We are trying to sell our condo in Los Angeles. First time sellers, so we went with a recommended selling agent. We were recommended starting at 550k which felt a little high to me but not crazily enough to object. Some other stuff came up initially, like I noticed our HOA fee wasn't listed on Zillow, and there were spelling/grammatical errors in the remarks, but I wasn't going to panic about that.
We went through our first two weeks hearing nothing from our agent. When I finally reached out asking for an update, I was told that another unit in our building sold for drastically less than what we were asking, so we'd have to lower our price well under 500k to be competitive. The thing is, I'm not seeing that other unit. It's not on Zillow for sale, pending, or sold. I haven't seen a single “for sale” sign in or outside the building, and it's a small enough building that I can see everyone's front door from my own. Even if the realtor mistook a nearby unit to be in my building, I can't find anything nearby that matches either.
I was expecting to need to do a price drop, so I'm fine with that suggestion. It's more that either this other sale wasn't picked up in the comps initially despite already having been sold, was in the process of being sold and didn't get picked up, or never existed in the first place, and I'm now supposed to drop my own price something like 15% to match it. When I asked for the exact price of this other unit, my realtor told me she was in meetings today but would get me the report by tomorrow (this conversation was in the morning).
I'm just wondering if other people have had this experience? I hate to assume the worst, but it seems like my realtor is either just hoping we price way below market rate to get out of showing our place quicker, or she's hoping we go with someone else.