I am looking at condos in a community where they go pretty quick. The one I want has been on the market since feb. They usually dont stay on the market that long,. Does this usually mean that the people are being greedy and want list price or more, or that no one is making a strong offer? How long before you hear back after placing a bid?

Hi Condo Gal: I hope the day finds you well. The answer to your questions vary. Since the unit has been on the market for a long while it might be a loser or over-priced but it might also have been mis-marketed. Ask your Realtor to find out the answers to your questions. I work a market in Destin, Florida that is very fast at times and slower at others.

Hi condo_gal
There are only three reasons why a property does not sell. One property is unassailable like title issues. Second it’s over priced and third it’s miss-marketed and or under marketed.
If it’s overpriced then seller needs to reduce the price. Or in your case it might just be miss-marketed and or not marketed at all. If it’s a very hot market then maybe no ones knows it’s for sale. Listing realtor just needs to get the work out.

Do you recommend bidding low on a property listed that long? Do you think there would be a higher probability that the price is flexible?

Our MLS shows status and price changes. Maybe they've already lowered the price and it's at or below market. I'd have an agent check the price changes, comps, and then go take a look at it to see how it compares to similar units.

As an agent, I always call the agent/owner for a little background before viewing the property or sending an offer. You'd be amazed at how many of them open up and tell you everything you want to know.

Yeah, or a higher probability that the price is not flexible. :p

Sometimes properties stay on the market longer because the seller is not flexible.

condo_gal
I would recomend actually starting from ground zero. By that look at the property as you was the very first listing and what would you price it at. If that is the same then look at the marketing and what was done. Sometimes it's a simple thing like change up the wording in MLS and ads. If your value is different then the listing price that should tell you.