If you are looking to sell a condo that is not located in an urban hotspot, you may be wondering if you have many days on the market ahead of you. But Aaron Tobias, a leading Columbus, Ohio-area real estate agent who specializes in New Condos for Sale, says he shouldn’t worry. Even in a very residential area, condos attract a particular type of buyer: one who likes the perks.

“When it involves a condo, it’s a few buyers who wants a totally maintenance-free life, not just on the surface but on the within ,” he says.

Here, we break down 5 tips for selling your condo with tips on how to price your unique unit, highlight community amenities, and make key updates that appeal to buyers who have tunnel vision for anything turnkey.

1. Price your condo supported availability and your specific unit
 

As the price of single-family homes rises across the country, condos are an attractive alternative. Condo buyers enjoy the benefits of homeownership along with conveniences like lighter maintenance and easy access to shopping and transportation.

Also, owning a condo can be more affordable than renting one. Research from the National Association of Realtors (NAR) shows that the national median sales price of existing single-family homes in 2019 was $ 274,600, approximately 5% more than in 2018 and 10.4% more than in 2017 Meanwhile, the national median sales price for condos in 2019 was $ 249,500, a 6.5% increase from 2017, but still nearly $ 25,000 cheaper than buying a home.

For someone who wants the affordability and lifestyle that living in a metropolitan area like Boston, Seattle, San Francisco, or Boulder offers, that price difference could be worth the possible trade-off in terms of square footage.

These factors can help you sell your condo quickly and for all it’s worth, but setting a percentage list price for a condo can be challenging.

Be realistic about how your unit compares to others within the building

You probably know that real estate agents look at the purchase prices of comparable properties to help establish a sales price. Appraisers also review these properties to help assess the value of your property.

But with condos, prices between comparable properties (or “comps”) can vary widely. Even within the same complex or building, layouts and views can vary, affecting individual unit prices.

For example, 52 Maspeth, a five-story boutique condo development in New York’s trendy Brooklyn neighborhood of East Williamsburg, recently announced two one-bedroom, one-bathroom units for sale on the same floor. 

Each had 11 foot high ceilings, a washer / dryer, and access to non-public storage. But the one with 503 square feet, including a ten × 5-foot balcony, features a asking price of $ 690,000, while the one with 577 square feet and no balcony is priced at $ 725,000.

You need to think about whether your unit is in a desirable location in the building or complex (not next to the garbage room or elevator) or if you can ask for more (or less) based on the view, balcony, or patio. Access.

Include supply and demand for local New Condos for Sale in your pricing strategy

If inventory in your area is tight, “Don’t be afraid to price it on demand,” says Tobias. NAR found that the available inventory of condos and cooperatives across the country fell about 17% in December 2019 compared to December 2018, leaving a supply of approximately 3.4 months, which is considered a “seller’s market.”

To make sure prices in line with previous sales lines don’t put you at a disadvantage, talk to your agent about what would be a fair but top-of-the-line price.”Chances are, someone is willing to pay more because you’re the sole condo purchasable therein particular community.”

2. Make sure it is a turnkey property

New condos for sale tend to attract people who are not interested in a repair house, whether they are young professionals or middle-aged people who would like to downsize.

“Condos that are completely renovated will sell beyond what is not,” says Tobias, noting that he has seen condos in the same unit and group that have a price difference of about $ 25,000 because one has flooring, trim, New appliances and countertops, while others are not.

Unlike a home, where renovations may not provide a full return on investment, Tobias says these improvements pay off when selling a condo.

New countertops

Whether you choose granite or quartz, either is a durable, elegant and polished finish (and more modern than Formica). Quartz countertops cost around $ 125 square feet to install and are more environmentally friendly, while granite slabs cost around $ 40 to $ 60 square feet, and granite tiles around $ 5 to $ 5. 15 per square foot. As for colors, try Stonemark Granite at St. Cecilia or Silestone Quartz at Pietra, both at Home Depot.

Fresh interior paint

Real estate agents recommend neutrals when selling your home or condo, but neutrals don’t have to be boring.

Titan Painters, a painting contractor in the Chicago, Illinois area, recommends several modern colors for apartments and condos, including Benjamin Moore’s Chantilly Lace for a delicate yet relaxing and bright white that pairs well with soft grays like the beach house of True Value.

For a light gray with a hint of sage that pairs well with warm wood tones, try Sherwin-Williams’ Aloof Gray. Cost-wise, expect to pay between $ 1,200 and $ 3,600 to paint a roughly 1,200-square-foot unit, unless you’re only painting one room, according to HomeAdvisor.com.

