Selling your condo involves much more than just placing a "For Sale" sign in your yard or window and going to the closing. As a top condo REALTOR® team, The My Cincinnati Condo Sales Team is here to help you prepare your condo for sale, market your condo, and guide you through the sale process to ensure you sell your condo within your time frame and get the best price possible.
As your condo REALTOR® team, we will determine the correct price range for your condo, point out things you should do to make your condo more appealing to buyers, and devise the most effective plan of action. Here are some of the steps we will take to sell your condo:
- Review the selling process--without the technical jargon
- Perform a comparative market analysis
- Determine the list and target prices
- Market your property
- Keep communication open
- Present the purchase agreement
Factors That Affect Your Condo's Sale
There are three main factors that determine how marketable your condo--price, financing, and time.
Price - If your condo is priced too high, you must be willing to wait much longer for your condo to sell. Either it will take that much longer to find someone to pay more than the condo is worth, or the market will eventually catch up to the asking price of the condo through inflation.
Financing - You may not realize it, but the financing of your buyer can have a tremendous impact on the success of selling your condo. Try to offer very attractive financing options. Consider carrying the financing yourself at a below-market interest rate or preparing your condo for government financing. This could open the door for many buyers that otherwise wouldn't even consider your condo.
Time - If your time frame is important then you must be willing to lower the price.
How Much Should You Ask for Your Condo?
Of course you want to get the full market value for your condo. The first step to getting the best price is to determine your condo's value. As your REALTOR®, we can help you set an asking price by taking the following factors into consideration:
- Your condo's value may depend on recent selling prices of comparable condos in your area. After reviewing the selling prices for such condos, the price is adjusted according to current market trends.
- Buyers most likely look in the price range determined by their monthly payment ability and down payment. Buyers are often very knowledgeable in their price range and purchase by comparison. Unreasonable asking prices are an immediate turn-off.
- Inviting a potential buyer to make an offer shows that you are willing to bargain. However, if your asking price is outrageous, the buyer's offer will most likely also be unreasonable.
- It's necessary to offer pricing, terms and conditions that are competitive in your market. This will help you sell faster and get the full market value.