My Condo has been on the market for 3 months and no offers. Someone suggested taking it off and relisting?

Question

My 2175 sq,. ft. condo has been on the market since mid May. I had it very competively priced at $499,900, (for my area) It is in tip-top shape. Because of the market softening, I just lowered it $10,000, and still no offers, however, I do get people looking at it on an average of 1 or 2 people a week, I do not get any negative feedback either?? A business assoc. told me to take the unit off of the market for about 1 week, to re-list it, and to list it at a even higher price that what I originally had it listed for?? He said this is the principals/strategy of sales. What do you think? P.S. I would like to add, that nothing in my price range has been moving all Summer either. I really could list it as a new listing because we are moving out in 10 days, and now the unit will be shown empty. HELP??

Answer 1

2 visits per week sounds pretty good in your area.

Is your listing available online? photos? 360 tour on the website?

I think you'll find it shows better empty. So have it professionally cleaned (note that as a selling point), buy lots of air fresheners and plug them all over the condo, and be ready to negotiate.
If you haven't had an inspection done, you may be surprised at what they find. Be ready to make offers to a potential buyer...

Talk with your realtor before you bail out on him/her. Your "well-meaning" friend isn't walking prospective clients through on your behalf. Pin the realtor down as to why no offers and why just "looky lous" are going through.

New home builders are aggressively recruiting buyers - your condo may not appeal at that price in your market. Plus, you should have been told by the realtor that it could take 12 months+ to sell a condo, it's a very specific market...

Answer 2

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.

Answer 3

My friend has had her place on the market for almost a year. She has lowered the price twice, offered to pay all closing costs, offered a 1 year home warranty. The market has turned. The only thing that taking it off of the market and putting it back on will do is reduce your DOM (Days on Market). I think listing at a higher price when you are getting no offers is a poor plan. Lower it some more if you can afford to.

Answer 4

I would definately try listing with another real estate agent. Sometimes it's just a matter of having the right agent. People are funny and just like when we buy fashionable clothing from fancy department stores......some people will be attracted to certain real estate companies signs and marketing.

The whole marketing thing is very competitive and complex. If things are typically slow in your area right now then you may well be in for a long wait. Hang in there and try another agent. Some will work harder for you than others so you may need to go through several before you get one who is really serious about making your property move.

Answer 5

Interesting answers, but you need to also Concider this:

MLS listings assign an MLS number to the address, my experience in AZ is this, even if you remove then re-list you will still have the same DOM (days on market) and nothing would be accomplished in this manner.

But yes, concider a more skilled RE agent, or offer to finance a portion of the sales price yourself! There are a couple of different options...


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Answer 6

You've got no offers, and you're considering *RAISING* the price?

If it was underpriced, you'd have offers, even in this market.

38 sellers per buyer here locally right now, and the market is not going to turn until spring at least. You want to sell, you've got to give that buyer a reason why they want your property rather than anyone else's. Price. A seller carryback. Amenities.

If you're an agent, find someone who knows what they're doing. If you're selling FSBO, find a good agent who understands this market and will deal with the cold hard truths appropriately. Or be resigned to having it sit unsold.

Answer 7

yes i would do that, and i would change agents as well. you do not mention what your agent has been doing to promote your property. Has it been "on tour", has it been advertised? where? how often? Is your agent following the marketing plan s/he gave you when you first signed with them? If yes, then a relisting without the change sounds good in this sluggish market.

If not, it really is time to change. Look in your best local paper. which agencies have the most appealing ads? Call and speak to the broker at those agencies and have them recommend an agent. Have them make a proposal including a marketing plan. Make your choice and Good luck.

Answer 8

I think you answered your own question...nothing in my price range has been moving all Summer either.... If your condo was one that a buyer wanted, they would find it. It's a tough market out there right now, everywhere and condos are the most vulnerable right now, according to what I read. Good luck!

Answer 9

When does your listing expire? When it does, you might re-list with a more aggresive R.E.Agent/Comany. It really does make a difference.

Answer 10

i'm sorry to break this to you, but in order to sell your condo , you need to lover your price below market price.