Orange County Market Conditions
For whichever reason you may be selling your condo there are several things that you should keep in mind as you enter the selling process. Here at Condos etc we pride ourselves in our ability to provide quality buyers to your for sale listings to help you sell your condo as fast and as quickly as possible. We have put together this list of things that you can do to help sell your condo in the timeframe you want and obtain your desired sales price.
Study the Market
If you are currently living in your condo and have decided to move to another condo you have probably already started to investigate what the market is doing in your area. If you are selling a vacation or investment condo you should start to look at the market well before you are looking to sell your condo.
Market conditions will determine the price you will be able to get for your condo from a buyer and will also determine how long your condo will be sitting on the market. Study your local market and price your condo at the going market rate. You can view market conditions in your area by searching for nearby condo sales in a close proximity to your address.
What is the Market Bearing?
Just because condos with an ocean view in Corona Del Mar are selling for $1000 per square foot does not mean that you will be able to charge the same rate in Irvine. Look at what condo prices are doing in your community and make sure your listing price per square foot is reasonable.
How Many Units are on the Market?
Depending on how many units are on the market will factor into how much you can sell your condo for. If there are 100 units for sale in your building you might have a hard time getting a buyer interested in your unit if it is priced higher than the others. If you have the only remaining unit for sale in your area you might be able to sell it at a premium price.
What is Special about Your Condo?
Now is when those high end finishes you paid for really pay off. Those extra dollars spent on designer cabinets, stainless steel appliances, the sub-zero fridge and the new wood floors can become major selling points that help distinguish your unit from the others on the market. A buyer will be more likely to consider your unit at a higher price because of the investments you have made in your condo.
When selling your condo, location can become your best friend or your worst enemy. If your condo is on the last oceanfront property you will be able to sell it at a premium price. If they recently built a parking lot next to your community that blocks your view you may have to drastically reduce your price to entice someone to buy your condo.
Condo Market Conditions
If you are currently living in a condo or looking to buy or sell a condo you should keep your eye on what the condo market is doing. Staying informed can save you money and alert you to new trends in the condo market, helping you make good choices when it comes to buying and selling condos.
For sellers, market conditions will determine the price you will be able to get from a buyer for your condo and will also determine how long your condo will be sitting on the market. Sellers should study the local market and price their condos near the going market rate to move their condos quickest.
Review Condo Market Indicators
As you watch the condo market there are key indicators that you should keep your eyes on. Here are several of the market indicators that we follow at Condo.com to help us make informed decisions on the condo market.
Units on Market
While it is normal to have several months supply of condo inventory in a market (usually 6 months), when there starts to be oversupply it might mean the market is slowing down or heading south.
Average Listing Price / Average Price per Sq Ft.
Watching these indicators will keep you up to date on what condos are selling for in you area and what you have to compete with if you choose to sell.
Average Time on Market
This indicator can provide insight into how fast condos are being sold in your market. If the time on market is increasing, your market may be slowing down.