How to Sell a Condo: A Step-by-Step Guide to the Process

1 month ago 21

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If you’ve decided to sell your condo – whether you’re moving to a new city or want to buy a single-family home – there are plenty of things to know about the selling process. While it may seem like selling a condo is the same as selling a home, there are some key differences to know about. Condos have different selling points that you’ll need to highlight to make it stand out.

To help you get started, Redfin has put together a guide of how to sell your condo. From what to do before selling, tips for marketing your home, and pricing it correctly, we’ve got you covered. So whether you’re looking to sell your condo in Orlando, FL, or in Boston, MA, here’s how to sell a condo.

aerial view of miami condo building

What to do before selling your condo

Most condos are managed by a board or homeowners’ association (HOA). Before listing your condo for sale, you should check with whoever manages your condo and find out if there are specific rules that apply to selling your unit. Your HOA’s rules may specify who you may sell your condo to, or they may require that the board interview and approve potential buyers.

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When to sell a condo

Much like selling a single family home, the ease of selling your condo is dependent on market conditions. It’s worth researching comparable condos that have recently sold to find out how long they were on the market, what price range they sold in, and what improvements you should consider making before listing your condo. You should talk to a real estate agent about ways to market your property so that it gets in front of more buyers, and how to price your condo competitively.

In a buyers market, there are some things you can do to make your condo more appealing to potential buyers. Lowering the price is one way to attract more buyers if you can, but be sure to talk to your agent about that first. Staging your condo with just enough furnishings and accents to make your condo feel more livable is another way to get attention on your home. You can also offer buyer incentives, such as paying a portion of the closing costs. Your agent can advise you on the best selling strategy.

red brick condo building in fulton river district chicago

How to sell your condo fast

If you need to sell your condo quickly, it’s important to get it in front of as many potential buyers as possible. Marketing is key, but so is the price. A real estate agent can help you determine a competitive price that will get potential buyers in the door, without sacrificing your profit. Keep in mind that your HOA may have restrictions on this, so be sure to consult the guidelines.

You should also talk to your real estate agent about scheduling an open house and creating an offer review deadline. An open house is a great way for people to see your home without needing to schedule an appointment. Sometimes it can result in offers on your home the very same day. An offer review deadline is a date and time when all offers must be submitted – it creates a sense of urgency for people who may be interested in your condo.

How to sell a condo and buy a house

Many condo owners decide that they want a little more space, and start looking for a home to buy. Most people in this situation need to sell their condo first in order to get the money for a down payment on a house. Getting the timing right can be a challenge in this situation – check out our tips for buying and selling at the same time for more information.

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If you are represented by an agent, this is not a solicitation of your business. This article is for informational purposes only, and is not a substitute for professional advice from a medical provider, licensed attorney, financial advisor, or tax professional. Consumers should independently verify any agency or service mentioned will meet their needs. Learn more about our Editorial Guidelines here.

Alison Bentley

Alison is part of the Content Marketing team as a Content Marketing Manager. In her 5 years at Redfin, Alison has written a variety of articles ranging from home design tips to housing affordability. A California-native, Alison currently resides in Seattle where you can find her catching a concert or exploring farmers’ markets. Her dream home is a cottage-style house with a chef’s kitchen and a cozy room to store and play vinyl records.

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