Market Conditions in 02122>Question Details

Mbattista, Home Owner in 02122

We are trying to sell our condo and so far no luck. We aren't sure if we should drop the price, rent it, sit tight until spring, refinance, etc.

Asked by Mbattista, 02122 Tue Oct 11, 2011

Help! We need advice on the smartest choice for upgrading to a bigger place.

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Answers

23
I say the answer is 3 fold
1) Who is your broker and how well does he/she know your part of Dorchester?
2) Of the 45 units currently for sale in 02122 that average days on market is 125 and the average price per square foot is $197.00. Where does your unit fall in those two categories
3) And more important in the past 12 months there has been 78 sales in 02122 with an average days on market of 95 and a price per square foot of $163. where does your unit fall in the those two categories?
Knowing who your "competition" , for lack of a better word is the key.For example, if you have the lowest priced unit as a whole but the most expensive one bed on a price per square foot that could be the issue in itself
1 vote Thank Flag Link Tue Oct 11, 2011
Great Answers all fellow agents and brokers.
Thank you all!!!
0 votes Thank Flag Link Tue Oct 25, 2011
Marketing a property is simple: price and how well it shows. Price reflects everything (area, condition, lot size, room size, sq/ft, etc.). If there is an issue with the property, either negative or positive, it will be reflected in price. You can make it easier to get the price you want by how well the property shows. Get rid of 2/3 of the stuff that you typically have in your home and put it in storage. Look around you neighborhood for other listings that are comparable to yours. Find out what the average days on market is for your area and price point. Now rank the listings available. If you average DOM is 60 and you have 3 properties that are better than yours, you will see in 6 months (assuming nothing new comes onto the market). Good luck.
0 votes Thank Flag Link Tue Oct 25, 2011
Mbattista, I used to live in Boston and sold real estate on Beacon Hill. Now I am a Realtor in Beverly Hills,CA. The issues are all the same. If you want to sell you need to price it agressively not ambitiously in today's market. So if you are not gettin activity Generally it is the price if the marketing is good. I would suggest price to sell, who knows what next year will bring? Could be worth less than now. Talk to your Realtor about this and the comments you received.
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Tue Oct 25, 2011
If you are not getting any traffic you need to have your realtor reevaluate your pricing and marketing strategy. It sounds like you need a change.
0 votes Thank Flag Link Sun Oct 23, 2011
M:

It is really a challenging market and the right decision will have a lot to do with your financial position. Would the rent cover your mortgage and expenses? If you take a loss every month, how does that compare to what it would take to sell today? For instance if you were to sell for $20K less than you owe, but have the cash stored up, does it make more sense to bite the bullet and sell or rent? If you rent, but lose $200 per month it will take 8 years to lose $20K. I would recommend sitting with your CPA and Realtor to decide what is best.
0 votes Thank Flag Link Sun Oct 23, 2011
Dear Mbattista,
Selling a condo in today's market can be a long, slow, tedious project. With so many foreclosures a lot of the condominium developments are not collecting enough in condo fees to cover the basic needs. Banks are being VERY cautious. Assessments are common for the remaining faithfully paying owners but with uncertain job market, it is not pretty. First thing to do is get a financial condo questionnaire filled out by the management company. It will tell you how many units are rented vs owned, how the budget is fairing, and other useful information. Is the condominium FHA or FNMA approved? If not, have your agent or board of trustees get it done asap. By doing this, you will be able to entertain more buyers who would normally not have sufficient funds for a 20% downpayment. I hope these simple points can help you.
cheers,
Ralph Lanzetta, Realtor
Success Real Estate
Canton MA
0 votes Thank Flag Link Mon Oct 17, 2011
Home Owner:

