06 Jul Multiple condo units for sale at once – strategies to sell mine?
There are 6 duplexes/zero-lot-line townhome buildings in my neighborhood, for a total of 12 properties. They are all identical, except for whatever upgrades each owner did. I plan to list my property in about a month, but have recently learned that there are at least 4 owners who plan to also list their properties at that same time. (The full details of why we are all waiting to sell are below, should you wish to know, but it isn't particularly relevant). The market is currently a sellers market but seems to be cooling off a bit. The majority of homes currently on the market are well above the price range there duplexes would likely list for. I do not have to sell/move, but would strongly prefer to have the property sold before November 1st.
I am looking for insight on a few things:
- What will having 4+ almost identical properties on the market do to prices, demand, listing time, etc
- Is there a good strategy to use when selling in this sort of situation?
I have asked my realtor, but I think her advice is clouded by the fact that she really wants to sell the ASAP, as there are so few listings on the market right now. She says sell for the same price as we have been planning and at the same time.
Full details: The homes were originally zoned as condos, but the HOA lapsed some time ago and there hasn't been an active board for several years. Because of this, some banks refused to offer mortgages, so people have had trouble selling the properties for a fair market price. We can't list our homes for sale until the paperwork to rezone is complete, and the rezoning should allow the properties for fetch a much better price because people will be able to get mortgages for them.