Welcome back to the Capital City Real Estate Group video blog! I’m Marc Iafrate, Broker-in-Charge of the Capital City Real Estate Group here in Raleigh. Today we are going to discuss Four Reasons Why Selling a Condo is Different Than Selling a House
Listing a property is a delicate process. From the initial marketing to the final price negotiations, everything needs to be tailored to the type of home being sold. However, because of their main differences, this process can look very different when selling a condo versus selling a house.
While both single family and condo or town home communities have HOA’s, all condo owners know that their HOA can have a larger impact.
The HOA generally handles common areas like swimming pools, the exterior of the building, and landscaping. Sometimes, the HOA is also responsible for holding social events throughout the year.
However, all of this comes at a few costs. The first is money; a HOA cannot operate or pay necessary expenses without charging residents a monthly fee. The second is freedom; most HOAs have rules that need to be followed.
When selling a condo, potential buyers will balance the costs of each HOA with the benefits.
When selling a condo, it’s reasonable to expect a larger number of investors considering the property than when selling a home.
As a result, selling a condo could mean a faster closing, a cash offer, or even competing bids if the condo is in a prime location.
Different types of buyers look at a condo versus a home. For starters, condos are generally smaller, don’t have yards, have all landscaping handled professionally, and frequently come with amenities like a swimming pool or fitness center.
While a good majority of potential buyers would love a swimming pool with zero maintenance, they aren’t willing to make the trade for a smaller space. This means that when selling a condo, potential buyers will generally be single adults, newly married couples, or retired professionals looking to downgrade to an easier property.
Every real estate agent knows that one factor, above all others, is most important when selling a property: location. Being close to town versus far away from traffic, near downtown excitement versus in a quiet neighborhood, or near shopping centers versus on the edge of nowhere all come into play for a property’s value and desirability.
Generally speaking, condos tend to be closer to urban areas, shopping, and entertainment. This also means that their price per square foot is frequently higher. As a result, owners looking to sell their condo should carefully consult with their real estate agent about the best way to market their property and a fair listing price.
And remember, you can always rely on your Capital City Real Estate Group Broker for helpful tips and referrals for trusted professionals whenever you need them.
To search all homes for sale in the Raleigh area and surrounding communities, visit this link to our website http://search.capitalcityrealestategroup.com/search-landing.php
Marc Iafrate, MBA
Capital City Real Estate Group
(919) 390-7810 Office
8319 Six Forks Road, Suite 201
Raleigh, NC 27615