1.Did you list with a real estate broker or do FSBO?
We did both. We first listed our condo in early December 2008 FSBO using Housepad.com. After we signed a contract to purchase our 4BR (we had a sale contingency), we signed a listing agreement with a top-producing local realtor in late December that allowed us to continue selling on our own.
2. Did you sell FSBO or with the broker?
We sold FSBO (we had two offers within three weeks of our initial listing, both FSBO).
3. What kind of pricing did you use? Were you happy with your ultimate sale price?
We originally priced our unit at $550k, then dropped the price twice (to $525k and $500k). The two offers we received came in while the unit was priced at $550k and $525k. There was a huge spread between the two offers, but we wound up accepting the lower one because the buyer was able to close super-quickly, which we needed because we were making a time of the essence purchase of a 4BR condo. We still made a nice profit, especially since we did not have to pay a real estate commission.
4. How were you able to show with two little kids in the house? Did you have to put a lot of stuff into storage?
It wasn’t easy! I did rent a small storage unit for two months and put a lot of our books, baby gear and golf clubs in there. I made a decision early on that I wasn’t going to drive myself crazy trying to keep the unit ready to show at all times.
We had a total of two showings FSBO (both placed offers) and about 20 requested showings through brokers (we had to turn down 25% because of nap conflicts, 50% no-showed, and we showed to the remaining 25%).
The thing that really helped sell our condo FSBO was the website I set up that had a floorplan and really great photos that showed how awesome the rooms could look (even though they didn’t look anything like that when buyers came to see the place!)
The address is hgcondo.com if you want to take a look, but by far it was the biggest positive of the feedback I received. Buyers really liked the way I have the floorplan set up so you can click to see photos of each room. It gave them a very good sense of what the unit was like before they came to see it, and that meant that only serious buyers came to see it (quality vs. quantity made it much easier for us to show!)
5. Did you advertise your unit?
Yes, I created a listing at postlets.com (thank you, Geza Gulas, for turning me onto that site!) that I posted for several weeks for free at craigslist and NYRET.com. That generated a lot of traffic to my website, hgcondo.com
, and ultimately resulted in two offers.
6. Did you look into renting your unit?
Yes, Clara Sciancalepore of Hoboken City Real Estate rented a similar 2BR unit in my building in October 2008 for $2,700 a month. She said it was really easy to rent that unit, so chances are I could do the same.
I will post more questions and answers later this week, now I have to goto my closing!