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Any suggestions for selling a condo when 5 others are also selling in the same area?

I’m already offering an incentive of paying for a portion of the assessment fees for a few months (was going to do 3 months, but may move it up to 6 months). The area I live in has 80 condos and as of this morning 3 more listed (including mine). There are another 3 for sale already. These condos are all fairly new (mine was built in 2004 and I’m the original owner). I have a great real estate agent, but am looking for other options to get the upper hand on the others selling also. The prices for each condo varies too (we are all the same size, same floor plan). Any suggestions would be greatly appreciated. Thanks!
I’m in Coastal GA and we are not allowed to rent out more than 20% of the units (which has been met). Mine is not the lowest priced, but it’s in the middle. I’m just above my appraisal price though (by $900). I have a view that not all condos have (of the pond and fountain), plus some were built at different times (mine is only 3 yrs old and others that are selling were built 6 yrs ago). I’m okay to sit here for awhile as I’m going to move locally, but I don’t want to sit on this forever either. I don’t want to go to the lowest cost because I know my place is worth more than that and I’ve only just listed too. An open house will be held in 4 weeks too.

At this point in the market, especially the condo market, I feel that waiting is the name of the game. Your incentive of paying a portion of the assessment fees is a good one. You might also consider a credit to the buyer at closing for closing costs. Many buyers find this kind of relief a god send and can help them to qualifiy more easily for financing. Lenders look at this as a portion of the required down payment. Another incentive to think about is a seller 2nd mortgage. I have worked with many buyers that have gotten sellers to agree on a 3% to 5% second mortgage. Check with your listing agent or a real estate attorney for more details regarding this type of insentive. Best of luck.

This entry was posted on Tuesday, March 2nd, 2010 at 8:28 am and is filed under new condos for sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Any suggestions for selling a condo when 5 others are also selling in the same area?”

  1. Your only advantage would be a lower price, which can be a combinaton of the assessments payments and the sales price.

    Without a realtor, you should price yours at 10% below the market, and you’ll sell it faster than your neighbors if speed is what you want.

    You could of course keep the property and rent it out, depending on your situation, and refi to get cash out for another property purchase.

    Without knowing more about your local market, I can;t offer much more advice, but feel free to contact me if you desire more assistance.

    Regards,
    Robert Noakes
    Real Estate Investment Consultant
    Sr. Mortgage Planner
    415.652.8112
    References :

  2. teran_realtor on March 2nd, 2010 at 2:42 pm

    All fairly new, same size, same floorplan… PRICES VARY. That’s the key. Is yours the lowest price?
    References :

  3. offer closing help! or a 5% gift for there downpayment.

    If the units are all the price about the same and I would check out the one with all closing paid first.
    References :

  4. I would suggest using FengShui

    I have used it successfully for years when you are competing for buyers.

    In this market the home MUST be perfect or you will be competing on price alone.

    Here is the link.

    http://www.fengshui4re.com/products.php?p=cyls

    Let me know how it works for you.

    Terry Smith
    http://www.Welcome2Arizona.com
    References :

  5. Lower the price to a competitive one. Get rid of the real estate agent. In that case you’ll be able to have competitive pricing. List your condo for sale by owner and post it on sites such as Yahoo or http://www.markethit.com
    References :

  6. At this point in the market, especially the condo market, I feel that waiting is the name of the game. Your incentive of paying a portion of the assessment fees is a good one. You might also consider a credit to the buyer at closing for closing costs. Many buyers find this kind of relief a god send and can help them to qualifiy more easily for financing. Lenders look at this as a portion of the required down payment. Another incentive to think about is a seller 2nd mortgage. I have worked with many buyers that have gotten sellers to agree on a 3% to 5% second mortgage. Check with your listing agent or a real estate attorney for more details regarding this type of insentive. Best of luck.
    References :
    I am a licensed mortgage professional.

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