Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com, and an agent with KW Metro Center. Contact Rick and make your next move the right move.
Welcome to Just Sold Condos in Arlington!
Last week, July 29 to August 4, we had 22 condos and co-ops that went to settlement, which was twice as many as the week before. The sold prices ranged from $108,000 to $1,375,000 with an average price of $473,710 and an average of 24 days on market.
One of the many unique things about Arlington real estate is the wide variety of price ranges within close proximity to each other.
The lowest priced and highest priced sale last week were:
- River Place — 1121 Arlington Blvd. #339 for $108,000
- Gaslight Square — 1610 N Queen St. #241 for $1,375,000
They are both in zip code 22209 and are only 0.44 miles or 777 yards apart. Compare that to many suburban neighborhoods where all the homes are priced within 5%-10% of each other.
For a complete list of sales, visit ArlingtonCondo.com Just Sold Condos page.
What Didn’t Sell?
If you are following the real estate market, while it is important to watch what sells, it is also important to watch what doesn’t sell. Last week there were 14 condos removed from the market. Four were withdrawn, 7 expired and 3 cancelled. When a listing is removed, it can have one of three status’:
- Expired — The listing term has reached it’s end and the listing agreement is over.
- Cancelled — The listing term hasn’t reached it’s end, but the seller decided to cancel the agreement with the agent.
- Withdrawn — There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.
For a complete list of what didn’t sell last week, visit ArlingtonCondo.com Just Expired Condos page.
10 Reasons Why Your Condo Didn’t Sell
1. Price
The obvious reason is price, but it’s how the price was set, whether the market conditions were considered and whether adjustments were made are what counts. Setting the right price is part art and part science. However, what doesn’t matter when sitting the initial price are:
- What you paid
- What you need
- What you want
- What your neighbor says
- What another agent says
- Cost to rebuild today
The first three can be hard to take for some sellers, especially what a seller paid for their home. I always like to use a stock market analogy. If you owned Tesla stock and wanted to sell it today, would it matter if you bought it for $261/share on Dec. 27 or $142/share on April 22? No. If you wanted to sell it today, you would get today’s price, which is around $192/share. Although not as liquid, real estate markets work the same way.
It is not always easy to set the right price in a shifting market and where you can’t control the competition. So, it is important to be able to adjust accordingly.
2. Poor Quality Listing Photos
Poor photos and/or lack of a virtual tour are a must in today’s virtually connected world. The first impression a buyer is going to have is via the online photos. If an agent tries to do a photoshoot on their iPhone because they are too cheap to pay for a professional, they are doing a real disservice to their client.
In today’s digital age, high-quality photos and virtual tours are essential for attracting buyers. The first impression is often formed online, and poor quality smartphone photos can be a real turn off to potential buyers. Professional photography highlights the condo’s best features, creating a compelling visual narrative. Pros also have wide-angle lenses to capture the entire room. In addition, a virtual tour allows buyers to explore the property remotely, increasing engagement. Skimping on these tools can significantly reduce a listing’s appeal, ultimately doing a disservice to the seller.
3. Unmotivated Seller
Sellers who are unmotivated or inflexible can drive potential buyers away. If sellers are unwilling to negotiate or are difficult to work with, it creates a barrier for buyers who are looking for a smooth transaction. This lack of motivation can be seen in various ways, such as refusing to make necessary repairs, not accommodating showing schedules, or being unwilling to negotiate on price. Buyers prefer cooperative sellers, and any signs of reluctance or rigidity can lead them to choose other listings instead
4. Slow Response and Lack of Follow-up by the Agent
Deals have a certain lifetime to them. If you take too long to respond, the buyer’s interest will begin to wane. They might feel like their offer is being “shopped around.” Prompt and consistent communication is crucial in maintaining buyer interest and trust. When agents delay their responses, it can create a perception of unprofessionalism and disinterest, leading buyers to look elsewhere. In a competitive market, timely follow-up can be the difference between closing a deal and losing a potential buyer. Ensuring quick and effective communication reassures buyers that their offer is being considered seriously and helps to foster a smoother transaction process.
Following up with the buyer or buyer’s agent is crucial. Buyers might have specific deal breakers, such as a particular settlement date, that they didn’t initially mention but could be negotiated. Consistent follow-up allows listing agents to gather feedback from showings and identify what might be deterring potential buyers. This insight can lead to actionable changes, such as adjusting terms or making minor property improvements, to eliminate barriers and increase the property’s appeal. Proactive communication demonstrates professionalism and a commitment to meeting buyer needs, often making the difference in closing a sale.
5. Poor Presentation
Photos out of order, lack of captions, inadequate or poor-quality photos, and a lack of virtual tours can fail to attract potential buyers. If the photos in the MLS listing don’t follow a logical order or tell a coherent story of the property, potential buyers may find it difficult to visualize the space.
Additionally, a bland or uninformative property description can fail to highlight the condo’s unique features and benefits, losing buyer interest. An agent who doesn’t know the building and fails to point out the amenities further diminishes the property’s appeal. Effective listing descriptions and well-organized, high-quality photos are essential to showcasing the property’s best features and maintaining buyer interest.
For a complete list of reasons why a condo doesn’t sell, see the complete list here.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
