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Pulled the last 4 years of sales for our townhome community and averaged them out.
We also looked at comps in a few mile radius and their avg price per sq ft was within $2 of what was calculated from our townhome community.
In my area (prices are different) homes similar to mine were selling for $850K four years ago. Now they are selling for $525K.
Around here it is pretty easy to get data on comparable SALES by going to the county property assessor's office. You need to look at only the last 3-6 months (stay on the lower end if there are lots of sales).
This is not a FSBO. Rather it is listed with a flat fee guy.
I am a member of the MLS that carries this listing. There are only 4 pix and 3/4 are not sized right. The marketing is inadequate and it looks like you got what you paid for. Neither buyer's agents nor prospective buyers can see much of anything.
The property is on a very busy street. It is across the street from a cemetary, albeit a historical resting place.
People looking for condos/townhomes on the north side have a lot to choose from.
What you paid in 2005, at peak, or need out of this sale has no bearing on current market value. The most recent ( about 3 months) sales of comparable properties, not just your development or immediate area, determine where the market is at, right now.
That your development is small, self managed ( low assessments) and includes parking for 2 cars may offset some potential concern about location when it's priced to sell.
That you have no one advocating the sale of your property also works against you, especially in a declining market.
Without going into detail here, I can also see that it's likely you may need to bring funds to closing based on information within public records. If that is not in your game plan, you may need to consider other alternatives.
Actually, we won't need to bring any money to closing (even paying all title commitment, transfer tax fees, etc) and will be getting money back at closing so that's not an issue for us. So we do have room to move on the price a bit and based on all the feedback, that's the biggest issue we have with our property.
The photos can be easily fixed, which we will also do.
I am a member of the MLS that carries this listing.
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There you go, an opinion from someone educated about the area.
From the information MaM gave, I think you have a lot working against you. It is a multi level, which will lose you some buyers. It is on a busy street, there go more buyers. It is across from a cemetary, there go more buyers.
That, taken with the fact that there are fewer buyers looking at townhouses than single family (at least in my market, maybe not yours) to start with and the comment from MaM that there are a lot of townhouses on the market for competition, means that yours has to be priced well in order to sell. It would have to be a very good deal in order for me to overlook the busy street.
This is not a FSBO. Rather it is listed with a flat fee guy.
I think I've seen you say this before. Clearly not everyone can submit property data to be listed on MLS . So a home owner provides pictures, property descriptions etc to a flat fee guy...to use your phrase. The flat fee guy prepares /formats the info provided and posts it up. His job is done. The home owner then is responsible for any further marketing efforst to include showings, open houses, signs, closing attorneys etc etc etc.
Why do you insist on pointing out that ,in your opinion this is not a FSBO ??
Keep in mind the listing "flat fee guy" is doing nothing other than a one time posting of data supplied to him.
Is this just a matter of semantics with you or is there any real basis for this statement.
thanks
As an after thought....
If I , for example take a phot of my property and include with it a brief description, and then submit it to a local newspaper for publication in their homes for sale section does that mean it's no longer a FSBO ??
The flat fee guy prepares/formats the info provided and posts it up. His job is done. The home owner then is responsible for any further marketing efforst to include showings, open houses, signs, closing attorneys etc etc etc.
Quote:
Originally Posted by JBrown
Keep in mind the listing "flat fee guy" is doing nothing other than a one time posting of data supplied to him. thanks
EZICIT - JB, While it's true that real estate practices vary from area to area - (I'm in Florida), I think it's reasonable to assume that, in the case of a FEE Listing, the Owner/Seller is offering a commission (3%?) to the Realtor who sells it - right?
So, I'd question two of your assertions - The flat fee guy prepares/formats the info provided and posts it up. His job is done."K "Keep in mind the listing "flat fee guy" is doing nothing other than a one time posting of data supplied to him."
Isn't it true that, with a FULL listing, I can just sit back and wait for another Realtor to sell my listing and take my split (3% or 4%).
But, with a Flat Fee listing, am I not MORE motivated to work on a sale?
Earning a few hundred for the listing is 'ok' - but wouldn't I much prefer to get the 3% or 4%??
Just asking . . . .
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