No matter why you are selling your condo there are quite a few things you need to keep in mind during the process.  Here are some things you can do to assist you in selling your condo fast, in the timeframe you want and at your desired sales price.

Learn the Market

If the condo you are selling is the one in which you currently reside then most likely you have begun learning what the market in the area is doing. If the condo you are selling is an investment or vacation condo then the time to learn the market is before you are ready to sell. 

The condition of the market will be the determining factor in the price that you will get for your condo.  This is also an indication of how long your condo might be sitting on the market for sale.  Research your local market then price the condo according to what market conditions dictate.

At What Price to List

Your listing price should be one that you are comfortable with and that is in line with the current market conditions.  If you are unsure what to price your condo for then use the assistance of a professional to help with that decision.

Pre-Advertise Your Condo

Spread the word that you are going to sell your condo.  Let everyone know you are going to be selling including people at the front desk, the office, grocery store, and anywhere else where you think someone might be interested in or dreaming of purchasing a condo.

List your Condo

You have done your research, know the markets condition, and have settled on a sales price.  If you do not want to sell your condo yourself now is the time to find a professional to help you market and sell.

Incentives for Buyer’s

Offering incentive’s to buyers is a way to help your condo sell faster, which is important in a slowing market.  Here is list of buyer’s incentives to be used as examples in selling your condo faster.

1. Look into offering a Condo Warranty.
2. Help the buyer by offering to buy down their mortgage interest rate.  It is possible this will cost you a couple thousand dollars but in the long run it could save you money if your condo has to sit on the market longer and forces you to reduce your asking price by $10,000 or more to get it to sell.  
3. Offer a buyer’s broker a higher commission.  This provides the buyer’s broker a greater incentive to bring buyers to your condo.
4. Pre-pay a year of association fees for the buyer.
5. Give a credit towards the buyers closing costs.
6. Research and offer a weekend getaway to a hotel or resort.  Many have pre-paid packages.

Choose Some Offers

Offers will being coming in on your unit as buyers take tours.  There will be buyers that submit a lowball offer that disappoints you while others will make reasonable and expected offers that are in line with your asking price.  Now you can sort through the offers and choose the one that appeals to you.  You can choose to accept the offer as is, stand firm to your sales price or submit a counter offer that is in between the buyers offer and your asking price.

Close the Sale

After you have selected the offer to accept the closing process begins.  As the seller your process are less stressful and complicated than the buyers.  You do need to keep track of the process to ensure that the buyers are able to meet their schedule of responsibilities. Closing is finalized in an attorney’s office or real estate agent and the title along with all other documents are completed.   Your condo has been officially sold.

Choosing your Selling Price

Your selling or listing price should be one that is in line with current market conditions and is comfortable with you.  If you are unsure of market conditions and how to price it is a good idea to enlist the help of a professional but you must make the final decision on the selling price.  Here are some things to remember when making that final price decision.

What can the Market Handle?

Condos in Ann Arbor, MI are not going to be selling for the same price per square foot as condos in Dallas, TX.  Research condos in your area to see what they are selling for per square foot and price yours reasonably.

Are there many Units on the Market?

If there are a number of condos on the market at the same time you want to sell it will factor into your listing price.  Should there be 60 units in your building up for sale you may have a difficult time getting offers from buyers if your condo is priced higher than the others.  If yours is the last or only condo available for sale you have a better opportunity to get a higher price.

What makes your Condo Stand Out?

Those extra amenities you had installed and upgraded will factor in now. All the extra money spent on granite countertops, decorative molding, hardwood floors, and stainless steel appliances is going to pay off as selling points you can highlight to buyers.   They can make your condo stand out and apart from other condos for sale.  Buyers will remember your condo and be interested in making an offer despite a higher asking price.

Why Location is Important.

Location when selling is important; oceanfront property is a prime location and sells at higher prices and makes for an easier sell.  If they built an industrial sector near your condo it will drive the price down and make it more difficult to entice someone to buy there.

Know the Market

If you are looking to buy, sell or are residing in a condo currently and are thinking about selling then you need to be watching condo market conditions.  Being informed and aware of emerging trends will save you money and assist you in making good decisions when it is time to buy or sell a condo.

The market conditions for sellers will determine the price that buyers are willing to pay.   It will also be an indication of how long your condo might remain for sale on the market.  Studying the market, researching and learning will help you price closer to the market rate to sell your condo faster.

There are key indicators you need to be watching for in the condo market. We have listed a few of those to enable you to make informed decisions regarding the condo market.

Number of Condos in the Market

Several months of condo inventory on the market on one time is normal.  However when there becomes an over-saturation it may indicate that the market is slowing down.

Square Foot Price / Listing Price Average

These averages are indicators of what condos are selling for in your area.  Keeping track of these averages shows you what competition is out there when it comes time to sell.

Time on Market

This tells you how much time condos are staying on the market before they are sold in your area.  The longer a condo stays on the market before being sold could indicate a slow down in the market.