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2014-12-02 08:33:07
Take That Downtown Salt Lake Condo Off The Market?


Take That Downtown Salt Lake Condo Off The Market? My assignment for this blog is to write about Utah real estate. This question, “should I take my Downtown Salt Lake Condo off the market” is my article for today. The topic is front and center due to two recent experiences. One is actually a home for sale near downtown Salt Lake City, the other a downtown condominium. The question can apply to any real estate for sale in any market. It usually becomes a question when that real estate for sale hasn’t sold during the listing period and your agent is asking you to renew. In these cases the agent has done a mighty effort to sell your home or condo. You may have dropped your price a couple of times.


You are discouraged. It hasn’t sold. You won’t or can’t lower the price again. Someone suggests to you that it isn’t selling because no one is considering it a good value as it has been on the market for such a long time. Ahah you think, I’ll take it off the market for 90 days and it will show up as a new listing. Should you do that? Should you?


OK, I get it. You are worn out. It’s a pain having your home or condominium ready to show at all times. Your real estate agent has had several open houses. Sure he’s had some activity but no buyers. Should you take it off the market is the question?


The answer could be yes in one of my examples. The sellers have two homes. They were going to move to the home not on the market. They are thinking it would be a good investment property. Their accountant has penciled it out, it makes sense. They could be happy living where they are. In this case it’s a yes, “take that downtown condo off the market”. But wait, one of this couple really wants to move to the other place. Uh oh, we now have the “we don’t have the same goals problem”. I see this a lot, it’s natural, two different opinions. One is practical and one is emotional. One is the man of the house and one is the lady of the home.


I divert here to share a recent story related to the man and woman thing. I have a wonderful condominium listed in Garden Towers. It has a fabulous view, a rooftop garden for great entertaining, and is luxurious. An agent that visited it last week told me it was the best condominium in Salt Lake City and thought the $599,000 price was right on for a 2300 + square foot condo. I met a couple at the Salt Lake Home City Home Show and told them about it. They came the next day. He wanted it. She didn’t. He kept saying, “Honey I have to have this” She said no. We went to the rooftop garden. Now he really wanted it. The views are 360 degree awesome. She said no. If momma don’t want it papa don’t get it is often the rule.


Now back to the topic at hand. If the compromise or reasoning is to take it off the market for 90 days as suggested, to make it come back as a new listing, is a bad decision. What changes in 90 days? For one thing, all or any advertising or promotions are out the window. Thousands of agents peruse listings in the MLS each day. They are likely to have made note of your listing. They just didn’t have a buyer, or the right buyer……….. yet. If you take your home off the market with the idea it will sell easier as a new listing you are making a mistake. That is the wrong reason. Any or all of the marketing efforts or expenses made by your REALTOR(R) are wasted. He or she will have to start over in 90 days.


Here is the other example and it is a yes. It’s a home that is priced too high. The sellers just want to move for convenience sakes, being closer to work. The price of the home is based on what they need to make the transition. They don’t have the financial resources to lower the price and make the move. This home is priced in a range where there is serious competition nearby. They don’t have a prayer of getting their price. Not a prayer. They submit themselves to the hope, useless hope of moving. They submit themselves to the discomfort that comes with selling. When speaking with this seller I could feel their determination to hang in there. They don’t want to hear my suggestion, take the home off the market. In this case the answer is yes.


Take That Downtown Salt Lake Condo Off The Market? Some cases yes, some no.


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