I have my condo for sale. All of the sales this year have all been short sales or foreclosures. It appears that there is only 1 short sale left on the market now in my subdivision. (Two just went under contract. Not sure if that helps my chances or not.) Aside from the one short sale there is one non-foreclosure/short sale on the market that is cheaper than mine. There are 3 that are priced higher than mine. My condo is in very good condition and looks pretty good. I know that none of us have a crystal ball but does anyone have any opinion regarding my chances of ever being able to sell this condo within say the next 6 months? Just looking for opinions. Thanks for your help!
If it is priced competitively, you need to make your condo stand out from the crowd!
Make sure it is as clean as possible, every single non essential item is removed to keep it looking open, if you are still living there - make sure any potential buyers can see it at the drop of a hat. What do your photos on Realtor.com look like? Ask your agent to take you to the other listings in your development so you can see first hand what the competition looks like and then ask very pointedly - what more can you do to sell the property.
You don't mention how long your condo has been on the market. If you can, post a link to your listing and I'm sure some of our posters will have ideas.
Well due to the foreclosures the prices have dropped about $30k below what I owe on it. Compared to the non-short sale/foreclosures mine is priced 2nd from the lowest. But there is still one foreclosure listed. It has been on the market for one month.
Originally posted by hgtvv: All of the sales this year have all been short sales or foreclosures. It appears that there is only 1 short sale left on the market now in my subdivision. (Two just went under contract. Not sure if that helps my chances or not.) Aside from the one short sale there is one non-foreclosure/short sale on the market that is cheaper than mine. There are 3 that are priced higher than mine. My condo is in very good condition and looks pretty good. I know that none of us have a crystal ball but does anyone have any opinion regarding my chances of ever being able to sell this condo within say the next 6 months? Just looking for opinions. Thanks for your help!
Your competition is 2 lower than you and 3 higher than you. Your comps for an appraisal is all the sold properties which means the foreclosures and the short sales and any others that can be dug up for the appraiser.
If you are in an area where houses are selling, maybe even on an upward slant (however slight) and you are priced right then yes you probably will sell. If you are like some I have heard and think you can discount the impact of the foreclosed/short sale homes on your property then no you probably won't get it done....although there is always the exception.
