Understanding Mortgages: Selling Your Condo

In the midst of one of the most uncertain real estate markets in history, it's more important than ever to be informed. In a continuing series, we take a look at some of the most pressing questions about mortgages, refinancing, home equity, and other real estate options available to you.

(8/28/2012) Selling a home presents a series of steps and challenges, no matter if it's a single-family home or a condominium. But selling a condo does add a few intricacies and considerations to the process.

Perhaps most important to remember when selling a condo is the fact that you're selling a unit and a lifestyle, all in one. People buying a condo are looking at the advantages of living in a shared building, which at the least usually includes covered services like yardwork, snow removal, and sewage. Often, potential buyers are looking at additional amenities the building can provide, like utilities covered by assessments, fitness facilities, rooftop decks and/or common areas, pools, and more.

Put all this together, and condo buyers can be considered relatively picky. They have the luxury when choosing from multiple options and amenities, and prices that are more affordable than ever. Because of this, advertising a condo for sale involves playing up all the elements inside the unit, those in the building, and those outside the building. Amenities nearby, like shops, mass transit, parks, and more, all add to the value of the condo.

Beyond these considerations, the same advice applies as when selling a single-family home:

  • Collect as much information about the local market as possible to establish a reasonable yet aggressive price
  • Evaluate your home and its value with an official appraiser
  • Be thorough with a full home inspection, and address any issues that may prevent a sale now
  • Work with key professionals with expertise in their areas, including real estate agents, mortgage brokers, and lawyers
  • Keep aesthetics in mind when showing the house, and know that condo buyers are looking for the "wow" factor
  • Examine offers critically, including the purchase price, buyer financing, and any proposed contingencies

The process of selling a condo will take time, patience, and occasionally a few rounds of offers. But knowing the key elements involved, and the necessary steps, will help navigate the process.

For Additional Reading:

The Case for Selling in a Falling Housing Market: http://www.forbes.com/sites/stanhumphries/2011/04/28/the-case-for-selling-in-a-falling-housing-market/

How Do I Sell My Condo if I Owe More than it's Worth?




Other related articles:

Vacation, second home, investment loans get squeezed

Understanding Mortgages: Selling Your House

Understanding Mortgages: Buying an Investment Property

Home sellers lower prices to compete, bidding wars ensue, recovery heats up

Year of the Dragon lighting fire under sellers

ERATE's 'Dirty Half Dozen Digital Ways to Buy or Sell in Today's Housing Market'

Why vacant homes are a tough sell



Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

Get the Updated and Improved Mortgage Rates App from ERATE.com

ERATE App - Current Mortgage Rates and Credit Cards
FREE Mortgage Rate Widgets
Your State's Rates or National Rates
Get this Widget for any State you want