Buyer confidence?

Confidence? Why should anyone be confident about anything?

are you using a borker?

If it's priced competitively, it will sell. Period.

Seems like, in recent years, the ideal time to buy was 2009 when the world was just recovering from a near financial collapse and trendy North Williamsburg was flooded with 25 yr tax abated condos. Funny how that was a year were landlords were giving 2 months free on signed leases and rents were down. You can't always trust the math on buy rent comparisons. Sometimes you have to go with your gut.

I am using a broker and I do feel it is priced competitively using objective comp data from recent sales (not listings). It's unquestionably priced lower relative to other listings on a location/amenities/ppsf basis. I think that is reflected in the amount of traffic we are getting. The broker I selected was also under the other brokers by $50,000 to $150,000 in terms of list price strategy, which was why I selected them.

how long did you have it on market already?

Just give it away. The buyer will be happy. The broker gets a quick payday. Your old neighbors will be furious.

remember, since you are using a borker, the most important thing is to make sure you sell it as quickly as possible regardless of price, so that your borker can get his/her check.

Seriously, if you hired a good broker and it's priced right, it should sell. Sometimes it takes six months. Offers sometimes come in just before a listing contract is about to expire. Sometimes brokers use a listing to make new contacts--either prospective buyers via phone inquiry or open houses, or soliciting by mail, 'see, I'm representing a seller near you'. Don't sweat the process.

is it renovated? or did you price it competitively to other comparable properties that were in better condition, or had better views? I guess Im wondering what feature your apt is lacking if you had good traffic but no offers, relative to the comparables. Also, it would be helpful to know dom and list discount for the comparables? If compA was asking $1.5m for 250 days and sold for 1.2m, Im not so sure you should be following that pricing strategy. Did the comps list right and sell fast? Or did they price high and only receive offers after a price cut or two? more info ?

forgot to add, given current market conditions, if you had 25-30+ buyers through your place and a few 2nd visits with no offer, your price is likely off. You got 1-2 months of this kind of action left, if your lucky..its hard to imagine seeing deal vol rise much higher given tight supply conditions out there..so chances are by June-July-August, the buyers wont be bidding like they r today. So if your price is off, adjust quickly or you'll miss it

Did someone put a Hex on the place?

Urbandigs: Yes it's renovated. Kitchen, bathrooms, floors all done and recently painted in neutral color. We priced it competitively at or below recent sale prices. It's still very early.I read the NYT article and have seen a lot of open house traffic. Just wondering if it's translating into closings or if buyers and sellers are still pretty far apart

Just went through from a buyer's perspective and places that were nice and priced right were getting offers very quickly. Those that were overpriced or not nice sat. Hard to say though if you don't post it! What is price range at least? Area?

something's wrong - i sold recently w/ multiple bids days after the only open house. seemed if priced right it would go.

Before some doomsayer calls JButton a liar, here's a buyer's experience. In the last few weeks, I have seen a couple of well-priced, "first-showing-today" properties and made offers at ask or slightly below--only to be outbid. As far as I know, they both went into contract above ask.

So, if priced right, there are people waiting to buy!

http://www.urbandigs.com/2012/04/3-mth_pending_sales_check_for.html

rls broker status changes data is showing it..and if your in the field you experience it. If not, its just chatter.

jtam2 - were the comps used the same line/layout as yours or no? If not, did you adjust for size properly to put comps on par with your target unit? what kind of time adjustment did you do? i know you dont want to identify the property here, but again, market is very hot right now and if your getting traffic without offers, Im wondering what feature your apt is lacking or how long the comparables took to go into contract at last ask? does bldg tend to sell quickly? are there sell side competition in your bldg? did anything change from when those comps sold?

urbandigs, you raise some good points. As I mentioned, it's very early in the process and there's no reason to adjust price yet. I was just trying to get a sense from the discussion board as to whether the open house traffic is translating into competitive offers.

I am looking an noticed that either properties sell very quickly (go into contract within a week of 1st open house) or sit on the market (which I find the owners must not really want to sell if they can't get offers in this tight supply market).

Does your building have many other apartments for rent or sale? Low floor? High floor walk up?

It sounds like it's priced right or you wouldn't get traffic. If you're not getting offers, perhaps it isn't showing well relative to other units in the price range. Maybe it has smaller rooms or an awkward layout that isn't reflected in the pricing? Something is definitely off if you're getting good traffic and no offers.

Again, depends on the unit. Is it fairly standard or does it have some unique features that are maybe not everyone's cup of tea?? Places that had lots of traffic and were pretty straightforward and were priced right did not last long.

digs, you're too generous. 25-30 visits and some seconds with no offer means there's a major flaw that the listing broker isn't selling past or the marketing is too generic in the first place, and the net needs to be narrowed.

ali r.
DG Neary Realty