House Calls: Condo Isn't Selling
Dear Ms. Lank: I've had a one-bedroom condo on the market with a Realtor for six weeks. There was a lot of interest at first and almost an offer, except the individual wants two bedrooms in the same building. The building, by the way, is in an extremely desirable location across the street from a popular shopping district that has everything a person needs -- banks, grocery stores, a pharmacy, etc. This building attracts many older women who are downsizing.
Feedback has been that the condo is too small, and one person thought the monthly costs -- the homeowners association (HOA) fee, insurance, taxes, power and light -- were too much.
The condo hasn't been shown for at least two weeks, and the Realtor hasn't called during that time. Meanwhile, I'm paying the HOA fee waiting for a buyer.
What to do? Leave it on the market, or take it off and let it rest? I did sign a three-month contract with the Realtor. I think the Realtor needs to be more aggressive rather than just letting an MLS do the work. -- K. C.
Answer: Because you mention a multiple listing system (MLS), we know that information about your condo is being shared with other brokerages, which is to your benefit. And the initial interest is encouraging.
Don't take the place off the market. Spring is the best time for real estate sales; it yields the highest prices, though, of course, your apartment isn't aimed at families with school-age children.
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Has your agent suggested dropping the asking price? It may be a bit soon -- wait another couple of weeks and then start reducing your price till you hit a level that attracts offers.
If you priced your condo at $2, it would sell that same day. You just have to find a price level, somewhere between $2 and what you're asking for, that will do the job.
Reasons Not To
Edith: In your two answers regarding adding (deeding) sons to the ownership of a parent's residence, you fail to caution them about the property tax benefits they may lose, depending on the state, as a result.