With the real estate market flooded with foreclosures and general properties for sale, it can be tough to get the attention of buyers. Here are some tips for selling a condo in the current market.
Letting people know you are selling is obviously improtant. This means signs. In a condo development, this can actually be a problem. Most associations don't allow you to post signs in the common areas or your outer walls.
As a condo owner, do you have any options? Yes. One trick is to put the sign up in a window that can be seen by people passing by whether on foot or driving. Most assoications won't say anything. If they do, just take it down.
Speaking of homeowner associations, condos are heavily regulated by them and the covenants and restrictions for the development. When prospective buyers come, you need to provide them with copies of everything.
More and more, we are seeing condominium developments grow to a size rivalling a small town. Just because you know how to get to the unit does not mean buyers do. Provide them with a map with clear printed directions.
Condominiums are occassionally referred to as caves because they tend to have dark corners and areas. This is not attractive to buyers. Crank up the lights in all rooms. It will add visual space to the unit and be more attractive.
Unlike individual homes, condo developments often have universal problems such as a leak roof or something. This leads to litigation that forces the developer to come back and fix the problem. If you've experienced this, let buyers know.
Next, you should always go beyond your unit when meeting with buyers. Condos come with community pools, hot tubs, tennis courts and so on. Drag perspective buyers to each of those areas so they can see the added benefits of buying your condo.
There is currently a big credit crunch going on. Getting a mortgage loan is not easy, even for those with perfect credit. If you really want to sell your property, you should consider helping buyers with financing.
Generally speaking, selling a condominium can be more difficult than selling a home. On the other hand, getting into a condo requires a lot less financing on the part of buyers. Follow the above tips and you should do fine selling your property.
Letting people know you are selling is obviously improtant. This means signs. In a condo development, this can actually be a problem. Most associations don't allow you to post signs in the common areas or your outer walls.
As a condo owner, do you have any options? Yes. One trick is to put the sign up in a window that can be seen by people passing by whether on foot or driving. Most assoications won't say anything. If they do, just take it down.
Speaking of homeowner associations, condos are heavily regulated by them and the covenants and restrictions for the development. When prospective buyers come, you need to provide them with copies of everything.
More and more, we are seeing condominium developments grow to a size rivalling a small town. Just because you know how to get to the unit does not mean buyers do. Provide them with a map with clear printed directions.
Condominiums are occassionally referred to as caves because they tend to have dark corners and areas. This is not attractive to buyers. Crank up the lights in all rooms. It will add visual space to the unit and be more attractive.
Unlike individual homes, condo developments often have universal problems such as a leak roof or something. This leads to litigation that forces the developer to come back and fix the problem. If you've experienced this, let buyers know.
Next, you should always go beyond your unit when meeting with buyers. Condos come with community pools, hot tubs, tennis courts and so on. Drag perspective buyers to each of those areas so they can see the added benefits of buying your condo.
There is currently a big credit crunch going on. Getting a mortgage loan is not easy, even for those with perfect credit. If you really want to sell your property, you should consider helping buyers with financing.
Generally speaking, selling a condominium can be more difficult than selling a home. On the other hand, getting into a condo requires a lot less financing on the part of buyers. Follow the above tips and you should do fine selling your property.
About the Author:
Hal James writes about issues faced by FSBO sellers for FSBOAmerica.org, where you can get a free one month listing to sell your home by owner and get more real estate tips. You are welcome to reprint this article - but get your own unique content version here.
No comments:
Post a Comment