You've got lots of realistic answers below. I'll add to them. The market is moving in St Louis. Yes, 6 months ago, we weren't seeing much action, but now, we are. I am watching the agents in my office take out buyers and write contracts. I'm juggling buyers to the point that I have two buyers that I can't get around to showing property to until NEXT Thursday and Friday, because of other buyers I'm taking out. Now, what are they buying - they are all looking for a good deal (they always were), but now even more so. But even when they are realistic, you have to be also. Forget about what you paid for your condo and what you owe on it and if you will have to bring money to the table to pay the bank and the commissions and for what you've done to fix it up, it HAS to be priced competitively with all the other condos in the complex and area. It also has to outshow all the others if it wants to win the "prince's hand" and be cinderella at the ball and be sold. Get a professional to help you stage it (your agent may be good but a professional stager is typically better), check the paint, the little repairs (over the past 6 months there are probably some), definately any big repairs, declutter and depersonalize but give it character and WOWability. LISTEN to your agent, and price it right based on what the condos are actually selling for NOW, not 6 months ago (and have your agent do a price check with you every week and drop it if the market is dropping in your complex). That is if you seriously want it sold. If you don't, then tighten your belts and ride it out until the market turns around. Any of us who are in St Louis will help you, but first, talk to your current agent and LISTEN to what they have to say. Good Luck. The homes are selling and yours will also.

Now you have had some answers from us. It is time for you to get some real help from us, post a link to your property advertisements on this thread and let us critique it. Get your agent involved, tell them about trulia and let us discuss it with him/her.

Drop the price. Not that hard.

Joe
In the last six months, how many condos, like yours, sold?

If the answer is more than zero, then the problem is not the market. The problem is that YOUR condo is not selling. You actually do have a buyer for your home.

It's you.

You have outbid every other buyer, so you get to keep it.

The only way is to sell it to someone at a price they are willing to pay.

Buyers normally look at 10-12 homes before the make a choice. I would select the 10-12 condos with which you are competing, and watch them. If any of them go into escrow, look at the value they represent to the buyer.

The easiest way to add value is to lower the price. You also have some very creative ideas in the threads preceding mine.

Good luck!

I like the comment...take it, leave it. or work it.....This hits the nail on the head with pearls of wisdom.

"When only 10% of the inventory is selling you need a price point lower than 90% of your competition."

Michelle, I like the way you think too; that line is a classic, and it's absolutely correct!

Keep in mind, Joe, the buyers are out there--no matter what anyone else tells you. I know this, because I'm an investor, and I'm one of those buyers. Although I'm not shopping in your area, I know of other investors who are.

Get creative:
Offer to pay the condo fees for a year.
Offer some owner financing.
Offer to pay the buyers closing costs.
Offer to do a lease Purchase
Give those buyers a reason to buy your condo over your competitions.

Make sure your condo shows like a display. New carpet, paint, light fixtures etc.
Price it to sell in TODAYS market.
When only 10% of the inventory is selling you need a price point lower than 90% of your competition.

If you are upgrading, you will have a lot to choose from, at some outstanding prices. You might not get as much as you would like from your condo, but neither will the owners of the houses that you will be looking at.

OR take it off the market and wait for it to switch from a buyers market to a sellers market.

Six months on the market? One offer? Don't be insulted, someone showed some interest! I hope you didn't reject that offer outright! You should have tried to negotiate at least. This is the question you need to ask your self. What do you think your home is worth? Then take about 20% off of that and you might have a chance. Call or e-mail me if I can help you in any way! Pete.

Gene, Rock, and David all in the same thread . . . what a treat?! :) (So, where's Dunes? . . .)

The easiest way to determine whether or not an offer is reasonable or not is to order an appraisal. Nevertheless, a property doesn't sell for only 2 reasons: 1) ugly property, or 2) ugly price/terms.

If you truly intend to sell this property soon, then you'll need to price it at or below (10%-15%) its market value, and offer seller financing. Who knows, . . . after having lowered your price enough, you might be able to get several buyers to compete (and possibly bid the sales price up closer to its market value).

The offer is not insulting, you are being dramatic just as many sellers are. It is an offer, take it , leave it or work with it. Your condo has been on the market for six months with one offer, you are overpriced or under marketed.

I would never consider an offer to be insulting. Some are just funnier than others.

GO CARDS!!!

Make sure your condo is priced realistically, compared to what others in your complex have sold for in the last 3-6 months; and that it is appealing to buyers: good condition, clean, no smells, decluttered, no wild paint colors or wallpaper (or anything else that personalizes your home). Your Realtor should be marketing your condo heavily to the first time home buyers and renters in surrounding apartment complexes, highlighting their opportunity for the first time home buyers tax credit and advance loan program through MHDC that are available to them to get the 3 1/2% downpayment they need to buy a home. Good luck! If I can be of any further assistance don't hesitate to contact me through my web site listed below.