trying to sell a 1546 sq ft condo, at $ 399000 for over a year

Asked by Mama, 07093 Wed Apr 23, 2008

Hi,
have listed our condo, 2 br, 2.5 bath, 44th floor, great location with a spa and a mall and a great complex. Its been over a year now, lots of circulation but no offer. Its getting to be very frustrating now because we really want to move out. People come, see the place, love everything in it, but make no offer. Do you think we have listed it too high. Although compared to all the other 2b/r, 1546 condos ours is the lowest priced. Our broker says people get scared when they hear the maintenance. But the $ 1200 maintenance includes utility and spa and parking and a lot of other extras. What am i doing wrong? Or is the market just plain bad!

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Don Tepper’s answer
Don Tepper, Agent, Burke, VA
Wed Apr 23, 2008
If you're getting a lot of lookers but no offers, the price may be competitive but something's turning the prospects off. Your agent may well be correct that people are scared off by the high condo fees, and Diane's suggestion is good. Offer to cover those expenses for awhile. Recognize, too, that when the fees cover a lot of items, it's only of value if people use those items. For example, people who don't use spas won't be enthusiastic about part of their fee going toward that. Also, when fees cover utilities, there's little incentive for individual owners to economize. Nothing you can do about it, but it tends to be a vicious cycle: People see high fees and know those fees cover utilities, so they'll keep the air conditioner cranked all the way up all day long, figuring they pay for it anyhow.

Hope that helps.
1 vote
Bill Eckler, Agent, Venice, FL
Sun Dec 7, 2008
Mama,

It's all about price in today's market.

If it not a deal you're going to have a difficult time. Here's a suggestion. Ask your agent to provide for you all of the recently sold comps of condos (no longer than 4-6 months ago) similar to yours. This information should provide a clear picture of where your price should br to be able to sell.

Important. Pricing it at the top of the range is not going to help. It needs to be priced at or very near to the bottom level of the price range.

Good luck
0 votes
Phil, Home Buyer, Newtown, PA
Sun Dec 7, 2008
I am interested in your condo - sounds nice - where are you located in West NY - please respond with some pictures and add'l information on the maintenance - I will check back to this web site or let us know how we can get more info on your condo - thanks
0 votes
Keith Sorem, Agent, Glendale, CA
Wed Apr 23, 2008
Mama
Are you selling without professional representation?
Homes sell closest to asking price when the sell in the first 30 days of market time. The longer they sit, the larger the gap.
Homes need to be priced plus or minus 2.5% to attract buyers, so clearly your property, if marketed by a Realtor, is over-priced. If selling without professional representation, part of your problem is exppsure. Buyers first see the home they purchase with a Realtor 90% of the time. 5% of the time sellers sell to someone they know, so that leaves about 5% of the market for you.

If you serious about selling ttalk with a Realtor. Here's a question you can ask them: How many properties, like yours, have sold in the last 12 months?

One more thing. the market price is determined by the market, not how much your owe. In most markets prices are declining, so time is money.

Good luck
0 votes
Sheri Mapes, Agent, Mason, OH
Wed Apr 23, 2008
Your condo is being rejected by the market if it has taken 1 year. It has to be the best condition for the price solds in your area in order for it to sell. You have to stay competitive with the others in your community and be the BEST! Offer incentives for the buyer agent or for the buyer, such as closing costs and prepaids. Also, offer for Special Financing or buy down the buyers point and they will save money on the buyer's payment and you can keep more of your bottom line. Call the Cincy House Expert Sheri Mapes for more information!
0 votes
Diane Bogart, , Los Gatos, CA
Wed Apr 23, 2008
You haven't said where your condo is located, but in general the market is much slower this year than last and condos feel the slowdown quicker than do single family homes. Since the dues are putting people off, you might consider paying the first five years of dues. You could do this with a credit to the buyer at closing. The appearance and condition of the condo is of paramount importance. Definitely check out your competition by viewing the interiors of each. You want to be positioned to look like the "best of the bunch" If you haven't already spoken to a professional stager, I would recommend interviewing 2 or 3 and hiring the one with the best ideas. Finally pricing is critical. A house priced at or below market value will sell first. To obtain market value, look at pending sales of other condos in your complex and in others in teh area and ask your agent to ascertain the contract prices of the pendings. Hope this helps and good luck to you.
0 votes
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