10/05/2026
Let's talk about what goes in to pricing a property.
Here's the main points of this unit:
1. Ground level
2. Needs work
3. No rentals allowed in HOA
4. Another unit is listed in the same HOA and had been listed for a couple of weeks.
With condos, finding comparables are typically straight forward. Most units within the HOA have the same layouts with varying degrees of condition. Having one unit on the market already helped me in pricing.
Now, I you might think you want to list at the same price as the condo already on the market. Nope! You're in competition! You want people to choose yours and not theirs, so you should price lower! Especially if the other condo has been on market for 2 weeks and is still not sold.
Obstacle 2 is that it needs work and doesn't allow rentals. Typically fixer uppers are purchased by investors who either flip or hold to rent. This condo isn't in rough enough condition to make flipping worth it, and no rentals are allowed... This means it was going to have to be sold to a handy homebuyer!
This told me that this unit would likely be on the market longer than what is typical for this market. The buyer pool is much smaller. So, when it doesn't sell immediately, there is no panic. This was expected.
We had 2 total showings on this unit in the 2 weeks it was listed... And now it's sale pending.
It isn't about the amount of showings you have, it's about targeting the right buyer. Pricing to reflect that target audience.
Do you always get the price you list for? No. But the goal is to get an offer. If you list too high, people will think they are too far apart in price to even consider writing an offer... Even if they like the place and you would be willing to accept their price.
This ends my book on pricing a property.
