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The Difference of Selling a Condo and Selling a House

condoWhen listing a property there is a delicate balance, starting from the first day of marketing to the final price negotiations. The entire sales strategy is tailored to the type of home that is being sold, with the strategies being different in selling a condo, or selling a house. Here are four differences in selling a condo, verses selling a home.

The Home Owners Association (HOA)hoa
Just about all condos have some type of Home Owners Association, or HOA. What the HOA usually covers is the exterior of the buildings, the common areas like the pool, parking area, club house,

and landscaping. The HOA may also host social events for the residents during the year. This does come with a cost though, the first is money generally in the form of a monthly HOA fee. The second cost being freedom, just about all HOA’s have rules that residents need to follow. So when you’re selling a condo buyers will have to balance the added cost of a HOA with the benefits.

Real Estate Investors                    
Renting condos has become big business for the real estate industry, so it’s reasonable to expect a significant number of potential buyers to be real estate investors. On prime property this could mean a cash offer, competing bids, leading to a faster sale and closing.

Type of Buyer
With a condo you have different types of buyers that look at condos instead of homes. The main reason for this is condos are usually smaller, no yard to keep up, professional landscaping, and amenities like a pool or club house. The majority of potential buyers will be single adults, married couples, or older professionals wanting to downgrade to an easier property. You may have some buyers with children that would be attracted to the pool and zero maintenance.

Importance of Property Location
cond2The one factor that every real estate agent knows is the importance of location when selling a property. Is the property close to town, or far away from traffic, is it located near the excitement of downtown, or in a quiet neighborhood, is it close to shopping centers, or way out next to nothing. All of these things come into play when you look into a property’s value and desirability.

Usually condos are closer to urban areas, entertainment, and shopping, also this means that the price per square foot is usually higher. Condo owners who are looking to sell should consult with a real estate agent on the best marketing strategy and price for their property.

Whether you are selling your home, or buying a home, I can help you with your endeavor. Please contact me at 505.780.0310, or email me at moo@moothorpe.com and I will be happy to assist you.

 

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