My CWE condo has been on the MLS since Jan.-only 14 showings.Competitive price but no offers. Are there no buyers in the market or is it my agent?

Asked by Sunshine292, 63108 Sun Mar 25, 2012

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10
Lisa Rozier, Agent, Saint Louis, MO
Mon Mar 26, 2012
14 showings is a respectable amount of viewings. Price, location and condition are all factors to take into consideration when pricing property. A good marketing plan is key in letting buyers know your property is available. You can ask your agent if you arent already receiving the feedback reports, to have them automaticalyl sent to you. You will then have an idea of what has been deterring buyers from making an offer. Sometimes it may be as simple as the monthly condo fee is too high. You can't do anything about that if it is the case. If not and all things seem to be in order then price may be a factor. In my experience condos seem to take a bit longer than a single residential home to sell. Best of Luck to You!
1 vote
John Mathews, Agent, Saint Louis, MO
Mon Mar 26, 2012
I do not know your agent but condo owners need to be patient in this market. The single family market is just beginning to recover: the condo market is always behind. With spring coming there should be a fresh crop of new residents at the Universities.
0 votes
Robin Halter…, , Saint Louis, MO
Sun Mar 25, 2012
Hello Sunshine! I will offer my opinion without ever seeing your listing, your agent, or your marketing plan.... and put it out there right away that I am am co-owner of a real estate office as well.

There could be a variety of factors that could be keeping your condo from selling. As long as your agent is well versed in selling condos, you can be certain they are they are giving your listing maximum exposure. It could have to do with the building. Is the association sound? Condominium financing can be really tricky these days. If it is well known that financing is difficult in your particular building, it can create a hiccup. It could be the price. An overpriced listing will not sell. Does your condo have the same or better features as the others you are comparing it to?

Because you are in the Central West End, and match day for the medical professionals just occurred, I would say it is time for showings... If you are not getting any, something may be off. May I ask a few questions? Have you had any showings at all in the past month? Have you been given any feedback from any of the 14 the showings? Have you asked your agent why he or she doesn't think it is selling? Do you have a listing presentation from you agent that indicates how and where they will be marketing your condo? If so, you should ask for a monthly update.

Also, are you watching what is selling in your immediate surrounding area? You can ask your agent for a CMA to show what has gone pending, or has closed in the time you have been listed. It can offer good information if you look objectively at the data. I hope this begins the dialogue with your agent that helps both of you reach that common goal of getting your property sold!
0 votes
Stephanie Hug, Agent, Saint Louis, MO
Sun Mar 25, 2012
If you have had 14 showings, your agent is doing a
Their job, which is to market the property to attract people to want to come through. If they choose to not make an offer, it's the price and/ or condition that needs re-evaluating. There are obviously at least 14 buyers in the market....
0 votes
Dale Weir, Agent, Chesterfield, MO
Sun Mar 25, 2012
The market has tremendously picked up over the past few months. We are back to LOTS of buyers looking at homes and some homes going under contract within a week of putting them on the market. The FIRST showings of a home or condo are ON LINE - review what your home looks like on line. Have your Realtor show you your competition on line, then take you to visit your competition. In this market you still have to show the best and be the most competitive in order to get the buyers. If they don't see value on line, they won't visit the home in person. If they don't see the value in person, they won't make an offer.

Have your Realtor run UPDATED comps showing what has actually sold out of the condos that you are competing against - what made them better than you? If you have something you CAN"T overcome - busy corner, high condo fees, no garage, too dated, etc, then you need to be adjusting your price.

Each price point brings different buyers, so look at the condos in the price point that you are in as well as the ones in the next lower price point.
0 votes
Sandie Hea, Agent, Brentwood, MO
Sun Mar 25, 2012
I agree with the last 3 agents who responded. In addition, you should be adjusting your price every 30 days or after every 10 showings, whichever occurs first, and by at least 2.5-3%. You probably won't attract the same buyers who already looked at it because your features and amenities don't match their expectations for the price but you will entice a new set of buyers who may not have even considered your condo because it was out of their price range. Price sells everything. Like Patti says, all the marketing in the world won't sell an overpriced listing. There are plenty of buyers, you just haven't attracted the right buyer for your place because your price doesn't match the features and amenities you lack for that price point. 10 scheduled appointments (not open house lookers) through your condo IS THE MARKET. People want what others want and if 14 people rejected your condo, it's time to make a price adjustment.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Mar 25, 2012
If you have had 14 showings it may not be your price as you are getting more than average traffic. As for not getting an offer you should ask your listing agent what teh feedback has been. Most often it is lack of attention from the agent if you do not know and are asking this question. You should check with them if it is condition, price or location?
Web Reference:  http://www.ScottSellsNH.com
0 votes
Bob Waters, Agent, Chesterfield, MO
Sun Mar 25, 2012
You should ask your agent to sit down and review with you the competition and see how many properties have contracts since yours was listed, that would be considered competition to yours. He/she should be able to provide that info fairly easily. While you have time today or soon, go out on Sunday to open houses in your area and see what kind of action they are getting and see what the competition looks like. Be ready with some ideas when you meet with your agent and have an open conversation with them. Typically it takes about 10 showings to garner an offer in a normal market and depending on the price and location of the property it is taking more in todays market. The Spring market is alive and well and we are seeing lots of activity and more contracts than last year. Good Luck!!
0 votes
Patti Leonard, Agent, Saint Louis, MO
Sun Mar 25, 2012
If you've had 14 showings and no offers your price isn't right. There are lots of buyers out there, money is cheap and there's pent up need. When condition and price meet you'll see an offer. Marketing is an important part of the selling process, however all the marketing in the world won't sell an overpriced property.
0 votes
Monica Brewer, Agent, Saint Louis, MO
Sun Mar 25, 2012
Marketing and price are the only 2 items that will sell property. I would verify both are consistent with your needs.
0 votes
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