Is it time to sell your condo? We're here to help you!
There are many factors that can make the process of selling a condo a little bit different from that of selling a traditional freestanding home.
But there is no need to worry! We're here to tell you everything you need to know for a stress-free sale from start to finish.
6 Tips to Sell Your Condo Stress-Free
Here are the best tips from industry professionals to help you keep your sanity and get the best price possible:
Be Conscious of the Homeowner's Association
When you are selling a condo, there is often no escaping the Homeowner's Association, often called the HOA. This is because unlike the homes that are not in preplanned communities, ALL condos tend to have an HOA.
The HOA is in charge of managing the community spaces of the condo complex. Things like walking paths, the pool area, and even the exterior of the building itself fall under its jurisdiction. In some condo complexes, the HOA also holds events throughout the year, like a back-to-school bash or Halloween party.
But this is not a free service. The HOA will charge a non-optional monthly fee from each resident. There are also special rules that the HOA will enforce, such as the kinds of exterior decorations that are allowed, etc.
Because of these stipulations, an important part of selling a condo is simply to ensure that potential buyers are aware of them.
Be Ready for Investors
Purchasing condos and then renting them out immediately after is a big, lucrative business. Because of this, you might find that when you are trying to sell your condo you might receive more offers from investors rather than buyers who plan to actually live in the home.
This can really work in your favor, especially if your condo's location is desirable. If multiple investors want to buy it from you, you can easily turn the sale into an all-out bidding war featuring all-cash offers and a faster closing time.
Be sure to work with your listing agent to market your condo to this demographic.
Know Your Market
Other than investors, condos tend to attract a very specific kind of buyer. When you know who you are marketing to, it is much easier to devise a good plan
Here are the kinds of people that typically are interested in purchasing a condo:
- Single adults
- Retired professional couples
There are many reasons that these demographics flock towards buying condos over the traditional single-family home.
The first is that condos require significantly less maintenance because they usually do not have yards. So busy young professionals and older couples tend to really enjoy having all the landscaping handled for them, while also enjoying other perks like a swimming pool, and oftentimes a fitness center.
The second is simply space. Condos are easy properties to own because they are usually smaller and therefore less overwhelming to maintain. Many buyers with children might be excited by the low-maintenance factor, but the lack of space for their growing family tends to turn them off.
List with Location in Mind
Condos tend to be worth well more per square foot than their single-family counterparts. This is because of condos' unique opportunity to have prime locations. As your listing agent will tell you, location is usually one of the single most important factors when pricing a home.
How close is the property to the city center? Are all the necessary stores (grocery, pharmacy, gas, etc.) nearby? What about proximity to entertainment centers? Condos tend to be in the middle of it all, making them highly desirable.
Be sure to work closely with your listing agent to ensure you set a competitive price for your property.
Stage to Sell
Staging a condo for sale is a bit different than staging a typical single-family home. This is because condos have fewer variations to them, so you will need to work extra hard to make yours stand out. This is especially true if there are other condos in your particular complex that are also for sale.
The typical steps of staging should be included for a stress-free condo sale. Things like deep cleaning your condo, making small repairs, and removing clutter are a good place to start.
Something else to keep in mind: with condos, you are working with limited space. Too many decorations and bulky pieces of furniture can only add to this problem, so be sure to box up or throw away anything that is non-essential.
List Your Condo at the Right Time
Is there a perfect time to list a condo for a stress-free sale? Not exactly.
Traditionally speaking, the springtime is the best time to list a house because many people choose to move over the summer holidays to offer minimal disruption to their children's schooling.
But when you are selling a condo, you are typically not selling to families. So you have a little bit more leeway with your listing date, although listing towards the cluster of holidays at the of the year tends to be a bad time because people do not want to move them.
Another thing to keep in mind when choosing when to list your condo is if you live in a tourist area. Is it near the beach or area known for great winter sports? Then you might be able to secure better offers if you wait to list until well into tourist season.
There is, however, one definite perk about selling a condo over a single-family home: even in a sluggish market, condos still tend to typically sell quickly for a good price because they are smaller, cost less, and have lower maintenance costs in the long term.
Ready to sell your condo? List with Clever. Our brilliant team of agents can sell your condo for one flat fee, leaving you with less stress and more money in your pocket. Call us today at 1-833-2-CLEVER or fill out our online form to get started.