Condos linger longer on local market than single-family homes

Q: I just want to say I enjoy reading your column. I think you provide good insights. My question involves the selling of my condo. My Realtor just listed it on the Multiple Listing Service, and I'm planning on putting ads in the paper, as well as Craigslist.org. Also, I'm doing my best to make the place presentable, with shampooed carpets, uncluttered rooms, nice-looking staged furniture and neutral framed art on the walls.

I'm worried that the condo won't sell in today's tough market, at least for the price I really want. It's listed at $205,000.

What worries me is that two of my close neighbors in my complex have been trying to sell their units for many months, according to my Realtor's information. Each has the same size unit as me.

In order to sell my unit, am I going to take a little less (or even a lot less)? If I do that, it could create a real problem with my trying to buy the house I have all picked out. I'm just scared that selling a condominium (particularly a conversion) is a lot tougher than selling a house, especially these days. -- Martin S., Las Vegas

A: It sounds like you are doing all the right things. Since you likely chose your Realtor for his or her experience and education in such matters, continue to ask questions and take the advice that works for you. All in all, I'd say you're ahead of the game.

You've obviously taken the time to clean, stage and even decorate your condo in a way that should appeal to the greatest possible percentage of potential buyers. That's important.

Likewise, maximum exposure is also extremely important. Making it available to the greatest number of buyers by way of advertising, through the MLS, and the use of a lock box will all increase your chances of finding a buyer for your home.

To answer your question about what price you should accept for your property, your Realtor will probably tell you that largely depends on you, your goals and your particular property.

You need to decide if a higher price is more important than time on the market, or is less time on the market more important than the price you will get?

I like to tell home sellers, "Do you want to market it at the six-month price, one-month price or one-day price?" And considering you have competition from other homeowners and the developer, where do you want your property to fit in price-wise with the competition? If you need to get a higher price in order to make your next purchase, you may need to plan for a longer time on the market.

As for your question about selling a condo conversion compared to a single-family home, it's true that condos and townhomes in our market are taking a bit longer to sell than single-family homes. However, the difference in the time each property type spends on the market is very slight. On a positive note, your property is considered fairly affordable, considering the median price of a single-family home listed on the MLS these days is hovering around $305,000.

According to the latest GLVAR statistics, the median price of a condo or townhome in our area is $209,900.

By pricing your condo below that, it improves your chances of selling it within the current average sales period of 60 days or so.

The best advice I can give you is to keep doing what you're doing, create maximum exposure through advertising and the MLS, keep it clean and appealing to most, and price it as aggressively as you can while still being able to meet your needs.

Good luck to you.

Devin Reiss is the president of the Greater Las Vegas Association of Realtors. To ask Reiss a question, e-mail him at ask@glvar.org. All questions to Reiss may be shortened and are subject to editing.