Selling my 1 bed/1 bath plus loft condo. On market for almost a month and no offers?!

Asked by Gabriela, Vista, CA Mon Jun 17, 2013

Is this normal? We are asking 189-206, but a 2 bedroom 2 bath condo was just placed on the market this past week for 209. I feel now that we are asking way too much. Should i stick to the 189? I think it's so weird we haven't gotten even 1 offer.

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14
John Arendsen, Agent, Leucadia, CA
Sat Jun 29, 2013
You've received some very astute answers and opinions that should give you some pretty good insight. But don't be afraid to ask your RE agent/broker how they are marketing your home. You have a right to know and they shouldn't hesitate to tell you. Have they done an open house? Do they have a good website presence with strong SEO?
0 votes
JR Thrasher, Agent, San Diego, CA
Wed Jun 26, 2013
As a certified Broker Price Opinion professional I can tell you that any similar homes currently on the market do not matter, but rather the similar homes that have SOLD during the last few months. The first two weeks of a listing are when a home gets the most exposure. In this market, if you haven't had multiple showings or even an offer yet, you are priced to high.
0 votes
Maureen Bye…, Agent, Oceanside, CA
Tue Jun 18, 2013
Gabriela, I love your name first of all. Yes, it is perfectly normal to have a property sit on the market if it is listed overpriced to begin with, especially in this Swift marketplace. Also, Your instincts are correct. All the Realtors answers below are in line with being Assisting you in becoming realistic About some multiple Potential issues surrounding a one bedroom, one bath with the loft, Condition, Lenders required FHA and VA current certification and your homeowners association Allowable lenders percentages regarding Maximum delinquencies as to Not to limit your Buyer pool Regarding financing regs ...your location In Vista as well as in the complex and possibly trying more marketing Venues... but recent sold comparisons, I. E. Comps In like condition that are not distressed sales Will be the real proof in the pudding! You can always have Your own appraisal, if necessary. I would definitely have a Convo with your listing agent ASAP to resolve this situation in your best interest. Hope this helps.
Web Reference:  http://www.coastal.biz
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jun 17, 2013
Here's a way of viewing a home that isn't selling:

1. listed but no showings...lower the price

2. showings but no offers...lower the price

3. showings and offers but no agreement....lower the price

The fact that it has been on the market only a month should minimize concern for lack of activity. Many good marketing plans require 3-4 weeks to get them off the ground.

If you are questioning your "asking price" the best resource for processing this is your real estate agent.

Good luck with your sale.

Bill
0 votes
John Souerbry, Agent, Fairfield, CA
Mon Jun 17, 2013
Comparable listings may not matter if there are no buyers who want to live in your area or in the complex where you own your condo. It's not always about the price.
Also, 1 bed/1 bath condos are on another planet compared to 2/2 condos. Anything - house or condo - with only 1 bedroom is extremely hard to sell. You may have to take a price hit unless that special buyer comes along.
As others have said, look at your condo and make sure you've done all you can to make it look as big as possible for a 1 bedroom. Take out as many of your personal belongings as you can and re-paint any walls that aren't neutral colors. Repair anything that is obviously broken.
Talk to your agent and ask them to WRITE DOWN (NOT tell you) why they think no offers are coming in. You can't solve the problem until you define it.
Best of luck.
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Jun 17, 2013
HI Gabriela,

One bedrooms don't sell as quickly as 2 bedrooms - that's a fact.

The intervention is different if you are getting showings versus not getting showings...

Has your agent done all the typical marketing activities? Good MLS presentation with strong clear photos, open houses, Internet marketing, etc?

When was the last time you and your agent reviewed the market comparables? Sounds like you need to ask for that. If based on the numbers you are too high, then absolutely reduce the price.

If your home is listed with an agent...that is the person you need to speak with. If your home is for sale by owner....honestly, you need to list it!

Best of luck to you.
0 votes
Zack Widdes, Agent, Encintas, CA
Mon Jun 17, 2013
Good Afternoon Gabriela,

You should have your agent show you a Comparative Market Analysis for your area and your size home. A CMA (Comparative Market Analysis) will list other properties in your area that are on the market, pending, or that have sold in the last 6 months.This will help determine if the pricing is correct..

