Trying to sell condo! 9 months on market and nothing. Please help!!

Question

I have owned my condo for 5 years and my husband and I are now ready to sell it for single family home. The problem is, we have had it listed for 9 months now. We have lowered the price 3 times and really can't go any lower as we need the money for a down payment. The condo is clean and well cared for with many updates, including a washer and dryer in the unit. (The units do not usually have w/d, but do have a common laundry room.)

What do I do now? The realtor doesn't have any new suggestions, and I really am quite frustrated. Do we take it off the market for a few weeks and then try to list it again? Do we get a new realtor? The market is pretty crappy in my area.

Any suggestions or advice would be appreciated.

Thank you!

Answer 1

With the bad real estate market, it is hard to say.  Sometimes changing realtors will do the trick, they all have different contacts.  Try to be patient and eventually a buyer will come along.  Have you had an open house?  

Answer 2

Place it for rent until the market comes back - two years or so.  If your credit is good, you may still be able to buy your house without much down.

BTW - The function of an open house is to pick up buyers.  Not to sell that house.

Do something creative.  Offer some kind of incentive (besides price) to the buyers.  Find a loan already that allows the new buyer to get in with nothing out of pocket.  Think about it - if a seller of a house told you that you could get in with no down payment, would that interest you?

Or offer a plasma TV.  Most buyers are less about the actual numbers of the deal and more into the emotion of it.  (yes, trick them into buying it)

Answer 3

I would guess you're overpriced. You're thinking about your new home downpayment instead of really asking what your property is worth. From a buyers perspective, they don't want to fund your new home - they want to buy your condo. And take a good hard look at your updates. Look at the comparable listings; is your place really worth more than the competition? And yes it sounds as if your r.e. agent isn't doing very much.

Answer 4

i have tried to answer your question 3x and keep getting "we're taking a breather. sorry but if you want my ideas just email me.

Answer 5

I think you pretty much answered your own question - the market in your area is pretty crappy. That's the thing with real estate, right now is probably more of an ideal time to buy if you have the money but bad if your trying to sell.  

Your realtor should be doing open houses. Although true, realtors tend to pick up buyers ( ff possible in this market ) than sell your home - but that shouldn't deter them from doing them. Not all homes get sold through an open house but some do. Why reduce your chances further by not having them?  

Answer 6

You can't base the selling price on what you need for your next purchase.  It has to be based on what comparable properties are selling for.

Answer 7

You are very smart for not renting it out.  That is why alot of people are losing their homes right now.

Is is possible for you to wait until Spring?

The reason I'm asking, is once school starts, that's it, the sales shut down as people tighten their wallets and get ready for the holidays.  After Thanksgiving, unless someone has to relocate for a job or buying a house after they get married, my phone stops ringing until the end of January.

About late February to early March is the best time to list your house.

With the market, the Presidential election, which in turn...affects the economy, if you are not going to sell it by now, I would probably just hang it up for now.

Just keep it on Craig's List it's free and you never know  (b/c you need to get it off the MLS to raise the price again in the Spring)...have an agreement with your agent that if she helps you with the paperwork that you'll use her as a buyer's agent on your next house.

Yes, get a new Realtor next time..find out whose sign you see the most of...b/c that is who is turning properties in your area.

That is the advice I am giving right now to people that call me and want to list their home if it's been on the market a long time.  

PS:  15 years in this business and I have sold only about 6 homes directly from an open house.  They are a joke in the industry...I always have them on higher end or in-demand neighborhoods to pick up buyers....that is the REAL reason Realtors have them.

Answer 8

Well here it goes tough love but you've probably heard this already:

If the property does not sale or get offers you need to revisit the listing price.  Are you the lowest in the neighborhood? (This will help get you showings, not necessarily a sale but showings) Are you the nicest?( be honest).

PRICE AND PRESENTATION WILL SELL YOUR HOME.   Are you the BEST home at the BEST Price?  That's what's currently selling.. the cream of the crop.  If you have a magic number that you need to get to and you haven't had any takers then right now is probably not the time for you to COMPETE in this market.  Buyers have soo many choices if they see similiar homes they like they will ALWAYS go with the one that is priced LOWERED.  

You have three options at this point:

1) Lower your price until it sells but do meaningful reductions not just couple thousand (-$10k, -$25k).  Price over comes ANY obstacle.

2). Don't move, stay there until the market gets better keeping in mind that where ever you go their market will be improving as well and may be less affordable.

3).  RENT it out.  This is what the majority of my sellers including myself are doing.  Why sell now if you can get more later?  Destructive tenants?  Possibly, but try to pick out the best ones.  

Since you don't want to rent it out, then sell it!  Forget about the down payment.  No matter what you buy you will be getting a BETTER price than had you gotten it 2 yrs ago and if you are buying up and do the math you will be coming out ahead.  Buy something you can afford without the downpayment.  When you sell your other place a few years from now, refinance the new house and then you'll owe a lot less then expected.   You already know the answer to your question... something is going to have to give.