Listing price for Condo? Questioning my Realtor's Sanity

[CraZySteve]

Hey Guys,

First off – Long Post -

So my Realtor is firm behind wanting to list my Townhouse for $234,900 in Tewksbury, Massachusetts. Her argument is that she sold a unit in that same development in January 2016. It listed for $234,900 and went under agreement in 1 week and sold for $236,000. She had said that he appraisal barely came in at the $236K. Well the market has gone up since… Another unit went on for $234,900 and went under agreement 10 days after and sold for $230,000 (it was not updated, not a good location in the development etc)

Anyhow I call BS because a Middle unit went on the market on 2/29 for $239,900 and went under agreement on 3/8 with multiple offers. I personally walked through this unit (why not!). Unfortunately for me, this unit has not finalized, so I don’t know the final price… but read on!

So All I am saying is that I want to and am 98% sure I am going to force her to list mine for the same $239,900.. I mean who in their right mind would list an END UNIT for less than a Middle unit? I don’t care about granite counter tops and a stainless fridge so much….. would you? Honestly $5,000 is $5,000 right? Heck that is a nice down payment on a new SLED! (only another $125 in that witches pocket )

The Market is obviously hot if these units are going under agreement that quickly...


Below I listed important & notable details – So you can do a # - # comparison:

Quick details on My unit:
1> True End unit, 1100 sq ft, 2 story townhouse w/1 car garage, very cool/quite neighbors
2> 3 yr old Energy Star High Efficiency Boiler (Forced H/W Heat) and Stainless Indirect H/W Tank
3> Kitchen redone w/hardwood laminate flooring and new stove ~ 2012 (no granite nor stainless BS)
4> Master bath redone ~ 2013
5> Utility room/laundry room with shelving and linoleum flooring
6> American Craftsman 9500 Vinyl insert Windows / Jeld-wan Vinyl slide ~ 2011
7> All appliances staying - Washer/Gas Dryer ~ new 2011
8> One - 10,000 BTU in-wall AC replaced ~ 2012
9> Dishwasher ~ 2013
10> 320 sq. ft. of storage in attic w/lights
11> Upstairs bedroom Baseboard heaters replaced ~ 2011
12> New just prior to SALE: Garage door, Carpets (less 2 bedrooms), Neutral Paint colors throughout (less 2beds/2baths), 2 new Smoke/CO detectors

Quick details on Other unit:
1> Middle unit, 1100 sq ft, 2 story townhouse w/1 car garage, one neighbor seemed ghetto.. LOL
2> Original 1984 Gas boiler, 7 year old conventional 40 gallon gas h/w heater
3> Kitchen redone w/hardwood laminate flooring, granite countertops and stainless fridge ~ 2015
4> Master bath is original and the washer and dryer are IN the master bath (which is only 5' wide x 12' long)
5> Utility room only has Gas boiler, H/W Heater and can be used for storage, plywood floor
6> Newer insert Windows / Vinyl slider (Brand unknown) ~ 2010
7> Only Stove, Microwave, Dishwasher and Fridge are staying
8> 2 older in-wall AC’s BTU unknown
9> Dishwasher - age unknown
10> Only a scuttle to the Attic – there is no flooring or lighting up there
11> Entire place has original baseboard heaters
12> Nothing new was done prior to Sale: Overall the carpets are in realtively new and the place is painted with decent color choices

 

[WHITE-TRASH]

I'll never understand people that choose to live stacked up like rats. I lived in a typical suburban development for 4 years and I fawking hated it.

 

[JohnRobHolmes]

You can list it for what you want. Your realtor is your best asset for enabling quicker sales at higher prices. That 5k will make offers 10k lower and you will haggle back to her suggestion. Or hold strong at your price and see if the perfect buyer comes along to pay for your sled.

In my city there is 6 foot setbacks off side lot lines. Its a sea of teeny lots and big houses or duplexes with 12 feet between houses. 25 foot to the street. Whatever is left for rear. The older areas have much wider lots. I like the older areas more.

 

[WHITE-TRASH]

In my city there is 6 foot setbacks off side lot lines. Its a sea of teeny lots and big houses or duplexes with 12 feet between houses. 25 foot to the street. Whatever is left for rear. The older areas have much wider lots. I like the older areas more.

That's about how most of the new areas around here are built. My place however is 125' from the street on 3/4 of an acre. I'm still 2 minutes from anything I need and 10 minutes from the hobby shop. :lol:

 

[BigSki]

Just curious, do you refer to the townhouse as a condo ( fancy name for an apartment) or is it an actually townhouse? My guess is that the realtor is setting a lower price for a quick sale ( quicker pay check for them) You can have another appraiser look at the property and give an opinion on a realistic price.

