Selling a condo is a very similar process to selling a house; however, if you’re looking to maximize your unit’s overall value, there are a few extra steps to consider. Determining the right asking price and effective home staging are staples of selling real estate. Going the extra mile and marketing the lifestyle potential buyers could have can help ensure you sell your condo for top dollar. Additionally, timing your sale is also critical.
Panama City Beach was recently named one of the top three best beaches
in the entire United States. This beautiful waterfront oasis in the panhandle of Florida has seen increased popularity in recent years. People continue to flock to this region of the state in the hopes of a better life. Known for its miles of white-sand beaches and luxury condominiums, the Panama City Beach real estate market is booming, making now an excellent time to sell your condo.
Still, maximizing your condo resale value requires a few tips and tricks, which you can find below.
Determine the right price
When selling any type of real estate, setting the right asking price is one of the most important things you can do. If you price your property too high, then you’ll turn away potential buyers. On the flip side, if you price it too low, you won’t receive as much profit as you should. Therefore, doing some research and due diligence to find the right price is crucial. Once you partner with a qualified real estate professional, you’ll start by comparing your condo to other similar condos on the market for sale. Take note of the asking price for these homes and compile a list. Once you have a general idea of what other condos in your area are selling for, you and your agent can narrow down an exact price for your property.
Stage your condo
The most effective home staging can help buyers envision themselves living on the property. You can accomplish this through a few steps. Start by decluttering and depersonalizing the entire home. Remove all personal items, such as pictures and memorabilia, and discard any piles of clutter, including from any closets and cabinets. Then, arrange furniture throughout your house in a way that showcases the functionality of each space. For instance, arrange couches around the fireplace to create an inviting sitting room. If you do not have an eye for home staging, then it’s best to consult a professional home stager on the matter.
Showcase unique features
If you’re really trying to boost your condo’s resale value, then showcasing the unique features of your property is a great tip. For example, if your condo has a large balcony, make sure to highlight that feature in your listing. Additionally, if your home has great views, you’ll want to ensure those views are on full display by keeping windows clean and clear of obstructions. Think about what sets your condo apart from other condos in the area, and make sure to showcase those features in the listing.
Time your sale
Timing is everything in real estate. The market tends to fluctuate depending on the time of the year, and while you can’t always guarantee a more profitable sale, there are better times to sell a property than others.
According to recent data, the best month to sell a condo in Panama City Beach
is August, which typically sees properties selling for around 17.7% more than in other months of the year. In comparison, March is the worst month in this part of the state to sell real estate because homes, on average, sell for around 14.58% less than in other months of the year. Given that real estate in Panama City Beach takes around three months to sell, listing your condo in May should allow you to sell it by August and capitalize on a higher selling price. Every seller's personal situation and needs will vary. Be sure to consider the carrying costs you will incur as a result of waiting for the historical premium months to sell vs. listing now. Ask your agent for an estimated seller’s net sheet and a market projection to help you make the best decision on the timing of listing your condo.
Gather your condo documents
Having the documents for your condo ready before you list your property on the market is highly important. These documents are essential and help speed along a real estate transaction. If possible, keep these documents ready to hand over, such as any condo association information, including fees, rules, and regulations. If there was also any major work done on your condo, make sure to have those documents as well.
Understand the potential buyers
Another great tip for maximizing your condo’s resale value is to understand the potential buyers in your area. Whether the buyers in your area are first-time buyers, investors for vacation rentals, or retirees, catering to those specific demographics can help significantly improve your home’s value. You can learn what types of buyers are in your market by consulting with an experienced real estate agent.
Market your area’s lifestyle
Selling a condo is typically more about selling a certain lifestyle. From the particular amenities of your unit to the types of shops and restaurants in the area, the more you highlight these aspects, the more you’ll improve the value of your condo. Make sure to mention the various gyms, bars, pools, and concierge services near you, if applicable. Additionally, feel free to inform potential buyers about any events or entertainment options in your neighborhood.
Find more tips for selling a condo
Given that Panama City Beach has grown in popularity in recent years, the current real estate market is booming. People continue to flock to this part of Florida in search of a more refined lifestyle. Because of this, now is an excellent time to sell a condo in the area. Still, before you list your property on the market, taking some time to learn tips and tricks can help you boost the condo’s overall value. While the tips above are a great start, there are still other steps you should know. That is where a skilled real estate agent comes in handy.
Bay Real Experts is a group of trusted Panama City Beach real estate agents
with years of experience selling condos in the area. Using their knowledge of the local market, the team knows what it takes to sell a condo for top dollar. If you’re looking to increase your condo’s resale value, contact Bay Real Experts
for expert tips and guidance.