Free Market Analysis
The South Florida condo market was the epicenter of the nation’s overindulgence in real estate acquisitions during the boom years. Since the “heyday” of the marketplace, South Florida condo prices have fallen an average of 50% from their peak. Today, the local condo supply is very limited as there are more buyers looking for similar product than there are sellers in the marketplace.
To sell your condo in this market, experts say, sellers need to set the right price and hone their negotiating skills. Pricing is the single most important thing to get right. If a condo is priced appropriately, kept clean and available for showing, it’s only a matter of time before it sells. Given today’s market conditions, that shouldn’t take too long at all.
How can you make your condo stand out from all the others on the market?
We offer the following tips:
Pick the right broker. Look for local experts who are listing, marketing, and selling even if the market is slow.
Understand the real marketplace. To negotiate effectively, you need to understand the up-to-the-minute sale prices, not just what your neighbor’s condo sold for last year.
The old days of “leaving room to negotiate” doesn’t necessarily work in today’s marketplace. The first 30 days your property is on the market are the most important. If you condo is priced too high buyers will pass right by and move on to the next one.
Sweeten the deal. In a slow market, offering to pay a “seller contribution” toward the buyer’s closing costs may make more sense than lowering the sales price. Closing costs include such items as the appraisal fee, points to reduce finance charges on a mortgage, or attorney and recording fees that may show up on the buyer’s side of the settlement statement.
Enhance your condo’s appeal.
Staging a property for sale can extend from rearranging your furniture for a clean and crisp look to preparing an entire home for sale with rented furniture and accessories. Keeping your condo clean and organized can add up to thousands of dollars saved in negotiations. Think about it – if you were the buyer considering your condo, what would you want it to look like the first time you see it? You only have one chance to make a good first impression.
A few simple inexpensive fixes prior to showing a property can add up to thousands of dollars when it comes to negotiations.
Be ready to negotiate. Buyers are likely to be demanding in today’s market, so be prepared for hardball negotiating. With that said, if your home is priced appropriately you won’t have to move much off of your list price.
For a FREE Market Analysis and additional tips on selling your property, please complete our form on the side of the page.