If you have had showings, ask your agent to contact the potential buyers agents to see what their feedback is. This will help you determine what action needs to be taken. As the others have answered, it could be one or several reasons, and this will help you determine what course of action needs to be taken to get your home shown and sold.

.
Zack Widdes
Solutions Real Estate
zackwiddes@gmail.com
619-339-7111
Please be advised, that if you are working with an agent or broker, this is not attempt to solicit your business
0 votes
Daniel Di Ma…, Agent, Chula Vista, CA
Mon Jun 17, 2013
Hi Gabriela,
This may seem harsh but you and/or your agent are way off base with the price range.
Last 3 bedroom sold in YOUR complex sold for $205k.
Last 2 Bedroom sold in YOUR complex sold for $170k.
I think it's easy to see why you haven't gotten any offers.
As real estate professionals, we cannot solicit listings from sellers currently working with a broker.
I would however have a serious discussion with your broker as to why and how your price range was determined.
Have a great day and good luck.
0 votes
fiel barrow, Agent, San Diego, CA
Mon Jun 17, 2013
Hi Gabriela,
Without seeing your property or reviewing the listing details Everyone has pointed you in the right direction with regards to pricing. You should definitely have a discussion with your REALTOR ASAP. You may want to request an updated CMA also.
0 votes
Kari Shea, Agent, San Diego, CA
Mon Jun 17, 2013
Hi Gabriela,

We list and sell homes as our primary business. There are 4 possible reasons for the lack of offers given the sales climate in Vista:

1. Your property is over priced
2. Your property condition does not match the price
3. There is an issue with with the location
4. There is an issue with your HOA or the complex is not FHA or VA approved

Let us know if we can help in any way.

Best,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
0 votes
Kim Eisen, Agent, Twin Cities, MN
Mon Jun 17, 2013
Hi Gabriela,

There's a couple of different things to look at. Are you getting showings? and no offers, or, no showings?

If getting showings and no offers, it will typically be the condition/amenities of the condo or the price.
Take a look at your pictures and see if they show the best of the condo. You didn't mention what other 1/1 condos are/have sold for - are you in line with them? Is there something outside/inside that is turning buyers off (may have to adjust price for that if there is).

From my experience 1br/1ba could take a tad longer as there are not as many buyers as there is for 2/2's. Talk to your agent to go over the current market prices and see if there's anything in the marketing that can be changed/done to increase exposure. i.e., Like making it a featured home here on Trulia. Best of luck to you.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes
Rashard Scott, Agent, San Diego, CA
Mon Jun 17, 2013
Gabriela,

If you haven't received any offers in this market, then there has to be a reason. Pricing would be my first guess. Feel free to contact to me to get your home sold quickly! I have buyers looking in your area.

Sincerely,

Rashard Scott
RBD Residential Group
REALTOR®
Phone: 619-565-3604
Fax: 619-342-3332
Email: scottie1421@gmail.com
Website: http://www.militaryhomesinsandiego.com

CA DRE# 01703306
0 votes
Kevin Sander…, Agent, San Diego, CA
Mon Jun 17, 2013
Hello Gabriela,

If you want to post the address, or e-mail it to me, i will be happy to give you my opinion. Do you have yours listed with a realtor on the MLS? If a 2 bedroom was just listed at 209k, and you are asking 189k, then, yes, most likely you are priced too high. Homes are selling fast with multiple offers, but only if they are priced right.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
0 votes
Sinead McAll…, Agent, Oceanside, CA
Mon Jun 17, 2013
Hi Gabriela,
Have you discussed this with your Realtor? The market is really hot right now and we are getting multiple offers on almost every listing. The thing with pricing it a bit high and pushing the market, is that it might take a little longer to get an offer. Your home has only been on the market 22 days, so I would say hang in there....you should definitely feel comfortable enough with your realtor to have this conversation with them...

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
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