Five Things You Need to Know About Selling a Condo

Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area.

Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. By evaluating several criteria, including regional markets, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo. Here are five important topics to discuss with your real estate agent if you want to sell your home:

1. Best Time of Year to Sell Your Condo

The specifics of your area do more to determine the best time to put your home on the market than whether you’re selling a condo or a house. While the conventional wisdom is that spring is the best time for selling a home, this belief simply doesn’t ring true in every locale. In recent years the historic patterns have eased, and in some cases, totally disappeared. Still, different parts of the country have periods when sellers can be more aggressive with their pricing. And your real estate agent may suggest a distinct timing strategy for condominium sales, especially if your condo is in a resort destination.

2. Open House Strategy and How to De-Clutter

A condo that shows well will sell faster and bring a higher price. Small cosmetic touch-ups can make a big difference. Buyers often suspect that more serious problems may exist if they notice the need for minor repairs. If you want to sell your home, it’s important to make sure your condo is clean, tidy and free of personal clutter. Clear sinks and counters of dishes and toiletries. Neatly stack office supplies and organize storage areas. Replace dim light bulbs and clean windows. Even though your garden area may be commonly owned, do your best to create curb appeal by cleaning front steps and porches, and clearing lawns of toys or equipment.

3. Features to Accentuate

One of the best features to accentuate when selling a condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important attribute of any condo is the amenities of the association, which can include a hot tub, fitness center, owner’s lounge, covered parking and even concierge services. If you’re considering selling your condo, take the time to walk through it methodically with your real estate agent. Together you can point out which features of the actual condo unit should be accentuated. Does your unit have a wonderful view? Perhaps the location of your condominium is unique and desirable. Your real estate agent can help accentuate these features in sales and marketing materials.

4. Desired Price and Bottom Line Price

When setting the home price for your condo, it’s important to identify your desired price and your bottom line price. By assessing recent condo sale and listing statistics in your area, your real estate agent and a licensed appraiser can estimate your house value and recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well the absolute lowest home price you would comfortably accept. One advantage of selling a condo is that by assessing the prices of other units in your association that have recently sold or are currently listed, your real estate agent and the appraiser can determine a very accurate house value.

5. Disclosures

When selling your condo, you may be obligated to disclose problems that could affect the property’s value or desirability, as well as to disclose HOA minutes and costs of common insurance and utilities. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a water heater that leaks severely. And many states now require sellers to take a proactive role by making written disclosures on the condition of the condo unit. Ask your real estate agent for the particular laws of your state.

After reading this article, read more tips on selling a home and make sure you get the best value on your property on Coldwell Banker’s Seller Resources.

Lindsay is the the Director of Media Engagement for Coldwell Banker Real Estate and manages the brand’s media and social media department. She is also a licensed real estate professional. In 2017 & 2018, she was named a top 20 social influencer in the real estate industry in the annual Swanepoel 200 power rankings.

Lindsay lives in Livingston, NJ with her college sweetheart and now husband Joe and rwelcomed another Joe into her life as she became a mom in June 2016.

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9 Comments

  1. Five Things You Need to Know About Selling a Condo | MaryAnnT Writes!
    March 21, 2013

    […] or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. By evaluating several criteria, including regional markets, time of year, features of […]

    Reply
  2. Greg Brockman, CRS
    March 24, 2013

    Great article and a very concise read before selling a condominium! Thanks for sharing.

    Reply
  3. Selling Your Condo? Here's What to Expect
    August 15, 2014

    […] "Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. By evaluating several criteria, including regional markets, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo." –Coldwell Banker […]

    Reply
  4. How to Sell Your Condo Quickly
    December 24, 2014

    […] is a great way to get buyers tempted to make an offer. In fact, condos that show well will often sell more quickly and at a higher price. So go ahead and stage your home if you have to, or make even small touch-ups to make the home feel […]

    Reply
  5. Get the Best Reselling Price for Your Condo
    April 29, 2015

    […] you need to enlist the help of experts like a qualified real estate agent and a licensed appraiser, the Coldwell Banker suggests. Work with their assessment of the market value of your condo and be open to their recommended […]

    Reply
  6. Erin
    June 1, 2016

    Thank you so much for this very helpful and informative article! Selling a condo is not that easy, you need to consider a lot of things and you might even spend additional money for it.It is very effective also that once you make your condo more attractive to customers through cleaning the clutter, designing, and more will make them interested and buy your condo without any doubt.

    Reply
  7. melanie reuman
    October 29, 2016

    I would like to sell my condo in Newcastle Maine. Riverpoint Condiminiums and want to market outside Maine to Florida or other parts. Is there a website I can attach my listing?

    Reply

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