Tuesday, 25 October 2011

My First Sale - Moving to Colorado

Every time I see this show start I know that I'm going to be watching an American families pain and this show was no exception.

The show sets us up with a couple having 4 months to move to Colorado from DC for work and they need to sell their apartment condo. Now the apartment condo is 2 bedrooms, 1.5 bathrooms and looks great and has a lot of upgrades. However, it's on the first floor facing a busy road, this setup worked great for the current owners due to their dog, but it's not going to work for a lot of buyers!

The other thing we learn is that the current owner purchased the home for $410,000 and surprisingly for an American only owes $299,000 on his mortgage.

Now the biggest problem for this seller is that he is starting off with competition in his building. One unit is $450,000 on the top floor and has 2 bedrooms and 2 full bathrooms. While the other is a 1 bedroom unit on the same floor and priced at $350,000 a rather large range.

This home seller goes to market at the $440,000 price point and the pain begins.

After having the house on the market for about 2 months the $450,000 condo drops to $425,000 forcing our home sellers to drop there price and then another similar unit comes on the market $25,000 below our new price!!!

My First Sale is like watching a train wreck in slow motion!

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