Are Condos Hard to Sell?
If you’re considering a condo sale, you’ve probably asked yourself this question at least one (or five!) times. Good news: Even in a down market, selling a condo is a different—and faster—process than selling a single-family home.
Why? Because condos tend to be smaller, less expensive and have lower maintenance costs, all of which potential buyers value. But marketing a condo requires a different approach, so ditch the “for sale” signs and learn how these 10 tips for selling a condo can help.
1. Understand HOA/Condo Association Requirements
Often, condos are managed by a home-owners/condo association. When it comes to marketing and selling, each association has its own rules, often including who you can (and can’t) sell to. Check with the HOA first, as buyers may have a contingency in the contract allowing them to back out over HOA rules. Save time and frustration by learning the rules and being upfront with potential buyers about any association pros and cons.
2. Sell at the Right Time
Homes tend to sell faster in spring and summer, but condos don’t always follow this pattern. Families tend to buy homes in the spring—when curb appeal is high—and move in the summer so as not to disrupt the school year.
But condo buyers tend to be single, retired, or newlywed, so school schedules aren’t an issue. Plus, many condos don’t have yards, making seasonal landscaping a non-issue. If your condo is in a touristy area with lots of vacation rentals, consider listing in high-traffic season.
3. Set the Right Price
Wondering how to sell a condo fast? The right price is key. While of course, you want to get the most money for your condo, pricing too high—even if just in an attempt to leave negotiating room—may discourage offers. Plus, the longer a condo is on the market, the lower the value drops.
Use surrounding units to find comp sales, but remember that small differences can affect value. For instance, a condo in the middle of a hallway may be considered noisier and thus less valuable, while a condo with a better view, upgrades, or additions may command a higher price.
4. Consider Buyer Demographics
Consider your audience when marketing your condo. Generally, young professionals, retirees, newlyweds, and others who need less space and don’t want a high maintenance property tend to purchase condos. Tourists often seek a low-maintenance vacation home in a highly trafficked area. In contrast, families with kids tend to want more space than most condos offer.
5. Stage to Sell
Let’s be honest: condos tend to be a bit more homogenous than single-family homes and there might be similar units for sale in the same complex at the same time. That means you need to make your condo stand out.
Stage for sale by decluttering, cleaning, and neutralizing your decor, with the goal of making it easy for potential buyers to see themselves in the space. Pay close attention to detail by filling every nail hole, scrubbing every grout line, fixing every squeaky door hinge, and making every surface sparkle.
6. Develop a Marketing Strategy
Selling a condo involves more than a “for sale” sign and flyers—in fact, many HOAs don’t allow these traditional marketing tactics. Instead, focus on the features of the complex and the community.
Once you’ve staged your condo, take high-quality photos that highlight your unit’s unique features and the complex’s amenities. Any marketing plan must contain digital elements, as 93 percent of buyers use online search while house hunting.
7. Pass on the Open House
Open houses represent a significant investment of time and effort, but may not be effective when selling a condo. People who attend aren’t necessarily serious buyers; those with a real interest will ask for a showing. Plus, open houses aren’t likely to get foot traffic in a condo complex. Given that many HOAs have rules over who can buy and who can’t, an open house just doesn’t make sense.
8. Prepare for a Home Inspection
Just as with single-family homes, most buyers will want their own inspection. However, a proactive pre-listing inspection may both spark potential buyers’ interest and speed up the process. You can make repairs before you list, price the condo appropriately, and prepare for concerns that may arise. After all, many transactions fall through during the inspection process; a pre-inspection can thwart unpleasant surprises.
9. Work with a Real Estate Attorney
Some states require a real estate attorney to facilitate the closing process. Even it’s not required by law, hiring a real estate attorney will help protect your interests. Working with an attorney experienced in closing condo sales provides a level of expertise beyond that of a real estate agent. Attorneys can help with contract creation, title review, contingencies, tax benefits, identifying red flags, and more.
10. Consider Investors
Selling to an investor who wishes to use the condo as a rental or vacation property or a cash buyer looking to flip the property offers a number of benefits. Often you won’t need to list or market your condo, or worry about repairs or upgrades.
Best of all, the sale process is usually much faster. HomeGo purchases properties as-is so that you can sell quickly without needing to worry about repairs, staging, or a home inspection. HomeGo also covers all closing costs, saving you money, time, and stress.
So, are condos hard to sell? Not with HomeGo. Skip these steps and get a same-day cash offer you can feel good about.