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December 30, 2013

5 Reasons Why your Condo may not be selling….

Filed under: Center City Real Estate,For Sellers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 4:17 pm

There may be a dozen reasons why your condo may not sell in this real estate market. Many are beyond a sellers control-but SO MANY displeasing features (in the eyes of a buyer) are a direct reflection back onto any given seller. I am sorry. But it’s true….

Here we go:

 1) Your condo doesn’t show like a model home. Remember, the emotional wallop is HUGE in the resale value of a condo. You do need to paint, regrout, recaulk, etc etc. And fix that closet door that is off its track. You follow me? No one wants to buy your issues… Many buyers are out to buy emotion and fall in love with their new purchase. Best to pretend your condo is going on a date, and present it with some style and showmanship. And get rid of the clutter. IF the buyer thinks you are outgrowing the space, they too just might think your condo lacks space or storage. I see it time and time again. So very true-day after day, year after year.

2) Your condo is overpriced. If everyone else in your zip code is down in value (from say 2007), there is a reasonable chance your Philadelphia condo value is down as well. It’s not like you can easily escape that fact. You can almost always overcome any other shortcoming to your condo if you price it right. Easy math on that one….

3) Your Realtor is perhaps doesn’t fully have his head in the game.  Not really full-time, not from the area, does no marketing, has no real influence on your market segment, and all-in-all, just waits for the phone to ring hoping a buyer will magically appear.   For instance- If you owned a $4,000,000,000 single family house to sell in Villanova, I would be the WORST candidate for you. So why are you hiring a friend of a friend from Chadds Ford to sell your Center City condo?

4) Your condo association has neglected to keep the building FHA approved, or at a minimum, Fannie Mae Warrant-able. Meaning your condo can shine like a star, and still not be able to sell because financing options for buyers are exceedingly limited. This can seriously deter many buyers from considering your condo for purchase.

5) Your building looks like hell because no one is stepping up to the plate and keeping the common areas in good visual repair. Buyers don’t even need to see the inside of many Center City condos around town because they have already made up their minds by walking through your lobby and the hallways. I can’t tell you HOW MANY times a buyer (after walking through the building and then stands at the door to your unit) says “I am not going to live here”. They don’t need to see the inside of your condo if they don’t get a good feel for the building. Common. Very common.



Mark Wade
Berkshire Hathaway Home Services | Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106

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