Knowing the real estate market is essential when selling a condo or home. This blog will compare the similarities and differences between selling a condo and selling a house. We will also look at how Real Condo Experts can help you when you are selling a condo.
Know the differences between Selling a Condo and Selling a House.
Selling a Condo vs. Selling a House
What Condo Buyers Look For:
Condo buyers, young or old, are looking for places that require little maintenance: no snow to clear, no waste removal, no lawns to cut, etc. They also love the amenities condos offer, like pools, fitness facilities, theatre rooms, and terraces.
What Home Buyers Look For:
People buying a house want to avoid having neighbors above or below them. They also want to control the maintenance done to their property.
Buyers may be surprised to discover the condo fees attached to your condo’s price. If your condo fees are higher than average, make sure you can outline the reasons why and the advantages to it. Generally, people are willing to pay reasonable Homeowners Association (HOA) fees. HOA fees are simply the condo fees you pay to the organization responsible for maintaining and improving your property (the common areas, amenities, etc.).
Unlike past generations, many couples are each working full time jobs and/or raising a family, so they are likely searching for a home they can move into with little need for repairs or renovations. Make sure to find out what important updates need to be made to your home before putting it on the market. With that being said, you don’t necessarily need to do major renovations; you can simply make sure your house is in good, functioning order. Also, if you do decide to paint, keep the colors neutral.
Condo buyers may look for a location near work, shopping, and entertainment.
The Condition of Your Home
The condition of your house or condo matters. Whether you are doing the maintenance or your condo’s homeowners association is, make sure your condo or home is presentable and in good working order.
Not all renovations create a return on your investment, especially when it comes to condos.
Before you do major renovations, consider what buyers are looking for. Read this article by homelight.com for a word of warning about major renovations.
Storage Space is Important
If you have a condo, buyers may be looking for a storage unit while potential home owners may be looking for a garage or basement storage.
Your Neighborhood is Important
A good neighborhood is important to both types of buyers. Find out what you can market about your neighborhood when selling your condo or home. Maybe it’s a local high-ranking school for that family looking for a home or the trendy market down the street for that young couple looking for a condo.
Find out what you can highlight about your neighborhood before selling.
Selling a Condo?
Let Real Condo Experts Help!
Condos tend to sell quickly given their lower ticket prices, their convenience and their amenities. However, if there are multiple condo units available in your area, you might have a challenge making your condo stand out.
Real Condo Experts can help you by:
1. Setting the Right Price
You don’t want to set your price too high or low, particularly if there are other units in your building or neighborhood that are comparable. However, real estate agents can determine what advantages your particular unit has, like whether it is a quiet, end unit or whether you have a lot of storage space to offer. These factors can mean a higher price. Your Real Condo Expert will know how to price your condo competitively.
2. Choosing the Right Time to Sell
There are seasonal factors that play into the real estate market that your Real Condo Expert will know about on top of the general market fluctuations.
3. Marketing Your Condo
Real Condo Experts have complete marketing plans that are targeted towards the Kitchener-Waterloo market. You won’t be alone in getting your condo noticed.
If you are thinking about selling your condo, Contact Real Condo Experts to get started. With experience selling homes and condos in the KW region for over a decade, throughout the ups and downs of the real estate market, Real Condo Experts can be trusted to serve you.