It may be a buyer’s market, but there is still things that need to be done to get the most from your condo sale.
First, your expectations need to be realistic. Accept the cards you’ve been dealt and do the best you can. Times have changed in the past few years, while this can be hard, especially when other condos in your building were selling for top dollar. So don’t let your ego or unrealistic expectations get in the way of getting a fair price in today’s market.
Study the market and see who your competition is and what those condo units look like. Put yourself in the place of a buyer and look at ads in the newspaper, online and in real estate magazines. Get in your car and spend some time looking at all the condos you can. The condo amenities in Ocean City are like pools and easy access to the beach or bay. Attend open houses and eavesdrop on others attending. All of this helps you get a better idea of what buyers are looking for and what your condo should be selling for.
Condo needs to be ready for occupancy. When buyers have a wide selection of condos to choose from, they’re not going to want to buy one that needs a lot of work unless it’s bargain priced. You need to remove any reason a buyer could say no.
Incentives can attract buyers in this market. Lowering your price isn’t the only incentive you can offer. Perhaps you can pay the buyer’s discount points to help lower their mortgage rate, provide flexibility with closing dates, or pay closing costs. You might even consider a premium for the buyer’s agent with extra commission or another perk to help spur extra effort on their part.
Price will be the most important thing you can do to sell in a buyers market. Just because your home was worth tens of thousands of dollars more several years ago doesn’t mean that’s the price it will sell for today. It’s important for you and your Realtor to do adequate research and set a fair price on your condo in today’s market. While it’s not uncommon in a seller’s market to ask for as much as 20% more than you expect to get, in a buyer’s market, 3-5% more is more realistic.