With accurate, current data and a little preparation, selling a condo in today’s real estate market doesn’t have to be daunting. Here are five tips to achieving the best results quickly.
Tip #1: Price your condo to the market.
When a neighborhood is hot, it’s tempting to over-price a property and see what happens. But with condos, that’s always a mistake. It’s just too easy to establish value when nearly identical units have sold recently in your building. A typical condo development offers just a few designs and floor plans—and lot size is not applicable. Certainly, corner units go for more and renovations will add some value, but don’t expect custom shades or a new shower to justify a substantially higher asking price. Bottom line, rely on comparable sales data to price your property to the market from day one.
Tip #2: When ready to list, be ready to move.
Of course, neighborhood and price factor in, but condos typically sell faster than single family homes because they tend to be smaller, less costly, and cheaper to maintain. The data shows this certainly holds true in Atlanta. The chart below depicts the median days-on-market for single family homes vs. condos/town houses in Atlanta since 2014. Not only have condos sold faster, the days-on-market have decreased each year for Atlanta properties as a whole.
Tip #3: De-clutter to maximize your space.
Let’s face it — condos are usually smaller than single family homes. So your goal is to make your unit feel bigger. Your new mantra? Less is more. See the difference it can make.
Start by eliminating unnecessary objects from all countertops in both the kitchen and bathrooms. Reduce tabletop accessories to a bare minimum. Strip your walls of an overabundance of personal photographs or artwork. There needs to be “white space.” Remove furniture and plants that are simply too big for the space or fail to perform an important function. Organize all closets with attractive containers, adding additional shelving, if necessary. Put away small rugs that tend to break up the continuity of your flooring. You may be surprised at what an hour’s work will do to “magically” create more space.
Tip #4: Get your condo docs together.
Prior to listing, spend a few minutes digging up the community by-laws and regulations and any recent HOA meeting minutes. Having these documents on-hand can move things along more efficiently. And if your complex is facing renovations or repairs, a lawsuit or legal challenges, make this known upfront so there are no surprises down the road to spook potential buyers.
Tip #5: Show off your amenities.
More often than not, sellers neglect to leave a key fob or card that would unlock doors and gates to condo amenities for showings. If buyers are anticipating spending $500 per month for amenities, they will want to see for themselves if the pool is well-maintained or if the exercise equipment is up-to-date. And a savvy buyer won’t settle for promotional photographs taken years ago.
To sum up, the condo market is so data-driven that good “comps,” good first impressions, and thorough information about the complex will simplify and expedite the selling process.
Considering selling your condo? Get started by checking out how much it could sell for on the Properly website.