Selling Your Condo: Key Considerations
Posted on: 22 May 2019
Do you own a condo that you're thinking about selling? If so, it's important to remember that selling a condo in the United States is similar to selling a house in some ways, but there are also some significant differences. Here is a closer look at several key considerations to keep in mind when you are trying to dispose of your condo.
Timing
Timing is often an important factor when selling a home. Typically, when you are trying to sell a house, the best time of year to do so is spring, while the worst time is during the winter holidays. This rule might not apply when you want to sell a condominium, however. Many condo buildings are in resort areas, and these locations generally have an off-season and a tourist season. If your condo is in one of these areas, you're likely to get the top price by selling the condo just before tourist season begins.
Comps
One of the key decisions you will need to make is what price to set on your condo. The best way to do this is to get comparisons, or "comps," with similar units that have recently sold. In many cases, getting a comp for a condo is easier than getting one for a home because there will always be similar units in the same building. Your real estate agent will help you get these comps though an industry network. As an alternative, you can go to the tax assessor's office and find out the assessed value of condos like yours in the area.
Showing
Showing your home to prospective buyers is an essential part of selling a condo, just as it's a key element of selling a home. You want the place to look its best when your potential purchasers are looking it over, so make sure that you do a thorough cleaning of all the rooms before having a showing.
A key point to keep in mind is that condos are usually smaller than the typical home. For this reason, having a lot of furniture in the rooms can make the condo fell small and cramped. So it's a good idea to remove any furniture that is not essential. One option is to rent a storage space and put any superfluous furniture or other items into the storage unit.
For more tips concerning selling your condo, talk with a real estate agent who has experience selling these units.
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