The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: LightStache on March 09, 2018, 08:25:51 AM
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After my tenants moved out late last year, I put my Capital East DC 1/1 condo up for sale beginning of November. It's the lowest price listing in the zip code, so I thought it would sell quickly, even in the off season. We've only received a handful of lowball offers. I'm actually thinking the price might be too low. Now passing 90 DOM, I'm considering pulling it off for 90 days to reset the clock and relist at peak season. With staging in place, cost to carry is $2250/mo. Assuming this will total $7k, would you recommend taking it off market and relisting mid-June? Any other pro tips would be appreciated!
https://www.realtor.com/realestateandhomes-detail/420-16th-St-SE-Apt-203_Washington_DC_20003_M69480-91152
Guess I should also add that I've worked with my agent in the past and have been impressed with her. I'm open to changing but don't think that's the source of my problem.
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What good is it to remove it from the market? It's March. If you think the price is too low, discuss this with your realtor. Maybe raise the price a little, but don't take it off the market right now.
The next 90 days are the peak selling season in DC. You put it on the market at about the worst time of year, but now is the beginning of the best time of year. If you don't have any reasonable offers by May, that would be the time to start changing your selling tactics.
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Buyers can see previous listings and when the property was removed from market. You'd have to find someone pretty naive to be tricked by a reset like what you're thinking about doing.
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Buyers can see previous listings and when the property was removed from market. You'd have to find someone pretty naive to be tricked by a reset like what you're thinking about doing.
Yes, it wouldn't work for me if I was a buyer since I do in-depth research before even looking at a property, but according to RE professionals I've talked to, it works. Agents send new listings out to clients and when the DOM resets, it shows up on the filters. Since I've decided not to delist, guess I won't be able to test the theory though.
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Given the area and the price, I'm kinda surprised that you're having trouble moving it. I don't know the market or the neighborhood there, but I always hear that DC is crazy expensive. You simply cannot buy anything like this nice this close in in NYC.