Sell my condo

April 22, 2006 9:20 AM

I really need to sell my condo... How should....

I have a cheap condo for sale at about $54000... It has been on the market for 1 year already.
I am getting tired of paying monthly mortgage/assoc. fee/util... for this empty place.

My agent is saying that there aren't many takers...

I am not satisfied with my agent either... I was hoping for more active role on this other than listing the condo on realtor.com.

The price set is very reasonable since i bought this at $50000 eight years ago... currently it is the cheapst condo in the our condo group. The condition is very good also.

What else can I do? I have listed the thing on craigslist... but nothing panned out.... I am thinking EBAY... at least it has time limit....

I am even thinking about renting although i really don't want to bother upkeeps and other rentee things...

* is ebay good idea? what cost and procedures involved?

posted by curiousleo to home & garden (9 comments total)

The price set is very reasonable.

My agent is saying that there aren't many takers.

Unless your agent is incompetent, these two statements are contradictory.

I would suggest you boot the current agent in favor of one who will do whatever you think is appropriate to help sell the place, but if that doesn't work you're going to have to start lowering the price.

It sucks, but sometimes real estate does lose value.
posted by tkolar at 10:15 AM on April 22, 2006

The price could be too low to appear on most peoples radar.
posted by malp at 10:19 AM on April 22, 2006

No one can really answer your question without more info. Where do you live? Is your agent a small independent agent or with a larger nationally known agency? What is the general real estate market like where you live? Is it "hot", "slow"? Is it a seller's market or a buyer's market? More info needed.
posted by generic230 at 10:27 AM on April 22, 2006

I live in one of the middle states.
The agent is small independent agent.
the real estate market is average... it is starting to slow down.
the condo was selling at at 60000 last year... i brought down the price twice already.
I really don't think the price is the problem... I think many want to buy little more upscale condos here...
I am thinking to bring down the price to $50000... but the agent will take 3% commission... i am already loosing too much money...

If i am going to loose money anyways... I thought maybe ebay may be faster process...
posted by curiousleo at 11:57 AM on April 22, 2006

Why sell? Why not rent it out? Then you still have the property as an asset, and (depending on the rental market in your neck of the woods), you can have a little bit of extra income.
posted by dirtynumbangelboy at 12:18 PM on April 22, 2006

eBay sounds like a horrible idea. Nobody's going to be able to Paypal you $45,000, right? Earnest money, title search, inspection, escrow, surveys, credit checks, closing documents, payoffs... Are you prepared to take on all that yourself? Get a better Realtor, one who can get you comps for your development and give you an honest assessment of what you need to do to your place to sell it.

Another option might be to try to sell it to a company in your area that specializes in rental real estate, although they will probably get the better end of the deal.
posted by SashaPT at 12:56 PM on April 22, 2006

Rent it out, if that's possible. You might also consider whether there are any reasons people would not buy. Could you spend a little cash and eliminate any of those problems? Pull the place off the market, do a little work, and get a new realtor.

New laminate floor in the living/dining area would cost about $1000-1500, depending on the size of the space. Are the rooms neutral colours? Paint everything off-white or taupe. Then stage the place with cheap/borrowed/rented furniture. You could probably manage all this for $2500, including the laminate. Then re-list for $5000 or so more than you have it at now. Or list at your current price and at least be able to sell -- or rent out to "good" tenants.
posted by acoutu at 1:03 PM on April 22, 2006

You should definitely try using a different agent before trying any of the other options. A better agent should be able to give you a better idea why your place is not selling, and what you can do to move it more quickly.
posted by brain_drain at 4:09 PM on April 22, 2006

Use a different agent. Small independent agents are often dreadful. I use this knowledge as an edge in finding homes for UNDER market value. I bought my mother's house in a market so hot that homes were on the market and off in a matter of days, at 50-60K above asking. I drove around and found homes with small independent realtors. I found one that was perfect. It had been on the market 2 months, with no offers. I bought it for 15K BELOW ASKING. Smaller agents don't have the resources or clientele that larger real estate agencies do.

Also, your condo being on the market so long is a stigma. I agree with others that you should rent it. Take it off the market for a while, then re-list with a new agent at a price that will serve you and is right for the market, whatever that may be.

Also, there might be something off about your condo that you are not aware of. You need to get an OBJECTIVE opinion. There may be minor things you could change that would make it much more appealing. People are starngely unwilling to do ANYTHING. They want to see that it's great and not have to "use imagination." This is another way I have been able to buy well under market in super hot areas. I buy a home that is structurally sound, with superficial problems, like ugly carpet, dirty windows, a decade old kitchen, and put a little more money in it and improve the value tremendously. I am not exaggerating when I say something like dirty windows or ugly carpet will turn people off.

Mainly, you had a bad agent and they didn't make matters better by keeping your property unsold on the market so long.

Do not sell on Ebay. If you sell without an agent, you WILL need an attorney. I don't think it's worth it to cheap out like that on a $50,000 place. You're trying to save $1500. Believe me, you will NEED the expertise of an agent/attorney. Especially for anything that may crop up during the inspection. To be unrepresented when that happens will screw you.

Good luck. I know it's frustrating, but you just need a little more patience.
posted by generic230 at 5:07 PM on April 22, 2006