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Tips For Setting The Right Price When Selling Your Condo

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When the time comes to sell your condo, one of the first decisions you will need to make is how much to list it for. While your real estate agent can, of course, offer some input, the decision of how much to ask is ultimately your own. Here are some tips to help you arrive at the right price.

Look at the prices other condos in your community have sold for.

The condos in most condo communities have quite a bit of variation, so simply pricing yours the same as the last condo that sold is a mistake. However, the average selling price of condos in your community can give you a good starting point when it comes to pricing your own. Look at all the condos that have sold in the last year, and average out the selling price. Then follow the additional tips below to adjust your own selling price up or down from there.

Make a spreadsheet to compare your condo to others that have sold recently.

Once you've calculated the average sales price of condos, create a spreadsheet in which you list each condo's sale price and its major features, such as the number of bedrooms, age of appliances, recent updates, square footage, etc. If your condo has more features than most of the others listed, then you want to raise your asking price from the average. If it has less, you want to ask a bit less than the average asking price.

Determine whether you expect multiple offers.

Is the real estate market in your area really hot right now, such that sellers are getting competing offers? Or are homes sitting on the market for a week or two? If you expect multiple offers, then you want to set the asking price right around the condo's value and expect multiple buyers to bid up the sales price a little. If homes are sitting, you want to set the asking price a little above what you actually hope to get and expect the first buyer to offer you a little less than the asking price.

Pricing a condominium can be tough. Follow the tips above, and don't hesitate to ask your real estate agent for a little input as well. There is a lot of demand for condos in most areas, so you can expect your home to sell relatively quickly, especially if you price it well from the start.