There is only one first Impression for pricing….Want top dollar for your condo, then prepare to price Correctly…
September 17th, 2011 categories: Selling your Condo
Selling your New Orleans condo is all about preparation. You only get to have one first ” price impression” and only one “Look’s First Impression” at how your condo looks. You have to make both impressions count in your favor to get the unit sold. Studying the numbers is a must. When a property is first listed it gets a lot of looks. Peole that have been looking see it, buyers that are just beginning see it as well. Most buyers know about prices via the internet and their agent. So price with this in mind.
The initial pricing of the condo is very important if you are serious about selling. The sales price has very little to do with what you paid for the unit when you bought it. The sales price has nothing to do with what you owe on it. The prices may have risen or declined since that point in time. The price is determined by the current market.
Pricing and appraisals are done by comparisons. The appraiser is going to be looking for similar units that he can compare to your unit. The most recent sales are the ones that will be used. He is looking for something that has sold in the last 6 months. The best com-parables are units that have sold in the same building. The way appraisals are ordered these days, the appraiser will not have seen any of the units he is comparing your condo with. His main focus will be on square footage.
When you price to sell you view all the intangibles as to how they compare with all the listings that you are competing with. The views, the location, the updates, the windows, parking, high ceilings, upkeep and the overall feel of the condo. This is where you see the biggest differences in your competition. This is where you have to work to make you condo shine. The cosmetic issues become important. How does my property show……Is it dressed up or still in shorts….
Recent updates need to be written down and shown to prospective buyers. These are your positives and they really do count. Buyers are going to be looking at 5-6 units and of course want the most for their money. Many buyers have been in the market for a while and are waiting for the right one. They compare your condo with ones they have seen in the past and those currently on the market. a Many will be just starting are are ready to buy now when they find one that has all the things that they will want.
Buyers are willing to pay more for premium condos so sellers to to do what they can to make the unit a premium unit. This is enough info for a complete blog. Buyers do shop in brackets. They will say “175” to 200k”. An agent will show a little above the range. An experienced agent may show the condos a little about the range, maybe to 215k. He knows some people may overpriced a little. He will not show those that are not not priced correctly above the numbers. Its like not even being on the market unless you just have a buyer that likes to look.
Its must easier to sell your unit if you price it correctly. Its much easier if it looks as well as it can. Most sellers know this but most will not practice it. It means money if you do…