How do I stay above the competition?

I am really trying to sell my townhouse. I see that there are about 6 units in my neighborhood (4 others on my block) now for sale also. How do I "make sure" I get mine sold before theirs. Mine is one of the higher priced, but for good reason. It is in diamond condition and has tons of updates. I will be so upset if another one sells before mine!

Re: How do I stay above the competition?

We are going through the same thing. We actually just got a buyer. Our townhouse is one of about 7 listed in our community. I think the thing you can do is just make sure its perfect for showings. It's so stressful, I hope you luck out soon!

Re: How do I stay above the competition?

Unfortunately, competition is always tough with townhomes (or condos or co-ops). Buyers tend to look at them as commodities rather than unique properties, because often there are multiple properties on the market that are the same model (same layout, same square footage). So they just want to buy the cheapest one.

If yours is truly more updated and in diamond condition, then yes, it does makes sense to price it a bit higher than one that is lacking the same updates and amenities. But are you sure you are not pricing it too high even in light of the superior condition? I find that a lot of sellers -- and it may not be the case with you -- overestimate the value of their updates. A lot of buyers also take the attitude that they would rather buy the lower priced unit and renovate the unit to their own taste versus pay a premium for someone else's upgrades, especially if the price differential between an updated unit and not updated unit is significant.

If a property isn't selling, it almost always comes down to price. But if adjusting the price really isn't an option, you can try offering some sort of monetary incentive to either a buyer or a selling agent to make you home stand out from the crowd.

An example of an incentive to a buyer would be - offering to pay 3 months worth of common charges or HOA fees, or offering to pay a certain $ amount toward their closing costs. For a selling agent, you might offer a $1500 bonus if the property is in contract by a specific date. Money talks with both buyers and agents. And yes, while this is costing you out of pocket, offering an incentive that may cost you a couple of thousand dollars is typically less costly than dropping your price.