Buying A Home
court115
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Overcoming Short Sales?
My husband and I are in the process of selling our condo. We've had it listed for a month and have had 12 showings but no offers yet. Our unit is extremely updated. The people before us did a lot of work to it and we put an additional $15k into it. Our biggest problem is that a lot of the units in our community are going to short sale. Two units like our's (2 bedroom, 2 bathroom + loft) went under contract on Friday for a lot cheaper than we have our unit listed. Both of those were short sales and in original condition. Do you think that we'll be able to sell our's without dropping the price to a short sale-like price? We've already listed it for a few thousand less than what we bought it for years ago.
Re: Overcoming Short Sales?
The thing is that when buyers (and appraisers) look at the comparitive market analysis, those short sales will be used in judging the appropriateness of your price. Yes, your condo may be in better shape. But when they are comparing price per square foot, your condo is going to appear to be overpriced for the market as it exists today. This is why people say that you should never own the best house in the neighborhood. You simply will not realize a full return on your investment if your property is at the top end of the spectrum. If you really want to sell, you may have to adjust your price downward to be more in line with the properties that have sold around you. What is your listing agent telling you?
I asked our listing agent if we should lower the price - which we would be willing to do - and he said not yet. We are getting a lot of showings so he wants to keep it where it is right now.
I was thinking more along your lines though. The short sale prices are going to come up in the appraisals so we should lower it.
I don't know a ton about real estate but I do know the situation that I am in right now. We are in the process of buying a short sale and since it is a short sale it was listed much lower than the comps in the area. For example, a house with the same square footage as the one we are buying and just a few blocks away sold for over $60K more than the house we're buying. A short sale can be less desirable because they take so long and have the risk of not being approved by the bank. The short sales in the area could hurt your condo's value but I think it makes sense that your condo would be listed higher than the short sales.