Common Seller Mistakes
Asking Price of a Condo vs Market Value
The listing price must be based on the market value and not on your needs or emotions. Sellers often determine their asking price on what they paid for or put into updating their condo. If your Cape Cod condo is not priced competitively, you are making an expensive error. Buyers are sure to find larger properties for the same price. Buyers who would be looking at your condo will not see it because they can't afford it. This increases the market time, and if the price is eventually lowered, the buyers will be wary because "nobody wants to buy what no one else wants". What you end up with is low priced offers and a reluctance to negotiate. Property that is priced too high is more likely to sell for less than market value. An accurate Cape Cod Market Evaluation may be the most important step in determining a competitive listing price.
Showcasing the Condo
The property must be clean and well maintained or the buyer will believe there are hidden problems that will increase their cost of ownership. The property should be "spruced up" inside and out. Buyers tend to make high estimates on the cost of repairs, building in a large margin for error when making an offer on properties in need of repair. Sellers are better served by making all repairs before showing the property.
Improvements to Your Cape Cod Condo
Avoid making costly upgrades to the property before selling. Making too many improvements with the goal of recouping the cost can be a very expensive mistake. Only certain upgrades are cost effective. Be sure to check with your realtor before committing to any major improvements.
Choosing a Realtor Specializing in Condominiums
Choose an experienced Cape Cod real estate agent - do not just settle for the agent who gives you the highest price estimate (see mistake #1). Look for an agent with lots of successful sales who offers the best marketing plan for your condo. A successful, experienced agent usually costs the same as a less experienced one. That experience can translate to a higher negotiated price, a faster sale, and fewer hassles. Also check out our Condo Selling Tips.
How to Sell
Avoid "overselling" when showing your condo. Buying a home can be an emotional decision. It is difficult for buyers to feel comfortable checking out a house if someone is constantly following them around and pointing out every improvement that was made. Good realtors let buyers tour a condominium on their own, only pointing out features that are important to the buyers. Using the "Hard Sell" strategy loses many sales. If buyers think they are paying for features that are unimportant to them personally, they will choose a less expensive piece of real estate without those features.
The First Offer on Your Condo
Take that first offer seriously. Sellers tend to believe that the first offer will be the first of many to come, so it is not taken seriously. Sellers want to hold out for a higher price, particularly if the offer comes in soon after the real estate is placed on the market. A good realtor knows that the first buyer may be the best buyer. Many sellers have been forced to accept less money than that first offer later in the selling process. Property is most saleable early in the marketing period, and the amount buyers are willing to pay decreases over time. Many sellers wish they could turn back the clock and accept that first, and ONLY, offer.
Rights and Obligations
Do not neglect to learn about your rights and obligations. The sales contract is a very complex and legally binding document. A poorly written contract could allow the buyer to void the sale, or cost you thousands of unnecessary dollars. An experienced realtor who knows all the "ins and outs" can fully explain the contract to you before you sign.
Effective Marketing of Your Condominium on Cape Cod
Do not fail to make an effective market plan. A good marketing plan will broaden your property's exposure to the Cape Cod marketplace and set your condo apart from the others. The right realtor will utilize a wide variety of marketing techniques, emphasizing the ones believed to work best for your condominium. For further information take a look at our Condo Seller Resources for Cape Cod. |