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When a condo first hits the market, there\u2019s a short period when it gets something you can\u2019t get back: it\u2019s new. Buyers who have been watching Hillcrest listings see it pop up. Agents send it to their clients. People who have been waiting for the right unit take a look. That initial attention is valuable. One mistake sellers sometimes make is thinking, \u201cLet\u2019s start high. We can always come down later.\u201d<\/p>\n
Technically, that\u2019s true. But there\u2019s a downside.\u00a0If buyers see a new listing and immediately think it\u2019s overpriced, many won\u2019t come back every time the price is reduced. A condo that was brand new a month or two ago can suddenly become the one buyers have already seen online several times.\u00a0Then the questions start.\u00a0\u201cHow long has this been for sale?\u201d\u00a0\u201cWhy hasn\u2019t it sold?\u201d\u00a0Has something changed?\u201d\u00a0\u201cDo you think the seller will take less?\u201d<\/p>\n
None of those questions have anything to do with how nice the condo is.\u00a0That\u2019s why the first few weeks are so important.\u00a0It doesn\u2019t mean you have to price your home below market value. It means you want to take advantage of that initial burst of attention instead of using it to find out how much buyers won\u2019t pay.\u00a0There\u2019s another part of this that sellers sometimes overlook: carrying costs.<\/p>\n
If your condo costs $900 a month for maintenance, six extra months on the market is $5,400 in maintenance alone. Add taxes, insurance, utilities and other expenses and waiting for an extra $10,000 may not actually put an extra $10,000 in your pocket.\u00a0Of course, every seller\u2019s situation is different. Someone who isn\u2019t in a hurry may be perfectly comfortable waiting. Another seller may care more about getting the property sold and moving on.<\/p>\n
There\u2019s nothing wrong with either approach.\u00a0The important thing is knowing what you\u2019re doing before you put the property on the market.\u00a0We\u2019d rather have that conversation at the beginning than six months later after several price reductions.<\/p>\n
A good listing strategy isn\u2019t just about picking a price.\u00a0It\u2019s deciding how you want to sell.<\/p>\n
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