Should we decrease our asking price for our condo?

Question

Our condo has been on the market for 31/2 months. Our asking price is at least 10K less than anything comparable on the market in the same area. According to our agent, it has been showing like hotcakes. We received only one offer that was 25K less than our asking price. We think our asking price is fair when compared to other comparable properties in the area. We are not in a huge rush to sell. Our realtor says the feedback from other agents and clients say we are asking too much. The place needs some paint and new carpet but, otherwise is in a great location and has a great view. Some feedback, please!!!!!!!

Answer 1

I have not seen your condo, don't know where it is but in
general I would, if you are not in any hurry:

I would try everything to make it more appealing to todays
buyer. I would paint, neutral light colours, change or if in good
shape professionaly clean the carpet, again neutral colours.

de-clutter, you'll have to pack anyway so start now and save
yourself some time later......depersonalize your home,,,,,remove
all pictures and personal effects.......clean, clean, clean ther
windows, the counters,make sure there are bulbs in all the
fixtures.....make the beds, in a crisp white or light shade.
the kitchens and bathroom really sell a home/condo so make
sure the appliances are in working order and clean.

I would keep the pets out of buyers' way, some people don't
like animals and/or a allergic to same.....good luck and don't
give your home away.....

Answer 2

Why are you asking total strangers who are not real estate agents, don't really know what your condo looks like, and are not familiar with the area in which you live (wherever that is). You need to sit down with your agent, discuss EVERYTHING (find out what the negative comments from others concern) and then proceed from that point. You may think your place is a lot better than it actually is, and you have to take a cold hard look at it. A nice view is all well and good, but if the place needs painting and the carpeting is shabby, that will bring down the price. You need ot ask yourself how soon you want to sell - or HAVE to sell. And in this market, 3-1/2 months is really not a very long time, however, if it sits for 3 months more, then I would definitely consider lowering the price, or painting and putting in new carpeting (you can get the cheapest thing you can lay your hands on as long as it looks good).

Answer 3

In your situation it would be worth it to update the property with a fresh coat of paint and a new carpet. However, you mention comparables and I'm wondering if you mean properties that have sold or on the market. If they have sold or are in contract then you are justified in holding your ground. If they are just on the market it really holds no weight because they are not sold yet. If agents and clients are saying it's too high then it is. Agents want to sell your home and cannot force buyers to purchase above what the market is paying. As an appraiser, my advice is to definitely paint and add new carpet. These are relatively cheap improvements that can transform a place. Just remember in this market that it's a buyers market and they are looking for the biggest bang for the buck.

Answer 4

You can also offer to pay a point and buy down the buyers interest rate. Have your agent print out a comparison sheet showing how much the buyer will save over the life of the loan by paying a point for them. As long as you're still getting showings after 3.5 months, you are probably ok holding on to the price for now if you're not in a hurry to sell. It's been slow in many areas--not sure where you're located, but here in Massachusetts the market time has stretched to several months!

Answer 5

Hold out if there's not rush. Maybe your offer was a "low ball." Did you counter?

Prices have decreased lately. You might sell easier if you paint & change the carpet. People want to just move in and not think about doing things.

For example, we have a house near us that has a 3 car garage and is on a busy street. The two garage doors are different styles. The outside is a mess. It has been on the market for MONTHS. I am surprised that they expect that it will sell for their asking price. I'm not saying that this is your situation but, be realistice and non-emotional on the asking price.

Answer 6

I would keep at what you have it currently listed at and hold out. If it is priced lower then the comparables that sold in the last 6 months then it should be priced fairly. Also, did you counter back to the offer that was made for 25K less. If not then I would definatley counter back and start a negotiation. Maybe you can come to an agreement. They may be trying to see how low you will go.

Answer 7

First of all,slow time in real estate is from November until Feb.Why dont you have your agent put in the listing there is a allowance for carpet.Look around your place,try staging your living areas in a way that people will want to sit down and enjoy the view.If you have a table and chairs on a balcony,or by that great view,place a pitcher of fresh lemonade with lemon slices and a plate of cookies by that window with the view.Put away most personal photos,make sure to dust and clean up and windex before each showing.Hang tight.

Answer 8

If you are in no hurry to sell I would hold out. I would also paint and put the new carpet in if you can afford it. Hopefully the market will get better in the spring. That is usually when houses start to sell better.
Good Luck.

Answer 9

Rather than reducing the price (because buyers typically offer less than full price anyways), I'd suggest having your listing state that "Seller to pay $x,000.000 for Buyer's closing costs and/or prepaids for an acceptable offer." ("x" to be whatever amout you want to try to induce a buyer).

It is a slow market still... I tell all my sellers to hang in there and don't reduce yet either!

Good luck, and I hope things turn around for you!!

Answer 10

study your lease heavily. that's a written settlement and passes from one proprietor to the subsequent proprietor, and is enforceable. lease generally maintains after any sale. If the recent vendors p.c. you out, they'd desire to attend or to purchase you out of the lease. foreclosures kills a lease, yet ordinary revenues do no longer extinguish lease. make specific to offer the mandatory 30 day word at expiration. If new proprietor needs in, they'd desire to be prepare to pay some or all your relocation expenditures.