I probably don’t need to tell you that the housing market is in flux. Local news headlines are screaming that the 6% slide in home sales in July signals a slide into a “housing market recession.”
Although we are far more optimistic about the market, we can’t deny that it is changing and that selling a home during a market in flux can pose difficulties. If that home is a condo, which are many of the properties I represent out at the beaches (Atlantic, Neptune, Jacksonville, Ponte Vedra Beach, etc.) the rules change. Selling a condo is a bit different than selling a single-family home.
The trick is to make your condo stand out from all the others on the market. Whether the unique feature is location, condition, or amenities, it’s important to market the property to appeal to what buyers are looking for.
I’m your experienced, knowledgeable listing agent and I can help you, but if you know what to expect, it may free you to be more motivated to get that condo sold. Here are some words of advice we can talk through:
Step 1: Price the condo competitively
The list price of your condo can make or break a successful sale. Buyers’ agents know what local property values are and they won’t bother showing their clients yours if it’s overpriced.
An overpriced property also invites counter offers which, if you’re in a hurry to sell, can significantly slow down the process.
I will always offer an honest opinion of the price, but, ultimately, it’s up to you to say “yay” or “nay”. If you’re tempted to start high in the hopes of coming down in price later, keep in mind that over-priced properties tend to remain on the market longer and may eventually end up selling for less than market value.
Step 2: Get your condo move-in ready
Trust me, perception is so important in the home selling process, that according to a study by Maritz Research, 63 percent of homebuyers surveyed said they are willing to pay more for a home that they feel is in turnkey condition.
But, not always. If the home is impeccably clean, tastefully presented, and gives the impression that they won’t have to do much to it when they move in, it may be perceived as move-in ready.
- Replace ratty carpets, update lighting and add fresh paint to make the condo more appealing.
- If you have room in your budget for a professional home stager, consider hiring one.
- Not only do these pros understand the latest decorating trends but they also understand who your target buyer is and can create a specific impression to attract that buyer.
Step 3: Out-compete your competition
This step is for informational purposes because the tasks outlined are mine to handle.
Condo shoppers may get the impression that all complexes are alike. Although many do look similar, amenities vary.
- If your complex boasts a pool, so do many others.
- But, in our marketing materials, we’ll turn that pool into an oasis of sparkling blue, clean, and heated luxury.
- We’ll do the same for the other amenities in your complex to make the descriptions irresistible.
Step 4: Be proactive
While none of us has a crystal ball, it pays to think of what might happen in the future. If the market should take a sudden turn in favor of buyers, you will be kicked out of the driver’s seat.
Decide now if you will offer incentives to the buyer should that scenario come to pass.
This might include paying closing costs, including some of the furniture that the buyer has her eye on or a home warranty. We once read about a home seller who included their dog in the purchase because the buyers fell in love with it!
Hopefully, it won’t come to that but at least you are aware of the possibility. We can do this.
Let’s get started. Now onto some upcoming activities, you might be interested in…
9/17: JWJ Park 5th Annual Bluegrass, Beer, & BBQ
Bluegrass, Beer, and Barbecue event is returning to James Weldon Johnson Park on September 17th from 5-10pm!
At the event, you can expect to pig out on delicious food served by some of Jacksonville’s best barbecue trucks such as The Butt Hutt Smokehouse, Fae’s BBQ, The Smoked Meat Militia, The Saucy Pig, and more! There will also be a “Beer Theatre” featuring brewmaster tastings, home brewing discussions, BBQ and Beer Food Pairings, and more. Live music will feature Ft Pierce’s Pubgrass band Uproot Hootenanny and Jacksonville’s own Firewater Tent Revival. The event is totally FREE to attend but tickets are being sold for their VIP Area!
9/17: Cupcakes for a Cause at Smallcakes!
On Saturday, September 17th Smallcakes Cupcakery & Creamery will be donating 10% of ALL sales to the nonprofit, H.E.A.D. On Youth Impact! Plus, for the whole month of September, when you purchase the special #ForTheKids Jaguar cupcakes, Smallcakes will donate 50% of the proceeds!
H.E.A.D. On Youth Impact raises money in various ways to make a positive impact by providing hope, inspiration, and opportunities to children in surrounding hospitals; Wolfsons, Brooks Rehab.
As always have fun out there and be safe! For even more events, bookmark our blog and check out our YouTube, and Facebook accounts! https://beachlifewithbarbie.com/.
