I agree with Karen. If you want something that will fly off the shelf, you want to be well under the most recent comp. I'm assuming in your complex you have similar floorplans, so your agent will want to account for all of the similarities and all of the differences between your place and the property that just sold. It's true that the market has been declining, but remember, we're at the best time of the year to sell. Summer brings buyers and with great interest rates available, people want to get in before school starts. Find an agent that will work hard for you as well as someone who will price it right. In my opinion, price, condition, and the agent you choose will decide how successful and how quickly your property will sell. If you need more help, feel free to call me or email me. I live in the Beverlywood area and am familiar with the Westside and Sunset Park. If you have an agent already. Good luck to you!
So what is the sweet spot? It depends on how you r specific property shows, the look and feel, emotion and staging... also the HOA amenities and fees... how close to the flight path are you? etc , etc.
What the other property sold for one year ago, may be a good starting point to form an assessment but a good competitive market analysis for YOUR specific case is needed and a good agent that knows how to promote properties and stand out in the crowded market (like me!) hint hint :-)
Best of luck!
Location,Price and condition of the property are all very important things to consider.
Have your agent run comparables for you for the past three months only. You want to see the ones that have SOLD as well as the ACTIVE listings.
If you want a quick sale you should price about 5% below your "competition." If you view the EXPIRED listings (ones that did NOT sell) you will likely see that those were over-priced.
If you do not NEED to sell then it might be a good idea to hold onto your property - maybe lease it out.
Wish you the best,
Let me ask you - if you are moving to a new home, and the Realtor representing you pulls out market statistics from over one year ago to show you the true, current, market value for that home...what would you think?
If I am selling a car, and I told you that last year one like it sold for $25,000, what would you think?
What if it was a Tundra 4 x 4 pickup ?
What if it was a Chevrolet VOLT?
So the truth is that the market has shifted. You need to talk with a couple of Realtors, analyze the market, and price slightly below market., it sounds to me as though you are thinking of selling on your own, without professional representation.
Let me ask you this: why would you ask people like us who
1. Don't know your home
2. Don't know your market
3. Don't know your personal situation
Trulia is not a subsitute for competent, professional advice from a Realtor.