Selling Your Condo

For whichever reason you may be selling your condo there are several things that you should keep in mind as you enter the selling process. Here are few tips to sell your condo as fast and as quickly as possible.

Study the Market

If you are currently living in your condo and have decided to move to another condo you have probably already started to investigate what the market is doing in your area. If you are selling a vacation or investment condo you should start to look at the market well before you are looking to sell your condo.

Market conditions will determine the price you will be able to get for your condo from a buyer and will also determine how long your condo will be sitting on the market. Study your local market and price your condo at the going market rate.

Choose Your Listing Price

Deciding on a listing price that you are comfortable with and that is conducive to the current market climate in your area is very important. You may want to employ a real estate professional to help you with this decision, although only you know what price you can afford to sell your condo for.

Pre-Market Your Condo

Start telling people that you are putting your condo on the market. Tell people in your lobby, at work, at the grocery store, etc, you never know who has been dreaming of buying a unit in your building. You may even get lucky and find a buyer without having to hire a real estate agent to help sell your unit.

List Your Condo

Now that you have decided on a sales price for your unit and have made preparations for other living arrangements you need to list your condo.For people that do not want to sell their condo by themselves and prefer to have an agent represent them now is the time to find a real estate agent that you feel comfortable with.

Offer Buyer’s Incentives

Buyer’s incentives are a great way to sell your unit faster, especially when the market is slowing. We have listed some of the most effective buyer’s incentives below as examples of ways you can help sell your unit faster.

1. Offer a Condo Warranty
2. Offer to buy down the buyer's mortgage interest rate. This may cost a couple of thousand dollars, but that's likely to be less than what it will cost you if your condo languishes on the market and you eventually reduce it by $10,000 or more to sell it.
3. Offer a higher buyers broker commission. This will give buyers brokers more of an incentive to bring buyers to your condo.
4. Offer to pre-pay a year's worth of association fees.
5. Offer credit toward the buyer's closing costs.
6. Offer a weekend getaway at an attractive lodge or hotel.

Entertain Buyers Offers

As buyers begin touring your unit you will begin to receive offers from the buyers on your unit. Some buyers will attempt to lowball your price while others may make an offer that is soo low you may be offended. You can now begin to respond to offers that you would like to entertain. You can accept the initial offer, make a counteroffer or stand firm on your initial price.

Closing

Once you have accepted an offer you can begin the closing process. The seller’s side of the closing process is usually less strenuous than the buyer side. As a seller you should monitor the closing process to make sure the buyer is staying on schedule with all of their responsibilities. The final closing where the title and all other documents are finalized usually takes place in the closing attorney’s office or in the office of the seller’s real estate agent.


Source : http://dallas.condo.com/