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Why all the buyer traffic and no offers?!

Its funny because I have read several books on selling property and all they talk about is curb appeal and interior staging and leaving it aesthetically appealing...on and on and...

I've had a condo on the market for 30+ days now, and its getting all the traffic in the world...but NO offers!

Its even "priced below market value".....eeeeek! Any ideas?

Posted by The Grant Team of Naples - Offices at The Ritz Carlton on 08/02/2007 05:59 PM

Comments (8)

8 Comments on Why all the buyer traffic and no offers?!

AUG

2007

Perhaps market value is too high for the looking buyers.

What is market value when the trend is down??

Lenn you took the works out of my mouth. Market value is a relative term. It's also somewhat of an abstract value. How do you accurately determine an abstract value?

Thanks Lenn, last year at this time condos listed in the same neighborhood for $265, no upgrades. Since trending way down over the past 12 months, the same condo is valued at around $230. Listing price is $215, with upgrades. Hmmmm

Are you not getting any feedback? Solicit the Buyers Agents for their input. Dont settle for a "pat" answer. They are your best resource. Appeal to them.

Thanks Venessa, good question. I would think to accurately determine abstract value you would look at comparables, location, upgrades, neighborhood, square footage, aesthetics...etc.....and base your value on that?

Thanks William, feedback has been minimal. Most Selling agents arent even calling with followup info. The few that have have said that property listed very well, but their buyers were interested in something bigger, or smaller....haha. Amazing.

OCT

2007

Joseph, It's been a good while since you posted this. Curious to know if you sold it???

Thanks Shannon, as with everything else, its still listed...lol. At least I can laugh right?

Its now been on the market, cumulatively, for 107 days. Obviously it hasnt been priced right, but with no buyers, what is the correct price? Ive worked with my Realtor over the past few months, and we both feel its priced competitively. Out of 17 condos in my area, I am priced 6th lowest.

We had a lot of traffic initially, but it has dropped off drastically.

In the coming weeks, Scottsdale will see an influx of "Snowbirds" just like Naples....hopefully that brings in some vacation home buyers who want a furnished condo! :)

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