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
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.
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.
Ralph Lanzetta, Realtor
Success Real Estate
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.
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.
Do you NEED to sell it now? If so, drop the price!
Can you afford to rent it out and hold it?
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.