4 Tips To Sell A Condo In A Changing Market

Karin Carr, Owner
Published on September 29, 2022

The housing market is changing, which probably doesn’t need to be said. The 10% drop in home sales in July, according to current news headlines, suggests a “housing market recession.”

Even though we have a much more positive outlook on the market, we can’t deny that it is evolving and that it can be challenging to sell a house when the market is in transition.

The rules vary if the home is a condo. Selling a condo differs from selling a single-family property.

According to Lisa Johnson Mandell of realtor.com, “the good news is that condominiums tend to sell quicker than single-family residences even in a bad market because condos are usually smaller, price less, and have reduced maintenance requirements.”

The goal is to make your condominium stand out from the crowd. It is critical to promote the property to appeal to what purchasers are seeking, whether the distinctive attribute is location, condition, or amenities.

Though a skilled and informed listing agent can be of great assistance, you may find that simply being aware of the process increases your drive to sell your apartment.

1. Maintain a competitive price for the condo

Your condo’s list price can decide the outcome of a successful sale. Buyers’ agents are aware of local property values and will not show their clients if it is expensive.

An expensive property also encourages counter offers, which can drastically hold down the process if you’re in a rush to sell.

Although your real estate agent will have an opinion regarding the asking price, the final decision is yours.

Remember that overpriced properties tend to stay on the market longer and may finally end up selling for less than market value if you’re tempted to start high in the hopes of dropping down later.

2. Prepare your condo for occupancy.

According to Maritz Research research, perception plays such a significant role in the home selling process that 65% of respondents stated they would be inclined to pay more for a home that they believed to be in turnkey condition.

One possible meaning of “turnkey” is “… that it has been entirely and newly rebuilt,” as explained by Liz Smith of smartasset.com.

4 Tips To Sell A Condo In A Changing Market

Though not all the time. It may be seen as move-in ready if the home is immaculately clean, attractively arranged, and provides the sense that they won’t be required to do much to it when they settle in.

In order to make the condo more inviting, replace worn carpets, improve lighting, and add fresh paint.

Think about hiring a professional home stager if your budget allows it.

These professionals not only grasp the most recent design trends but also understand who your target customer is and how to create a certain perception to attract that buyer.

The best part is that, according to the Home Sale Maximizer Guide, investing just $300 to $400 in staging can yield a 586% return on your money.

3. Outperform your competitors

This stage is just informative because the tasks mentioned are ours. This is one of the reasons why selecting the right listing agent is critical.

Condo buyers may believe that all buildings are the same. Although many appear similar, amenities differ.

Many other complexes have pools, and so do yours. However, in our advertising material, we will transform that swimming pool into a beautiful blue sanctuary of clean, heated luxury.

We’ll use the same techniques to create enticing descriptions for the various features in your building.

4. Take the initiative

Even though none of us possesses a magic ball, it is nevertheless beneficial to speculate about what could take place in the future. You will be thrown out of the driver’s seat if the market suddenly shifts in favor of buyers.

Decide immediately whether you will provide advantages to the buyer if that scenario occurs.

This could involve paying closing fees, including a portion of the furnishings desired by the buyer, or a home assurance. Once upon a time, we read about a property seller who agreed to sell their home with their dog tagging along because the new owners had fallen in love with the dog.

Hopefully, this will not be necessary, but you should be aware of the possibilities. This is something we can accomplish.

Let’s start now.

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