How to Sell a Condo in Florida- Price your condo based on Availability
Posted by Denise Stewart on Tuesday, November 3rd, 2020 at 2:39pm.
How to Sell a Condo in Florida- Price your condo based on Availability
This is Part 12 in a series of Articles by Denise Stewart and Melissa Stewart.
Condos are unlike other properties because you can have several condos that are the same size in the same building sell for prices that could vary by over 100%.
Depending on the view, a condo facing the street may be worth less than one-half a condo facing the Ocean. A condo facing the golf course may be worth 75% more than a condo in the same building facing the parking lot.
Appraisers based value on "comps", which are what condos have previously sold for. But the bottom line is that supply and demand is what will influence your buyer more than anything. Just because a similar condo in your building sold for $300,000 does not mean that another buyer will pay the same even assuming the condition is the same, if there are 5 other similar condos to choose from. Conversely, just because a similar condo in your building sold for $300,000 does not mean you have to list your condo for $300,000, especially if there are no other condos available, and also if there are factors which may influencing buyers to want to live in your building. This is where supply and demand really come into play, and you should consider pricing your condo based on the lack of availability, but do not overprice the condo to loose a sale. Don't forget, you can always lower your asking price.
How can you confirm availability? That is really easy, just pretend you are a buyer. You can look at Trulia, Zillow, Realtor.com www.condo.net, or there is always Google.
Once you find other condos in your building, or other similar buildings, make sure that you are comparing apples-to-apples. By this we mean if the condo you are going to sell is a 2 bedroom, 2 bathroom, 25 year old kitchen with old bathrooms that need to be remodeled, do not compare with a new condo that was just built. Conversely, if your condo that you are considering selling is a 2500 sq ft 3 bedroom 2 1/2 bath condo that was recently remodeled with new flooring, plumbing, electric, kitchen and baths, don't compare your gem to any other condos that are not similar to yours. If there are no other comparable condos to yours, this is when you really should look for the assistance of an appraiser or an experienced real estate agent.
Also, when you are considering availability, you need to consider the "Days on Market" of the other comparable condos. If there are 3 other condos on the market, and they have been on the market for an average of 180 days, that is a lot different than having 3 condos on the market for an average of less than 30 days. If condos have been on the market for a while, that should be a clear indication that their prices are too high.
Always remember, a Realtor can be your best friend when pricing a condo, especially a Realtor that is familiar with condos in your area.
For more information, or if you would like to receive a Comparative Market Analysis (CMA) of your condo, please contact Denise at: (954) 881 9148 or Denise@condo.net
These are other Articles available for your review:
How to Sell a Condo: Sell at the Right Time
How to Sell a Condo: Stage to Sell
How to Sell a Condo: Prepare for a Home Inspection
How to Sell a Condo: Play up the Amenities
How to Sell a Condo: Offer Incentives
How to Sell a Condo: Write a Great Listing Description
How to Sell a Condo: Hire a Professional Photographer
How to Sell a Condo: Clean and Declutter
How to Sell a Condo: Include a Video