Home Selling in 30312>Question Details

Vika, Home Seller in 30312

Should I re-list or wait til next year?

Asked by Vika, 30312 Thu Oct 2, 2008

I have had my place (Arbors at City Heights), one bedroom townhome very nice place, on the market for the last three month. It did not show much. Should I relist it, or wait til next year?

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Vika:
The one thing that seems to be a general (albeit unwritten) rule during this time of the year is to take a property off the market and wait until the "Spring Buyers" come out of the woodwork and relist then. I agree with the answers as far as having the home priced correctly and possibly staging it for the most appeal (meaning all defects and flaws are corrected); but I would not take it off the market! People seem to forget that there are buyers constantly relocating, or someone has decided it is the "right time" to buy and they all need properties to choose from! You will probably have less competition since many do indeed take their properties off the market during this time of year. If you truly want to sell, hang in there! Just make sure you are priced correctly.
2 votes Thank Flag Link Thu Dec 18, 2008
Vika, your answer depends on your situation. Are you looking to sell because you have to, or because you are seeking to move, or are you looking to sell for top dollar? Typically, in this market, unless a property is priced very well from the start, with so much inventory on the market, it will simply be ignored. It's simply a matter of supply and demand. There is simply more supply than demand. However, houses are indeed selling in this market, contrary to popular belief, simply not at the rate of the hey-days of easy financing.

Typically, the Thanksgiving to New Year's Holiday season is one where most home buyers are focused on Holiday shopping and other thoughts. However, those buyers that are indeed looking for a property and willing to look in the snowy weather are indeed very, very serious buyers. You could potentially miss out on these very serious buyers by not relisting.

Buyers looking for homes during the holidays are usually highly motivated to buy before the end of the year so they can get extra itemized income-tax deductions for mortgage loan fees, interest and pro-rated property taxes.

Festive lights and holiday decorations can help a home "show better."

Because January is traditionally the month for transfers, having a home on the market at the end of the year can capture the transferees who may not be able to wait until the Spring to buy a home.

So my suggestion is to re-list. Any serious winter buyers will be missed otherwise. Be sure, however, to list at the right price, because simply re-listing but incorrectly priced, will not get you results. Good luck and best regards!
1 vote Thank Flag Link Thu Dec 18, 2008
Vika, price, marketing, and condition of the home is what counts. Look at the other similar homes for sale in the area, and see how they are priced ( active, pending sales, and closed sales), and what condition they are in. That is your competition. You are losing equity every month your home does not sell. In my market homes lose about 2% per month, so if you can not go as low in price as needed, then do the market a favor and take the home off the market. Houses are selling contrary to popular belief, the problem is their are more sellers than buyers. Simple supply and demand issue.

As far as re-listing, and you need to sell, now is the time, because every home seller is waiting till after the holidays. Your competition will be stiffer. If you can price it right, the home is in great condition, and your realtor is an aggressive sales person. You should be fine.
1 vote Thank Flag Link Thu Dec 18, 2008
Do you need to move? If the answer is yes then relist, if the answer is no then do what most sellers do, languish on the market for months overpriced and blame your agent when the contract expires.

If you want to move but fear you will lose out on something or sell for less than you bought for, consider this- when is a loss really a gain? If you risk losing 10% on a $200,000 house and sell for $180,000, then you must appreciate that there is a $400,000 house out there that will experience the same 10% loss. You buy the house for $360,000 and actually gain $20,000 in the process.

Better yet do it at a time with amazing mortgage rates.
1 vote Thank Flag Link Thu Dec 18, 2008
Vika,

It really comes down to your motivation no matter what the market is like. I think a lot of replies have related to the current market and certainly if you are a move-up buyer, it's a great time. Even if you can't sell your condo for as much as you thought you could a couple years ago, you're going to see similar savings when you buy your new home.

With that aside, the other concern a lot of sellers have about re-listing at this time of the year is the cyclical nature of real estate and the fact that sales typically start to slow down through the end of the year, in particular between Thanksgiving and New Year's Eve. People have a lot on their plate this time of the year and it results in fewer active homebuyers. So you may think that means don't re-list right now. But wait a second. The one advantage is that while traffic is usually down, the buyers actually looking during that time are very serious buyers.

