Reply to Condo not selling, school starting soon, what to do?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It shows well! Clean, fresh paint, new appliances. The building was just powered washed and front door painted. We lowered the price once.
It's located in The Pinecrest community in Alexandria. Great Location.
I hate the idea of renting it out.
How long is too long to keep in the market and not selling?[/quote]

Fresh paint? My god, you are so over priced, it reeks like the paint fumes.

Market is slowing week after week, and rates are poised to go higher when QE stops in October.

Drop the price as low as you could afford selling it (I mean afford to avoid bankruptcy; you may sell for less than you bought it for or less than you put in); if it is low enough you will attract the attention of the market and multiple bids will come in and you will sell for the true market price.

If it doesn't attract any bids, you are screwed.[/quote]

What kind of an arm chair real estate agent are you?  Good grief!  OP, do not listen to this person.  If it needs anything your agent will advise you.  Do no listen to nasty OP above!!![/quote]

The condo has been on the market over a month. By not selling, it has the "stink" on it, and it was priced to high, which is why it did not sell.  If they had priced competitively they wouldn't have to lower so much, but now they have to drop the price to spark interest.  If they dribble the price down, they will follow this descending market down; if they don't have to sell and are okay being a landlord, AND CAN RENT CASH FLOW POSITIVE (which I doubt once factor in condo fee, etc), then they take off market, rent for a year and try again next year or whenever market for condos recovers. Condos right now are really weak, and there is a ton of construction in places like Tysons which is increasing supply. [/quote]

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