5 Tips for Selling Your Condo in 2024’s Real Estate Market

2. Ensure your condo is move-in ready

Condos are attractive to buyers who want a turnkey property. These buyers can be young professionals or empty nesters who want to downsize.

“Condos that are completely updated will sell above and beyond something that’s not,” Tobias says, noting that he’s seen condos in the same unit and cluster have about a $25,000 price difference because one has new flooring, trim, appliances, and countertops while the other does not. “A condo buyer does not want to go in and replace flooring [or] paint walls. They really would prefer just to move in.”

Some of the best, most worthwhile upgrades Tobias recommends:

• New countertops:
  • Granite countertops range from $50 to $250 per sq. ft.
  • Quartz countertops range from $50 to $200 per sq. ft.
  • Marble countertops range from $40 to $100 per sq. ft.
• Fresh interior paint:
  • Hiring a painter ranges from $20 to $70 per hour
  • Cost to paint per room ranges from $350 to $850
• Quiet flooring:
  • Carpeting installation ranges from $2 to $8 per sq. ft
  • Hardwood installation ranges from $7 to $25 per sq. ft.
  • Laminate installation ranges from $4 to $14 per sq. ft.
  • Soundproof underlay ranges from $0.20 to $0.50 per sq. ft.

Note: Carpeting will affect your listing price if most units in your complex have hardwood or laminate flooring.

3. Address COA fees while highlighting amenities

Much like living in a community with a homeowners’ association (HOA), those living in a condominium complex will be governed by a condominium owner’s association (COA) and will have rules to follow and fees to pay. These fees are in exchange for having access to specific amenities.

When you’re listing your condo, be sure you’re clear about the fees and what amenities are included. On average, condo fees typically range between $300 to $400. Most of these monthly fees go toward:

• Utilities like cable television, electricity, heat, water, sewer, and garbage collection
• Maintenance of parking areas, exercise facilities, elevators, shared spaces, etc.
• Landscaping and snow removal

Highlight the amenities and services the complex offers condo owners when you’re creating a listing description to help appeal to buyers. In addition, mention nearby attractions such as museums, parks, retail areas, etc.

4. Stage your condo to show off its size

Condos come in all sizes, but the standard unit is 900 to 1,200 square feet. So when you’re preparing your condo to go on the market, you need to pull out all the stops to show off all the best parts of the condo.

Along with decluttering and depersonalizing your condo, you’ll want to stage it to emphasize its spaciousness. “In a house, I don’t get too caught up in making sure people declutter their closets, or declutter their pantry, or making sure their coat closet isn’t crammed full,” Tobias says. “In a condo, I highly suggest making all the nooks and crannies look as spacious as possible.”

While you can hire a professional home stager to come and work their magic, you can stage your home on your own. Some tips for staging a condo include:

• Hang simple window treatments that allow plenty of natural light in
• Buy more lamps and use LED bulbs for more light
• Adopt a neutral color palette for the walls and flooring
• Choose sleek furniture over big and bulky pieces
• Remove rugs that can make the space feel smaller

5. Don’t forget to mention incentives to buy

Does your condo have things that could be considered an incentive for buyers? For example, some high-end developers in New York City have offered incentives to buyers purchasing newly built condominiums, like paying common charges for two to 10 years. Other complexes might offer one-year memberships to a gym or a gift card to a luxury department store.

Some buyers purchase condos as an investment property, and if your condo allows leasing, you might want to advertise the potential for renting out the unit. If you live in an FHA-approved condominium project, you could mention that it’s eligible for federal aid, which is sure to appeal to first-time buyers.

Interested buyers can find FHA-approved condos via the HUD.gov website. They’ll then need to apply through an FHA-approved lender. The lender will work with the buyer and the condo complex to file paperwork regarding the requirements.

Hiring a top agent is the most important tip for selling a condo

Of all the tips for selling a condo listed here, the most important tip we can give you is to work with a top agent specializing in condo sales. An agent specializing in selling condos in your area will know the market inside and out. They can guide you throughout the entire process, from what upgrades you should focus on to your marketing strategy. They’ll also help you price your condo to get top dollar in a competitive market.

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