By Brynn Alexander
Condo owners have the same problems home owners have in this tough market but with one added disadvantage. They're selling a condo.
Buying a condo is buying into lifestyle. A lifestyle that is very different from owning a house. The upside of owning a condo is little to no maintenance, they are usually in trendy neighborhoods, and many have amenities like swimming pools and workout rooms. The downside is you have no yard, you have a common wall(s) with your neighbor(s), and little freedom when it comes to major remodeling.
Some buy condos not because of the lifestyle they offer but because of their value. You can get more space for your dollar. However, those that were looking at condos a few years ago can now afford to buy a house.
Knowing what attracts buyers to condos is one of the keys to successfully unloading your property. The other major factors you'll need to know are price, quality, and hiring the right real estate agent.
"It's All About Price"
You're not going to get the same price in today's market that you would have received from your condo a few years ago. In order to sell your condo you can't price it competitively you have to price it to beat your competition.
Additionally, it's harder for first time home buyers to get a loan to buy a condo. If they can't get one, then the 20 percent down usually turns them away.
"It's all about price," says Mary Ann Grabel of Greenwich Fine Properties in Greenwich, Connecticut. "People who really want or need to sell are willing to take less than what they paid two or three years ago."
If you're dead set on getting top price for your condo then be prepared not to sell. It's that simple.
"The 'Wow' Factor"
"If it doesn't shine, nobody's going to buy it," warns Cyndi Johnston, a broker with RE/MAX Equity Group in Portland, Oregon.
Not only do condo buyers want the lowest price possible, but they also want the best quality possible. If that makes them sound picky it's only because they are picky. Condo buyers have that luxury.
Obviously, you'll want to "stage" your condo as best as possible. That means you'll be removing about half of your belongings, taking down pictures and other personal mementos, and getting rid of all pets (moving them to a friend's house). Basically, you'll want the condo to look as generic as possible-inviting to prospective buyers.
Besides the staging, you'll also want to remodel any weak spots. We don't mean redo the kitchen, but if the counters are in bad shape or the carpet needs replacing now is the time to do it. A fresh coat of paint is not enough in a tough market.
"Part of the reason is that you have all these decorating programs on TV," says Tom Apligian, a realtor for Re/Max in Plano, Texas. "People want to walk in and say 'wow!' The "wow" factor is very important today."
"In What Circles?"
You'll want a knowledgeable, responsible, and capable real estate agent. You'll also want one that knows how to market a property.
To help you pick an agent, interview at least five. Compare and contrast their fees, their resumes, and their marketing and promotion ideas. Try to find the right agent for you-one that will go the extra mile, knows the local market, and is well-connected.
"...you should ask your selling agent, 'In what circles will you be promoting my home?' Many times, the sale comes down to who you know," advises Johnston.
Once you find the right agent, make sure you work with them on marketing your condo. In these tough times it pays to be creative. Nothing, no matter how crazy it may sound, is off limits.
"Like Pulling Teeth"
A lot of condos are built in great locations with excellent views. If your condo has an excellent view take a picture, preferably at a favorable time of day (sunrise or sunset).
While your camera is out, take lots of pictures of your condo. Make sure your pictures include outside areas (like decks and patios), how light filters in, and storage areas.
Tell everyone you know that you're selling your condo. Word of mouth is a great marketing tool. Even if your friends and co-workers aren't interested they might know someone who is.
In order to buy a condo many lenders are going to need information about the Home Owners Association. The sooner you start this process the better.
"Getting the HOA to fill this stuff out is like pulling teeth," laments Ernest Cooper from RE/MAX Equity Group in Portland, Oregon.
Compiling all the necessary information beforehand will help speed up the sale when you finally find a buyer.
"What's Wrong With That Property?"
As hard it might sound, take your condo off the market after 90 days. That doesn't mean you're done trying to sell it and you have to live there forever. It just means your condo needs to take a break. After awhile you can put it back up for sale.
"If a house sits on the market, people start to wonder, 'what's wrong with that property. How come it's not selling?'" explains Elizabeth Weintraub an agent for Lyon's Real Estate in Sacramento.
Brynn Alexander writes for Homeguide411.com, a comprehensive directory of home professionals and an in-depth resource for home owners and home buyers. Visit the Homeguide411.com blog where you can read original and useful articles such as How to Hire a Home Repairman.
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