How to Sell a Condo That Lost Value
When a property loses value it can be a huge disappointment. For condo owners there are some factors you must consider when selling your property including neighborhood, season in which you are selling, local economy, nearby property values and property condition. It may be difficult to wait out the real estate market for a better deal, especially if you have another deal contingent on selling your current residence. As a result, you'll need to be aggressive and smart about how to present your property to prospective buyers.
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Instructions
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Instructions
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Give your condo a fresh paint job. A new coat of paint can bring youth to an old property. It is not advisable to make drastic paint changes, and would be best to keep paint choices in a neutral palette. Keep it simple.
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Upgrade your appliances, then leave them behind. For older condos, your appliances may resemble the era from which you originally bought the condo. Invest in stainless steel appliances, especially in the kitchen. Leave them for the new owners to enjoy, and you will be able to add this cost (with a little extra) to the asking price for the unit.
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Style your condo for the market you want to target. If you want to sell your condo to families, display some colorful elements to your home. Leave items such as toys, diapers, gaming systems, or family-friendly snacks in view (but not in a mess) so that prospective buyers get an idea of what it would look like for their family to live there. If you're catering to business professionals, bring the laptop and printer into a visible area with notepad and writing utensils. Consider adding "green" elements such as bamboo blinds on windows to appeal to eco-friendly buyers, or energy-efficient light bulbs for those concerned with conserving energy.
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Add incentives if your asking price is met. Incentives you can offer include adding a 1-year condo warranty, pre-paying the owner's association fees, paying insurance costs for 1 year, offering a weekend getaway to an attractive location, or offering to pay the buyer's closing costs.
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Cut out the agent and sell the property yourself. With websites such as forsalebyowner.com, you are able to make your unit available to thousands on a daily basis without the help of a realtor. Selling through ForSaleByOwner.com costs at most, a little over $800, while going through a realtor can cost between 2 and 6 percent of the final selling price.
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