I wonder if I'm ever gonna sell my condo :(
- Thread starter Nicky Pass
- Start date
I would rent my house before I would sell it for what the market is at now in my area. What was the last sale in your complex and how long ago? I hate to say it but ten to one its worth less than you paid for it, just like me. I was watching a Sell This House the other day a lady started off 200k more than she paid for it 5+ years ago and ended up selling for a $600 profit......F that! I just figure I am stuck here for awhile that was not the plan but there is no way I would give my house away.
5...but they are in the "older" section, built in 1988. But they are like 4-5K less then mine, but mine is newer....the only newer one for sale in the area.
I don't think the older/newer justification is worth anything unless you can see a complete difference in contruction, size or quality. To the average buyer coming through they might never notice the age difference. Unfortunatly, in townhomes/condos price is huge since every unit is so much a like.
The market has warmed up a little in some areas, but it's far from good or stable. I normally only work in the suburbs but have been showing condos in Lakeview and Lincoln park and amazed at how much is going under contract down there. It always picks up down there and moves west.
Sounds like you have a good agent now, but if you decide you want a fresh approach at some point give me a call.
I will...I'm under contract until October. There are 9 units for sale in my complex....I know 3 are under contract. Mine is the nicest for sure....but I think people are looking for cheap and fix up-ers.
Might as well. Cut the losses on the condo and STEAL a stupid big house from someone whos loosing it. Then you can flip that house in a few years after enjoying it and finally make that money you should have made on the condo.
My parents had to drop the price of our old house over 70k before it sold. 3300 sq ft and a finished basement right on a forest preserve appraised at 360, sold for 287500. The peple that bought that thing definetely got a deal. Selling for a loss then buying from someone in a similar situation sounds like a good idea to me
If you sell for a loss now, you lose on that end but gain on the purchase end when you buy for a low price. If you wait for the market, you will get more for your place but pay more for the new place. 6 of one, half dozen of the other.
People who have been forced to move from my subdivision have sold their half mil. houses for 360K. They are taking huge losses.
Housing market has been up for 3 months straight now. We may have bottomed.
People who have been forced to move from my subdivision have sold their half mil. houses for 360K. They are taking huge losses.
Housing market has been up for 3 months straight now. We may have bottomed.
It's not the end of the world either. You may lose a couple Gs on selling your condo but you'll save A LOT on the place you buy.
Exactly, once you own a house and want to move up it's catch 22. If the market is hot and you sell easy, you can count on having to over pay for the next house cause they have more buyers also. When the market is crap you struggle to get what you want when you sell yours but make up for it on the buy end.
Since most people are moving up to a more expensive house when they sell/buy doing it in a down market normally works out for the better since you save more on the new house than you lost on your old home.
Have you tried any incentives to pull buyers in? In townhomes anything you can do to set yourself apart from the others can help.
Couple I have used:
6 months to a year of paid association dues
Higher buyers agent commission to get them pushing clients to it.
Closing cost credit, some buyers are super tight on funds to close.
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