Looking to sell a condo in Florida?
You’re probably wondering how long it will take. Condominiums often prove difficult to sell quickly. High HOAs rule out prospective buyers on a tight budget. Condos also are frequently “niche” type properties, with unique features like boat access, golf course, “extravagant” amenities.
Finding a buyer for a condo can often just take a very long time . . .
If you want to sell a Florida condo – you’re arrived at the right place! Check out the following tips to get your condo sold pronto!
Tips For Selling a Condo In Florida Fast
Study “Days On Market” For Condos in the Homeowner’s Association
“Days on market” is “a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends. Generally, properties with a large DOM value will command lower prices than properties with few DOM because a perception exists that the property may be overpriced or less desirable. DOM often factors into developing a pricing strategy. DOM can also be used as a “thermometer” to gauge the temperature of a housing market”
When considering “how fast” you want to sell, check out the DOM for the other condos in your building (similar square footage, floor, unit type, and vantage point). This gives you an estimate how long it will take sell the condo at a certain price. Want to sell faster? Cut the price a bit below and that will certainly shorten your DOM. You can see this data on sites like Zillow and Redfin.
Figure Out What Improvements “Pay Off”
Deciding whether to make improvements or “sell as-is” is a big question to owners looking to sell their property. Whether or not you should make improvements depends on a few things. Do you have the funding to make repairs? Do you live locally such that you can visit the property while contractors are working? Do you know what repairs will pay off and which won’t?
If you lack the cash to make the “right repairs” or aren’t close by, trying to do rehab (and doing a poor job at it) is a good way to throw away your money.
In some cases, you may be cash flush, local, and have the time to properly manage renovation – even if it goes well beyond a fresh coat of pain. The raises the question: what renovations should I make?
Check out online listings of the community comps. The listing pictures should tell you what is selling/not selling. You can also walk through some open houses to get a “live” feel of the similar properties for sale. Imagine yourself as a potential buyer in this building. What improvements will make your unit stand out from the competition, or compensate for less desirable features? This should tell you renovations to make.
Gather documentation and review any HOA rules
Know your condo like the back of your hand. This means being completely fluent in all the rules and regulations of the Homeowners Associations. A homeowner association is a private association formed by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision.
With his info in hand, and you are prepared to respond to questions from buyers. For example, prospective buyers will want to know all the amenities that come attached to the hefty HOA fee (gym, pool access, game rooms, etc.)
Rental restrictions, i.e., limits on the ability of buyers to rent the property is a hot button issue for prospective buyers. HOA’s restrict rentals because too many rental units can have negative impact on value of the condo community. There are two kinds of rental restrictions:
A restriction on the number of leased or rented units or lots permitted within a development is a common element of many modern governing documents (at least those which have been updated from the original developer prepared documents). There are two basic types of lease restrictions. One type limits the total number of leased residences within a development (e.g. no more than 20 residences can be leased at one time). The other type requires all new owners to live in the residence for a specified time (e. g. one year) before the residence can be rented. This second type limits the number of leased units since it discourages purchase by investors and most owners willing to occupy the residence will probably remain after the initial period has passed. Of course, there are variations on each type of type of restriction.
To Use a Realtor Or Not?
Unfortunately, working with a realtor is a slow process. In most cases, working with a realtor means: (1) interviewing various realtors; (2) negotiating a listing agreement; (3) preparing the house for “showings” – all this before the house is even for sale. On top of that, 5 to 6% commission then is pulled out of your sale. This isn’t to necessary say a realtor isn’t helpful, but there should be no doubt that it is an expensive service. It should also be noted people get their realtor license in two weeks – not exactly a hard to earn piece of paper.
The fastest way to sell any condo is to sell directly to a cash buyer. Cash buyers: (1) buy “as-is” so you make no repairs, (2) have cash reserves which mean no lengthy mortgage approvals, appraisal contingencies; (3) specialize in buying property that needs updates. Since cash buyers cut out all the red tape, closing is fast smooth and easy. Oh and the best part – you don’t pay thousands upon thousands to a realtor to do a few showings.
If you decide you want to pay a realtor, try not to pay the extravagant 6% commission. Many agents are negotiable and may even settle for 1 to 1.5% commissions.
Thinking About Selling Your House to a Florida Cash Home Buyer? Give us a call (954) 676-1846 or fill out the form below!
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