessments like? Whats the parking like? if you have really high assessments, no parking, and no in unit laundry, plus its a little dated, it will be a tad harder sell. Not impossible, but you wont get a thousand showings. However, the people who come through will be quality.
0 votes Thank Flag Link Sat Sep 8, 2012
Sounds like you are having showings but not very many. And one offer! I’m not sure which listing is yours but appears to be slightly overpriced due to lack of viewings and might be something turning buyers off during showings. I recommend looking at value vs. price again and concentrating on staging and giving the best impression possible during viewings.
0 votes Thank Flag Link Sat Sep 8, 2012
if you do not have a offer after 5 showings you need me as an agent, your not doing something correct
0 votes Thank Flag Link Sat Sep 8, 2012
While the market has changed finally not everything sells fast or at the price sellers think it is worth. Buyers alwyas know more about the market than sellers and obiously they do not think your place is a bargain yet, but just slowly drop the price and it will sell. You did have an offer which is better than some listings. The E tioer seems to be the smallest in the building so the price needs to reflect this. Your agent only mentions the w/d inthe agent remarks which buyers cannot see and therefore do not know about. That should be changed.
0 votes Thank Flag Link Sat Sep 8, 2012
There are so many factors but this is the time of year when demand is on the decline. One would have to compare how your unit looks online to what else has sold in your building. Did your realtor use professional photos? Also, what are your assessments like? How does your description read?
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Sat Sep 8, 2012
Don't forget the quality of your photos and virtual tour. This is your first showing to any interested party. Also what is your agent doing to promote your listing to other agents?
Web Reference: http://Www.condochicago.com
0 votes Thank Flag Link Sat Sep 8, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer