Agent2Agent in Cupertino>Question Details

Diana,  in San Francisco, CA

I'm having a challenging time selling a condo in Cupertino .

Asked by Diana, San Francisco, CA Thu Jan 29, 2009

I think the price is already low in Cupertino at present time. No good offer coming yet. Any good advice for selling condo at the current market condition?

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7
Price cures everything. I don't want to second guess your marketing strategy but there are nuances to every local market place that you may not be aware of. Some condos in Cupertino have Monta Vista High School, some have Homestead, some have Cupertino High. There is a difference in buyer's minds about these schools. Even if buyers do not have children they will consider the value of the property from that perspective. There are other factors too. Age, proximity to freeways, proximity to shopping and transportation, exposure to negative factors like noise. Upgrades or lack of them, etc.

Email me the address. I'll give you my opinion.
0 votes Thank Flag Link Fri Apr 24, 2009
You are not alone. It boils down to asking price. Those really want to sell need to have a realistic expectation
what the buyers are willing to offer. Sellers also needs to go out to see what similar units are getting in adjacent cities. The lenders are constantly disputing the value of the selling and asking price and asking buyers to put down more. In a declining market the best school home sellers finally realize they follow the price trend of other neighborhood, no exceptions. So if you price it properly it will sell quickly. If you are waiting for others to lower the price and be a chaser you will be an impatient seller.
0 votes Thank Flag Link Sat Apr 4, 2009
It sounds like it could be a bunch of things. Normally if you are not selling, you have not struck the correct price. If your seller is resistant to lowering the price, then you may need to look at other factors. Is it staged? Is it clean? Is it upgraded? How easy is it to view? Are you holding open houses on occasion?

Can you query any pending sales that are comparable? Usually agents will tell me if they received asking price or maybe 5 percent below, 5 percent over, that kind of thing. The best way to know what someone is spending to buy a similar property is to get pending data. Because in this market, when something has already closed escrow, it is three to six weeks "old news" and even older for short sale closes. In a declining market, it is critical to educate the seller on pending vs. closed sale information if you can gather it.

Another thing I like to do, although it is not purely "rational" is to get with the seller and get a feeling about their resistance to selling. Are they open to selling for the market price? Or are they stuck on "i must get X price or I won't sell." Work on a mindshift into being open to whatever the buyer will pay right now. The true market price. What the market will bear. Not what someone else paid in October, but what someone will write an offer for right now. That's the market value.

I respect agents who reduce prices frequently although I personally like to aggressively price so that when the agents show homes my listings appear like the very best price per home among comparable homes. Does yours have a higher HOA than comparable homes? Then you need to price lower to get the same level of approved buyer (if that makes sense). HOA will play into qualification level, and lenders are more careful about that than in previous years.

So, look at everything from our very conservative buyer population's point of view.

And market the heck out of the schools! Kindergarten packets are out NOW and were allowed to be turned in Feb. 2. There is not time to waste if you want your child to get into a good school.

Good luck,

Erica Nelson
Education Expert/Santa Clara County resident since 1966
http://www.EricaNelsonEstates.com
408-416-7090
0 votes Thank Flag Link Tue Feb 17, 2009
Aggressive paid advertising will bring in the traffic needed to bring an offer .
It may take longer these days but Cu asking price are holding too high according to banks.
0 votes Thank Flag Link Fri Feb 13, 2009
Diana,

How effectively are you networking with other local agents? They are an excellent source of business. How effective is your on line business? Are you using social media to market the property. Why do you think the price is "already to low"? What do the comps in the last 2+ months tell you? What have buyer's agents who have seen the property told you? As you know, You can just put it on the MLS and hope a buyer walks in. Get aggressive and think out of the box.

It sounds like you need to revamp the marketing process on the property. You might take Bill's advice and refer the listing out to a local agent who fully understands our current market.
0 votes Thank Flag Link Fri Jan 30, 2009
Diana,
If you can't sell a Cupertino listing then you should probably just refer it out to someone who knows the local market. I learnt many years ago to not take listings in San Francisco.
Bill
0 votes Thank Flag Link Thu Jan 29, 2009
Diana,

I am curious of what your agent may be saying about the reasons why she/he doesn't think any offers are coming in? Does it present well? Strong Complex? Good school system? How does it compare to other units in the complex? How does it compare to last sale? I assume you have a good location as Cupertino is highly desirable. Look at price, presentation, availability to show (is there a tenant or restricted hours?).

CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Thu Jan 29, 2009
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