Q: My condo has been for sale for more than six months in Delaire Landing. My agent originally said he could sell it at the price I set, and now he is saying the reason it is not selling is because it is overpriced. I am starting to think he lied to me in the first place, because another agent I interviewed said he couldn’t go this high. But I gave this guy my listing because he said he could. Now he’s changed his tune. Should I reduce the price or make him earn his money?
A: Maybe your agent told you he could get more for your listing because he really thought he could. Or maybe he did lie just to get your business. It’s not like that doesn’t happen. Whatever the reason, it really doesn’t matter now, because I am assuming you still want to sell it. You and your agent are both taking the same gamble it will sell at a price that, now, two agents are telling you cannot happen.
The average price the condos have sold for varies depending on the features, bedrooms, bathrooms, etc. I don’t know what your condo is listed for or if you can really sell at that price, however the average property listing time over the past year is less than three months in Delaire Landing. Since your condo’s been on the market for more than double, that time that would indicate to me that is it mispriced.
Sit down with your agent and ask him to show you the current comps for the area. It will reveal what your asking price should really be. Then adjust the price accordingly. If you wait for your agent to sell it at a price too high for the market, he likely won’t earn his money, but neither will you if it doesn’t sell.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.