 

[Highmark]

You can always list it, gauge the interest and reduce if necessary. I would always aim high with you initial price. Everything in real-estate is chance, you never know how the market is going to react because every property is different.

 

[johnnyh66]

She works for you. Have her list it at what you want knowing that people always want a deal and will want to put in a lower offer.

 

[imthatguy]

I'm not sure what it's like in your neighborhood, but people where I live routinely list for less than they want in hopes of a bidding war to get an inflated price. That said, we're under a severe housing shortage and average house price is 3 times what you're listing for.

 

[wings_of_fire]

If the big guys(high net worth asset traders) are buying then increase your price. If they are selling then you better not try to get that extra 5k.

Stockmarket trading taught me, letting go a little seals the deal and thats why EXIT is important.

 

[C*H*U*D]

We ALWAYS have bidding wars for housing here, and right now it's not uncommon for properties in the $250K range to sell for $10K more than list. It sounds like your realtor is using the same strategy.

If you're willing to sit on your hands for the right buyer to show up, list it for whatever you want. If you need a quicker sale with less hassle, then listen to your realtor.

 

[CraZySteve]

Just curious, do you refer to the townhouse as a condo ( fancy name for an apartment) or is it an actually townhouse? My guess is that the realtor is setting a lower price for a quick sale ( quicker pay check for them) You can have another appraiser look at the property and give an opinion on a realistic price.

Ugh.. I do not know why the Instant email notification never works for me on this site..... :roll:

Anyhow, A townhouse is typical a unit build in a row of 4-6 depending. They are 2 floors so you share at least 1 common wall with your neighbor. When I say Condo - I agree, it is a fancy name for an apartment or also known as "Garden-Style Condo"

In my unit we share the Kitchen/Garage/Dinning room wall on the 1st floor and the Master bed/Closet on the 2nd floor. But these walls are ~ 2x8 thick with insulation in between.

The market in my area is HOT! The last 3 units in my development went under agreement in less than 10 days...

Here is some more fuel for the fire:twisted:

Middle Unit mention in Original Post: https://www.coldwellbankerhomes.com/ma/tewksbury/23-decarolis-drive/pid_10772245/


Link to pictures of my unit: https://drive.google.com/folderview?id=0BxGRE3jd-WTfVTNpSDdfbnFIM2c&usp=sharing

As of now I am sticking to my guns of $239,900! It would be awesome if 23 would go final and then I can see what it sold for.

Thanks for the replies! I will keep you posted as to how everything unfolds

 

[Col_Sanders]

I just sold my house a couple months ago. I learned a couple things in that process. Number one, I'd talk to a few realtors before committing to anything. Number two, go with your gut.

 

[CraZySteve]

I just sold my house a couple months ago. I learned a couple things in that process. Number one, I'd talk to a few realtors before committing to anything. Number two, go with your gut.

Yea, that is probably something I hope I won't regret! This realtor does have a good track record! I spoke with her today.. due to Mothers Day weekend coming she won't list the place until Next Wednesday the 11th. Kinda makes sense to me... besides 1 more week is not that big of a deal in the grand scheme of things... By default, that also gives me another week to see if the other unit officially closes (Then I will know how much it sold for - making my pricing decision quite easy at that point!) My Gut still says $239,900. Only about 30 % of the units in that development have pulldown stairs to the attic.. That is 288 sq feet of storage up there! Those 70% that don't have their garages full of their crap... lol...

 

[vonclod]

Hey Guys,

First off – Long Post -

So my Realtor is firm behind wanting to list my Townhouse for $234,900 in Tewksbury, Massachusetts. Her argument is that she sold a unit in that same development in January 2016. It listed for $234,900 and went under agreement in 1 week and sold for $236,000. She had said that he appraisal barely came in at the $236K. Well the market has gone up since… Another unit went on for $234,900 and went under agreement 10 days after and sold for $230,000 (it was not updated, not a good location in the development etc)

Anyhow I call BS because a Middle unit went on the market on 2/29 for $239,900 and went under agreement on 3/8 with multiple offers. I personally walked through this unit (why not!). Unfortunately for me, this unit has not finalized, so I don’t know the final price… but read on!

So All I am saying is that I want to and am 98% sure I am going to force her to list mine for the same $239,900.. I mean who in their right mind would list an END UNIT for less than a Middle unit? I don’t care about granite counter tops and a stainless fridge so much….. would you? Honestly $5,000 is $5,000 right? Heck that is a nice down payment on a new SLED! (only another $125 in that witches pocket )

The Market is obviously hot if these units are going under agreement that quickly...