Silent floor

Although rugs offer excellent soundproofing, a buyer may wonder how it will withstand everyday wear and tear. Also, if other condos in your building have wood or laminate flooring, your carpeted unit will be priced lower than rarity, notes The Globe and Mail.

Opt for hardwood or laminate, which can emulate the look and feel of hardwood, and include a soundproof base. Try Style Picks allen + roth natural acacia engineered hardwood flooring or Pergo TimberCraft hand-scraped plank laminate flooring, both at $ 2.99 per square foot at Lowe’s.

3. Play with the comforts

Similar to living under the government of a homeowners association (HOA), residents of New condos foe sale complex have rules to follow and fees to pay, but those are in exchange for certain amenities.

So, in your condo listing, be clear about what the rates are and what they include. The median condo fee in the US is about $ 330 a month, but fees can range from $ 100 to about $ 700, depending on the location of the community and the amenities included.

While most condo fees include a fee for exterior maintenance and upkeep, such as lawn care, some also cover utilities, such as:

• Toilet

• Hot

• Sewerage

• Garbage collection

• Electricity

• Cable TV

So if your condo complex offers “free water,” you may pay $ 200 to $ 250 a month in condo fees, but you don’t have a water bill.

In addition to the utilities, the condos for sale also offer lifestyle amenities. For example, SkyPoint, a high-rise condominium complex adjacent to the Tampa Museum of Art, advertises itself as an “exclusive urban retreat” that includes a fitness center, an outdoor pool surrounded by palm trees, and a sun deck. a grill and an outdoor bar, a lounge, billiards and concierge.

The units themselves include ten-foot ceilings, hardwood floors, open kitchens with cherry or maple cabinets, stainless steel appliances, and floor-to-ceiling windows offering panoramic views of the city.

A more moderate complex could include a clubhouse and pool, meaning buyers wouldn’t have to pay for a separate gym membership. Other fees may cover your own reserved parking spot. What is the pet policy? Highlight those details to attract potential buyers.

Also, take note of the proximity to restaurants, recreation, arts, and other activities, which attracts millennials and people who enjoy a walkable lifestyle. Indicate if your condo is close to shopping, transportation, a theater or restaurant district, the library, or schools.

4. Show the size of your condo

The median size of “multi-family units” for sale and built in 2018, which includes New condos For sale, was 1,414 square feet, according to US Census data. By comparison, the median size of a single-family home completed that year was At 2,386 square feet, a footprint that is almost double.

That is why it is especially important to depersonalize and tidy up your condo, even in the smallest spaces, to emphasize how spacious it is. Add LED lighting that emits a soft or cool light that is bright without being overwhelming.

“In a home, I don’t get carried away by making sure people clear their closets, or clear their pantry, or that their coat closet isn’t cluttered,” says Tobias. “In a condo, I highly recommend that all the nooks and crannies appear as spacious as possible.”

If your condo has a good layout with lots of usable space (not a long hallway that eats away at square footage or angled walls that could make organizing furniture difficult), be sure to highlight that in your listing photos.

5. Describe the incentives

Is there something in your condo that qualifies as an incentive? Some high-end developers in New York City have offered incentives to new construction buyers, such as paying “common charges” (administration fees and operating expenses) for two to 10 years. Other resorts have offered one-year gym memberships or gift cards to a high-end department store like Saks.

But the incentives go beyond fancy gift cards and fee waivers. Some buyers buy condos as investment properties, so if your condo association allows leasing, it’s worth promoting. The Harbor Club Condominium Association, Inc., of Palm Harbor, Florida, for example, allows owners of any of its 272 units to rent them no more than twice a year, with each lease of at least six months.

Financing is also a draw for prospective buyers, thanks to a new policy in effect in October from the U.S. Department of Housing and Urban Development that makes some individual condo units eligible for Federal Administration mortgage insurance. Housing, even if an entire condominium project is not FHA-approved.

The FHA estimates that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing on a case-by-case basis each year. Before the policy change, only 6.5% of the more than 150,000 condominium projects nationwide were eligible to participate in FHA programs.

Buyers currently can find FHA-approved condominium complexes through HUD’s online search page. Under the new guidelines, they can apply through an FHA-approved lender for approval to purchase a single unit in a complex that’s not FHA-approved but nevertheless meets FHA basic standards, such as having at least five units and not being currently under construction.

Include the most prestigious treat with the buyer and complement the condominium to present the relevant documentation with these requisitions, which can be shared with your agent’s career if this is an incentive to make it public.

Of course, when you are thinking about selling a condominium, it is important to treat with a local cart that you experience in merchandise and sell condominiums, and separate how to sell your new condominium for sale at home and in extras. Hable with an agent experiment on the availability and demand of your area and analogy to destroy its unity to offer.