Three Important Reasons To Price Your Condo Competitively When You List It For Sale

Posted on: 10 November 2017

There are many reasons that you might want to sell your condo. Perhaps you're looking to move into a traditional single-family home because you plan to have children, or maybe it's time for a luxury condo after years of saving up. Whatever your reason for wanting to sell, you can often sell condos quick in many markets, given the high demand for these properties. Part of your ability to sell quickly depends on how competitively you list the condo. You should always heed the advice of your real estate agent, who is aware of market value for listings of this sort. Here are some important reasons to price the condo competitively.

The Buyer Can Easily Compare Properties

Most educated buyers will compare the price, size, and features of your condo against similar options on the market. When you're selling a single-family home, the comparison process can sometimes be tricky, but this isn't the case with condos. There may be multiple units that are virtually identical to yours for sale in the same building, which gives buyers the ability to compare. If your condo is priced above the others, buyers will quickly overlook your listing and focus on the other units for sale.

Condo Fees Could Scare Some Buyers Away

When buyers shop for condos, they have to keep condo fees in mind. Sometimes, a buyer may consider spending on the upper limit of his or her price range upon finding a perfect condo for his or her needs. However, when the buyer remembers that he or she will need to pay condo fees each month, the buyer may get scared away. When you price your condo high, the price plus the condo fees can seem daunting. However, when the unit is priced competitively, the condo fees may not seem as much of a concern.

More Units Pop Up Regularly

If you live in an area that has lots of condo buildings, buyers won't have to wait long for choices. If your unit is priced too high, there may be lots of other condos for sale across the city. There may even be new condo developments coming to the area, and many buyers will favor the benefits of buying a brand-new unit rather than your older unit. By pricing the condo as competitively as possible, you'll ideally be able to get more interest, which will translate into selling the listing faster.

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