Condos are often managed by a board or homeowners’ association (HOA), so before listing your condo for sale you should first check with the entity that manages your condo and find out about any specific rules that apply to selling your unit. Your HOA’s rules may specify who you may sell your condo to, or they may require that the board interview and approve potential buyers.
Much like selling a single family home, the ease of selling your condo is dependent on market conditions. It’s worth researching comparable condos that have recently sold to find out how long they were on the market, what price range they sold in, and what improvements you should consider making before listing your condo. You should talk to a real estate agent about ways to market your property so that it gets in front of more buyers, and how to price your condo competitively.
In a tough market, there are some things you can do to make your condo more appealing to potential buyers. Lowering the price is one way to attract more buyers if you have the ability to do so, but be sure to talk to your agent about that first. Staging your condo with just enough furnishings and accents to make your condo feel more livable is another way to get attention on your home. You can also offer buyer incentives, such as paying a portion of the closing costs, to make your condo more appealing to buyers. Your agent can advise you on the best selling strategy.
If you need to sell your condo quickly, it’s important to get it in front of as many potential buyers as possible. One way to do that is to sell your home using a Redfin real estate agent. Redfin.com is the most popular brokerage website, and when you sell your home with Redfin, your condo will appear first in the search results. Your Redfin agent will also email information about your condo to people who have looked for similar condos on Redfin.com.
Marketing is key, but so is the price. A real estate agent can help you determine a competitive price that will get potential buyers in the door, without sacrificing your profit. Keep in mind that your HOA may have restrictions on this, so be sure to consult the guidelines.
You should also talk to your real estate agent about scheduling an open house and creating an offer review deadline. An open house is a great way for people to see your home without needing to schedule an appointment, and it can result in offers on your home that very same day. An offer review deadline is a date and time when all offers must be submitted; it creates a sense of urgency for people who may be interested in your condo.
How to Sell Your Condo and Buy a House
Many condo owners decide that they want a little more space, and start looking for a home to buy. Most people in this situation need to sell their condo first in order to get the money for a down payment on a house. Getting the timing right can be a challenge in this situation; check out our tips for buying and selling at the same time for more information.