These are just a couple scenarios to consider, but what it really comes down to is your motivation. Do you just want a bigger place or are you moving out of town?
Web Reference: http://www.H2realty.com
1 vote Thank Flag Link Fri Oct 3, 2008
Vika,

What would the benefit be to not have it on the market to sell?
1 vote Thank Flag Link Thu Oct 2, 2008
Like everyone else has said, I would suggest relisting. Is your townhome competitively priced? Come Spring time, there will be more on the market and more competition. Best wishes!
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Fri Jan 2, 2009
Next year is here! No better time than the present to list on the MLS. Try listing with a flat fee company, maybe you can save a few bucks on the commission.
Web Reference: http://ctflatfee.com
0 votes Thank Flag Link Thu Jan 1, 2009
It looks like everyone is in favor of you re-listing. I would have to agree with them. No words of wisdom here that have not already been said...
0 votes Thank Flag Link Thu Jan 1, 2009
What do you think is going to happen in the market between now and next year? If it didn't show much, the price was too high.
0 votes Thank Flag Link Tue Dec 30, 2008
Hi I wouldn't wait . Keep it out there whaile everyone else is waiting for the new year. It looks like prices will continue a little downward so don't follow the market down reduce your price now to get activity. Your first offer is usually the best get that Buyer up as high as u can and make the transaction happen
0 votes Thank Flag Link Tue Dec 30, 2008
Hi Vida,

Waiting can only cost you money.

With values still on the decline and the expectation that this will continue, you should keep your property actively on the market.

This is not to say that perhaps some changes may be necessary in the actual marketing of the property.

Agent, advertising, web site presence and pricing all need to be considered in order to be more effective and get more exposure.

All the best,
James Joseph
0 votes Thank Flag Link Sat Dec 20, 2008
Too bad in those last three months you had your townhouse listed, the economic crisis was announced. This led to most buyers adopting a "Let's wait and see" attitude. Most sellers take their homes off the market for the holidays and into the first few months of the new year. When there is less inventory (homes for sale), it gives the few that are left on the market top billing. With the interest rates rumored to hit 4.5% early next year, buyers are lining up their resources to be ready to pounce on homes and condos. We are projecting a very busy January and February '09, and then a slow down. Don't wait until Spring like everyone else does, list it now. The second part of this equation is that the condo should be listed slightly lower than the last sale in your area. Every home sells eventually, but at the right price.
0 votes Thank Flag Link Fri Dec 19, 2008
Vika,

What are the chances of selling this property if it's not on the market? How much is it going to cost you to list it with an agent? What are the benefits of not having it listed?

Our advice is to relist because it's possible you could find a buyer and it's not going to cost you a thing to have it listed.

Don't give up hope of finding a buyer....remain positive and above all price the property right.

Good luck
0 votes Thank Flag Link Fri Dec 19, 2008
WHO KNOWS! The crystal ball is a little foggy BUT if I were listed 3 months and had few showings and I have above average marketing and agent networking then the price is wrong for the market. All my listings that sit are due to pricing and location. Todays interest rates are great! Ask yourself why you are selling. Sit down with a local experienced agent, ask for sales in your area, what does the employment situation in your area look like?, How is you location? Can you help with financing?, Offer incentives and determine if you can survive at the new price. If you can not then pull the listing and wait(it appears you can since you are asking if your should wait). If you can not but also can not handle the mortgage talk to your lender and work something out with some direct talk. The key is determing why are you selling and then the answer becomes simpler.
0 votes Thank Flag Link Fri Dec 19, 2008
Typically the housing market slows this time of year through the Spring. Who knows, if you relist you may snag a holiday shopper along the way.

Best of Luck
0 votes Thank Flag Link Fri Dec 19, 2008
Some people think that since it's the holiday season a great deal of people are taking off and they have more time to view properties......it's ultimately your choice though. If you need any help you can contact me at 310 780 4001.
0 votes Thank Flag Link Thu Dec 18, 2008
Hi, I would find an ASP Realtor (Accredited Staging Professional) and then STAGE it! Re-package it with new "staged" photos on the web, re-tour with the local MLS & get your Realtor working for you.... Doing as much as possible to get your property SOLD!

Find an ASP Realtor in your area through stagedhomes.com
0 votes Thank Flag Link Thu Dec 18, 2008
I'm not sure about your area ... but in our area there are roughly 1200 properties listed in Dec with about 650 accepted offers. Once Jan and Feb hit -- there are 2,400 - 2,600 properties with about 850 accepted offers. You're house (here that is) is competing with double the number of listings and the buyers aren't buying that many more.

It's a good idea if you're serious to list it to sell it and not a penny more.

Good luck!
Michael Walker
Webster, NY
0 votes Thank Flag Link Thu Dec 18, 2008
Vika,

You should relist and price it to be competitive, not to be negotiable. City Heights, the McGills, Renaissance - all of the older communities of SoNo ... 2005 ain't happening anymore.

You either have an attractive price or you don't sell.

Start with the fact that if you really, really, really want to sell at the Arbors then get down at least 10% from your 2007 ideal, love to have it dollar amount.

Attractive is showings at least 2-3 times a week in the first 30 days and landing one of the 2 or 3 buyers who might buy on your strip, in your competitive price range, between now and the end of the year.

