- Before you list your condo, it’s crucial to understand how much a buyer would be willing to pay for it.
- Your agent will use a variety of factors to determine a competitive list price—and some of them might be a little unexpected.
- If you’re looking for a fast and accurate way to price your condo, we’re here to help. Contact us today for a complimentary estimate!
4 Surprising Factors That Go Into Pricing a Condo or Home
Pricing your condo to sell quickly—even in today’s hot real estate market—is all about balance. You want to price low enough to attract potential buyers, but high enough to profit from your equity. And while it may be tempting to use automatic estimators, it’s best to leave the number-crunching to your agent.
Need help determining the perfect price? Here are a few factors your agent will take into consideration when valuing your place.
Your condo’s size and condition
This may seem like a given, but a condo’s size, condition, and features play a huge role in how much it’s worth. Before you list, your agent will perform a walk-through to thoroughly evaluate its saleability. If your space is move-in ready and well-maintained, you’ll have more luck setting a higher asking price.
Many sellers are under the impression that big-ticket upgrades will drastically increase their home’s value, but this isn’t always the case. Before you make a significant change, ask your agent for their professional opinion. Believe it or not, smaller touches (like updating hardware or repainting) can have a better return on investment than a full-scale renovation.
Real estate is all about location, and there are a few general factors that tend to boost property values. Typically, agents will price a condo or home based on local schools, nearby employment opportunities, and proximity to amenities. Houses in more desirable neighborhoods or communities also tend to command a higher list price.
Above all, most buyers are looking for condos that offer the perfect blend of privacy and convenience. Being close to (but not right next to!) highways or public transportation is another huge plus.
Other recently sold condos
One of the best indicators of your home’s value is the sale price of other listings in your complex or neighborhood. Your real estate agent should conduct a comparative market analysis—abbreviated as CMA—to see how your home stacks up against the competition. By looking at recently sold listings that are similar to yours, they can calculate a fair and accurate price.
After your agent has assessed your condo, they’ll likely send you a CMA report that contains their projected price, along with data from other comparable condos. A great agent will also be available to answer any questions, too!
Current market trends
Even if your condo is in perfect condition, in the best location, and boasts quite a few upgrades, the current state of the market can have a huge impact on its overall value. And in today’s seller-driven market, many homes and condos are now worth more than ever before.
In most areas we are seeing a large upswing in average sale prices. If you want to take advantage of these unbelievable conditions, now is the time to list—and we’d love to help!
Get Your Updated Home Value
Whether you’re just curious or are ready to sell, you can trust our team to calculate your condo’s true market value. Request a free valuation today, or reach out to us at 734-761-3060 or firstname.lastname@example.org to learn more about 2021’s hot real estate market. There’s never been a better time to list!