Below I listed important & notable details – So you can do a # - # comparison:

Quick details on My unit:
1> True End unit, 1100 sq ft, 2 story townhouse w/1 car garage, very cool/quite neighbors
2> 3 yr old Energy Star High Efficiency Boiler (Forced H/W Heat) and Stainless Indirect H/W Tank
3> Kitchen redone w/hardwood laminate flooring and new stove ~ 2012 (no granite nor stainless BS)
4> Master bath redone ~ 2013
5> Utility room/laundry room with shelving and linoleum flooring
6> American Craftsman 9500 Vinyl insert Windows / Jeld-wan Vinyl slide ~ 2011
7> All appliances staying - Washer/Gas Dryer ~ new 2011
8> One - 10,000 BTU in-wall AC replaced ~ 2012
9> Dishwasher ~ 2013
10> 320 sq. ft. of storage in attic w/lights
11> Upstairs bedroom Baseboard heaters replaced ~ 2011
12> New just prior to SALE: Garage door, Carpets (less 2 bedrooms), Neutral Paint colors throughout (less 2beds/2baths), 2 new Smoke/CO detectors

Quick details on Other unit:
1> Middle unit, 1100 sq ft, 2 story townhouse w/1 car garage, one neighbor seemed ghetto.. LOL
2> Original 1984 Gas boiler, 7 year old conventional 40 gallon gas h/w heater
3> Kitchen redone w/hardwood laminate flooring, granite countertops and stainless fridge ~ 2015
4> Master bath is original and the washer and dryer are IN the master bath (which is only 5' wide x 12' long)
5> Utility room only has Gas boiler, H/W Heater and can be used for storage, plywood floor
6> Newer insert Windows / Vinyl slider (Brand unknown) ~ 2010
7> Only Stove, Microwave, Dishwasher and Fridge are staying
8> 2 older in-wall AC’s BTU unknown
9> Dishwasher - age unknown
10> Only a scuttle to the Attic – there is no flooring or lighting up there
11> Entire place has original baseboard heaters
12> Nothing new was done prior to Sale: Overall the carpets are in realtively new and the place is painted with decent color choices

The real estate market here has gone completely insane..bidding war's ending in stuff going for 100 k+ over asking..stupid money being thrown around. Our realtor recommended listing a bit low to get the bidding war going..a too high asking discourages alot from even looking.
That is how it works here currently, for houses mostly but even condo's.

 

[jason]

The agent works for you, if she won't do what you want her to reasonably do then find another agent that will.

 

[thecrusader]

If it was my condo, i'd blow it up with explosives and start bare knuckle boxing under a tavern.

 

[CraZySteve]

Sorry Guys... I owe you an Update.. it has been busy with it getting listed on Thursday 5/12 @ 835pm and my wife being away for the past 8 days for a Nursing convention - I have been home alone with my 4 and 2 year olds

So it listed for $239,900 - w/ no showings until Open House (OH) from 11-1230pm on Sunday 5/15

Friday AM: OFFER #1: $240K, 1% down, VA Loan, no home inspection, 3 Appointments for Fri 5/13 all cancelled.

Saturday: 2 more showing appointments for Sat 5/14 - both cancelled, 2 More showing appointments for Sun 5/15 after OH

Sunday 10AM: OFFER #1 - upped it to $242K, 1% down, Conventional loan, no home inspection

Sunday 2pm - Agent calls and said she just left the OH and had over 25 groups of people walk-through!!!

During the OH - my Realtor put a Tuesday 5/17 - 12pm deadline for all offers to come in...

Fastforward to 5/17 4pm - My realtor calls with 5 offers....

1 $230K - Cash - No home inspection
2 $240K - 1% - Conventional
3 $244K - This the guy who had the original offer on Friday
4 $245K - 3% down, Conventional w/home inspection


Wait for it...... 5th Offer --- $250,000 - 3% down, Pre-approved Conventional and Home inspection not contingent on sale (for buyer's information only)

Needless to say I accepted the $250,000 Offer !!

P&S Signed, House has been appraised, Closing is scheduled for 6/24

 

[Habanero]

I am encountering this now and house prices are just like blue book on cars.

People know the prices. They know what comparable places sell for. What they SHOULD be and if you try and sell your Nissan for Lexus prices you will be spotted for a fool and all the investment in your realtor and staging etc can just go to waste.

Price it sensibly from the get go and catch buyers then negotiate.

 

[JeremyH]

Something is only worth what someone else is willing to pay....

 

[KJ10]

Sounds like you made the right move. Congrats!