Real Estate Agent pricing property too high or good strategy

[Ray Johnson]

I’ve decided to sell one of my Condo rental properties in Washington, DC. to facilitate the purchase of a new primary residence in Orange County California.

The issue is my agent priced my property based on her opinion of Comps in the area, I felt the listing number was too high in my opinion but went with the professional who does this for a living. The first 30-45 days buyer agents said it was priced right and there was plenty of traffic but no sale came from the traffic, only a couple of lowball offers. I decided to go with what the buyers and my selling agent were saying about it being priced right and leaving the price higher than I personally thought it was worth.

We are now past the Two month point so feeling it was overpriced In my opinion and wanting to narrow down the issue, I had an appraisal done and sure enough, the appraisal came back $30k below list price, I said lets list it really close "$5k" to the appraised value, my agent says no one wants to pay list in the DC market now that it is softening and becoming a buyers market, so I will end up selling it below current appraised value if I did that, especially if the buyer ask for concessions which will happen and be expected on a property over 60 days on the MLS.

Anyone ever market a property close to or at the appraised value and disclose the appraised number so they don’t get lowball offers?

What’s the best strategy to try to sell this property quickly but stay near the appraised value?

[Ray Johnson]

@Russell Brazil it's a 4 unit condo building (first floor unit) in the Brentwood neighborhood (zip code 20018) near the Rhode Island metro station (Red line). The HOA is low by DC standards at $225 per month (lowered in December 2017 due to high reserves balance) and the Unit comes with a dedicated parking space included. The current price point is $300k.

I should have followed my instinct and use you as my agent but the one I used on this deal was the woman who brought me the property when I purchased it and I told her I would use her on the disposition of the asset, I was keeping my word to her.

@Andy Mirza I went over the report with the appraiser, the only Comp I questioned was an REO in the same building that sold two months ago that was badly damaged, water damage in two locations, old carpet, damaged kitchen floors, broken HVAC, nothing new or upgraded and that unit sold for $234,000 as an REO.

Is my agent a good one is definitely a good question, After the latest price drop I told her this isn't my primary residence so I don't have the typical emotional attachments some sellers have where they want the highest prices in the neighborhood, Do we have to do these incremental small price drops, I just want what the appraisal/market says it's worth or really close to it so lets get it sold, that's when the discussion about not pricing it at appraisal came in due to the buyers wanting concessions/discounts.

I didn't know over 60 days on the MLS was happening in some markets. At some point I'm just going to place a new tenant in the unit and move-on.