Sit down with your CPA and your figure out some tax implications of renting versus dropping the price. I work with tons of upgrading buyers and this is a common question.
0 votes Thank Flag Link Sun Oct 16, 2011
Great points all of you fellow agents and brokers. Thank you for the valuable information.
0 votes Thank Flag Link Wed Oct 12, 2011
If you want to sell your condo to upgrade to a bigger place then you should see if you're priced right and if your not you should adjust the price accordingly. If you can qualify for a mortgage while still keeping your condo I would suggest renting your condo for now and selling when the market gets better for sellers
0 votes Thank Flag Link Wed Oct 12, 2011
Since you are already on the market you obviously have a Realtor. What does he/she say. If you are looking to upgrade there has never been a better time. Drop the price and move.
0 votes Thank Flag Link Wed Oct 12, 2011
All previous answers are correct and renting should be the last resort depending on your situation. But most of all go with not on what your agent tells you but with your gut. Do what's best for you.
0 votes Thank Flag Link Tue Oct 11, 2011
We’ve actually been involved in sales and development projects in 02122 in the past 18 months and its been a tedious experience. That market is very peculiar. Location is paramount in that neighborhood and your listing price needs to reflect that. Like others have mentioned, if you can afford to rent your unit and purchase something else, it might be your best option.
Web Reference: http://www.bowlinegroup.net
0 votes Thank Flag Link Tue Oct 11, 2011
All the answers so far are correct depending on your circumstances. If your condo has been on the market a long time then it is overpriced. Your agent should be providing you updated comparative market analyses every month so that you are informed as to what has sold and for what price in the most recent months. If you can, drop your price to a competitive level for a while longer. If by Thanksgiving you see no movement it's definitely time to rent and revisit the sales market in March. After 3 months off MLS the clock starts over.
0 votes Thank Flag Link Tue Oct 11, 2011
There are so many variables to consider when marketing a property. It is almost impossible to answer your questions properly without the full picture.

I will say marketing a property you compete with other homes on the market in your price point. You have to make your home the BEST in your price bucket. In addition your real estate agent is responsible for all markting of the property. These days it is best to find an agent that markets your property in al channels. Gone are the days of just using the MLS system. Agents need to use multiple tools to bring as many eyes as possible to your home.

Last case scenario would be rental .. but keep in mind you are out of the prime rental cycle as well. The best rental dates are in June and Sept.

I hope this helps and please let me know if I can anwer any additional questions about the market or property marketing.
0 votes Thank Flag Link Tue Oct 11, 2011
Rent it out is a good idea for rentals are very popular at the moment
0 votes Thank Flag Link Tue Oct 11, 2011
Well it depends on your financial situation. Can you afford to hold it until the real estate business turns?
Do you NEED to sell it now? If so, drop the price!
Can you afford to rent it out and hold it?
0 votes Thank Flag Link Tue Oct 11, 2011
Depends on what you have to sell and what you want. Also, it depends on what type of mortgage you want and can get if you decide to keep your condo. Rentals are strong now in Boston, so if you can get a mortgage for your new place, please consider it.
0 votes Thank Flag Link Tue Oct 11, 2011
Mbattista,
Selling right now may be tough, but buying a larger more expensive place will never be easier. Leverage is on the side of the move up buyer.
You don't indicate how long you've been on the market, so if it's a brief time be patient. If its been a few months than rethink the approach. Before I recommend a price drop, I always revisit my marketing, photos, descriptions and competition. You must be the best marketed, easiest to show, best looking home in the price range.
After reviewing your marketing plan if it's good, you may have to drop the price.
Check out your competitors so you know what the buyers are also seeing and be realistic about your home. Good luck.
0 votes Thank Flag Link Tue Oct 11, 2011
If you need to sell and are ready to sell, consider adjusting the price and be as competitive as possible; keep in mind a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend; market conditions do matter as does the immediacy for a transaction to take place.
0 votes Thank Flag Link Tue Oct 11, 2011
If you are able to rent it and buy a bigger place that may be your best option. There are a lot of varables to consider to make sure it's the right decision for you.

http://www.masspropertiesllc.com
617-365-0934
0 votes Thank Flag Link Tue Oct 11, 2011
A lot of issues here.....don't know how long the condo has been on the market, or the average time to sell in your area. If it's been on the market for a reasonable period of time and not sold, you're probably priced to high, for whatever reason. If you can afford two mortgages (and you have to plan on that!), you might do well to rent it and buy a larger place. Refinancing has closing costs associated with that option, so unless you plan on keeping the condo for 5 yrs or so, would not chose that option. From a sales perspective, selling now is a terrible time with the market in the condition it is.....the flip side is that it's a great time to buy!!!! If you have enough equity in the condo to walk away with some $, I would definitely sell and move up...if not you have to quantify the loss on the on the condo when weighed against the property purchased.
0 votes Thank Flag Link Tue Oct 11, 2011
If you want to sell your condo to upgrade to a bigger place then you should see if you're priced right and if your not you should adjust the price accordingly. If you can qualify for a mortgage while still keeping your condo I would suggest renting your condo for now and selling when the market gets better for sellers.
0 votes Thank Flag Link Tue Oct 11, 2011
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