This was tough. A 4 year old duplex condo. The sellers were upside down but needed to sell due to lifestyle changes and some of life's passages. We did not have "enough" showings, but everyone who saw it-nearly everyone-really liked it. It had new carpeting a beautiful family room with fireplace, 3 full baths and other a[ealing features. I personally visited every comparable as it came up. It was clearly the best unit in the area.
Another unit in the association was a foreclosure and hurt market analysis with it's low figure. The sellers are wonderful to work with but we had some challenges due to their financial situation. They did lower the price but there was one point where I said, no-we do not need to lower the price again. It is right where it should be. Things are just not moving in this town, unfortunately. We lost 3 potential buyers to another Madison Wisconsin suburb in the opposite direction.
We made it, and went to closing, without a short sale (which is what the sellers insisted upon). It was on the market for nearly a year. They were ultimately happy to be able to move on. I had done market studies all along and kept up with every new home on the market. But a month after closing, I found a statistic that said that the average condo in this town took an average of 2 years to sell. We sold it in only one year! This one took patience. We did everything else we could. We just had to wait.
Even though it was after the fact, it did make them look back and feel better about it all, when I told them we had sold their place in half the time. Sometimes, in this market, as long as you are constantly studying the conditions and making appropriate adjustments, patience pays.
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