You should relist.

2009 will not be better for The Arbors.
0 votes Thank Flag Link Sat Oct 4, 2008
If you can afford to wait, I would wait to relist unless you can relist substantially under market value. Unfortunately, the condo market is flooded and it is very difficult to move a condo. Sarah made some really great points, the key one being, "do you NEED to move?" If not, stay put or find a renter. Chances are if you continue to list, you will sit on the market for quite some time and this will diminish your chances of selling and if and when a buyer comes along, they will certainly know and understand that the length of time on the market will diminish your negotiating skills.
Web Reference: http://www.leaveittobee.com
0 votes Thank Flag Link Fri Oct 3, 2008
Vika,

I think you should re-list, if you really want to move. I know that always having your house in a constant "ready to show" state can be taxing but if you are ready to find something new, there's no time like the present.

Are you using a realtor? Are you happy with your realtor? Did you choose a realtor because they are related to you or are a friend? Does your agent work with a team that includes stagers and experts in your neighborhood? Sometimes, things need to be done to your home to make sure it shows well and is priced to sell. Those adjustments can be a bitter pill to swallow.

I personally believe in having a slick marketing package for any home and being sure that that home gets in front of as many eyes as possible through open houses and caravans (I do at least one a month, more like one every 3 weeks), flyer boxes (keep them full), special events at your home (invite the neighbors and everyone you know), an aggressive e-mail campaign and a good network of agents behind your listing (making sure your home is listed with an agent or agent team that's tied to a much larger company).

As far as waiting until next year... who knows? Noone has a crystal ball to see what will happen. Some say we are at the bottom of the housing market now, some say prices will continue to fall... so then what. If that's the case, does that mean that you'll have to offer your home for even less next year? Noone really knows.

What we do know is the here and now. You probably will have to offer your home for less than you want.
But you will most definitely do well on the buying side.
And, that sort of trade off is what you are going to find at any time.
When the market recovers, you're going to do better on the sale of your home but not so good on buying the next one.

I love this job!!

Good Luck! I hope I was able to impart some useful advice.

--
Tony Teixeira
770-851-5050
tonysellsatlanta@gmail.com
tony@muffleyhomes.com

Muffley & Associates
#1 Selling Keller Williams group in Atlanta 2007
#2 Selling KW group in South East Region 2007
#21 Selling KW group in the Country to date 2008

See My Community!
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Web Reference: http://www.muffleyhomes.com
0 votes Thank Flag Link Thu Oct 2, 2008
Do you NEED to move?

The condo market is way down, and 1-bedroom units are in even worse shape. The Spring will bring a more active market, but most economist are saying we won't be back to where we were until the end of 2010, or even 2011. I have a few condo listings, and showings were slow through the summer, and have almost totally dropped off over the last month or so. You're not in a good spot right now, and chances are you'll only sell in this market if you reduce your place to at least $5k or more below the lowest priced place in your complex... which will probably mean, you'll be bringing money to the table. That's just the state of our current condo market.

What are your HOA rules in concern to renting? You'll have a much easier time renting it out, than selling it for quite awhile I'm afraid. However, it might be a good option if you're in a bind.

Good luck & if you need any additional advice or have any more questions - please don't hesitate to contact me personally!

Sarah Turner, Realtor
Sanctuary Real Estate
sarah.turner@yourownsanctuary.com
404-323-9976
http://www.ATLUrbanSanctuary.com
0 votes Thank Flag Link Thu Oct 2, 2008
Vika
I would recommend discussing your question with a Realtor that knows three things:
The local market values and trends, your home, and your personal situation. I talk with many people that have the same dilemma that you do and I try to help them determine the best course of action by asking them this:
Why are you moving, and when do you need to move?
What happens if NOW is the best time to sell for you for the next three years?
You are assuming the market will "go back up", it may...but it may not.

All things being equal selling now for less than you would like might be your best move.
If you need a referral to a Top Realtor in your area to help you make that decision, then feel free to ask me.

Good luck.
0 votes Thank Flag Link Thu Oct 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
What does your listing agent state and average DOM for your area. Many factors come into play regarding pic's, description and etc. If the market is geared towards "single professionals" most these properties on the market 365 days year, vs family community.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Oct 2, 2008
Hi Vika,

Few sales, lots of condos/townhomes in your immediate area. If you can wait through the winter, it might be a good idea and see what spring brings.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
678-428-8276
0 votes Thank Flag Link Thu Oct 2, 2008
I recommend to sellers that if you do not have to sell right now then yes wait.
Good luck.
Web Reference: http://www.torilawson.com
0 votes Thank Flag Link Thu Oct 2, 2008
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