Selling a Minneapolis condo in 2013
Minneapolis condo owners have the same problems home owners have in this tough market but with one added disadvantage: they are selling a condominium.
Buying a Minneapolis condo is buying into lifestyle. A lifestyle that is very different from owning a house. The upside of owning a Minneapolis condo is little to no maintenance, there are plenty of trendy neighborhoods, and many have amenities like swimming pools and fitness centers. The downside is you have no yard, you have a common wall(s) with your neighbor(s), and limited freedom when it comes to major remodeling.
Some people buy Minneapolis condos not because of the lifestyle they offer but because of their value. In the past you can get more space for your dollar. However, those that were looking at condos a few years ago can now afford to buy a house.
Knowing what attracts buyers to Minneapolis condos is one of the keys to successfully selling your property. The other major factors you’ll need to know are price, quality, and hiring the right real estate agent that knows the dynamics of the condo market.
“It’s All About Price”
With the Minneap0lis real estate market beginning to heat up Sellers can be tempted to want to list their property at a higher price point. In today’s market to sell your Minneapolis condo it needs to be priced competitively to beat your competition.
Price will define how quickly a condo will sell–people who really want or need to sell are willing to take less than what they paid two or three years ago.
If you’re dead set on getting top price for your condo then be prepared not to sell. It’s that simple.
“The ‘Wow’ Factor”
“If it doesn’t shine, nobody’s going to buy it,” warns Ben Ganje, a broker with Lakes Sothebys International Realty in Minneapolis, Minnesota.
Not only do condo buyers want the lowest price possible, but they also want the best quality possible. If that makes them sound picky it’s only because they are picky. Minneapolis condo buyers have that luxury.
Obviously, you’ll want your real estate agent listings your condo to “stage” it as best as possible. That means you’ll be removing about half of your belongings, taking down pictures and other personal mementos, and getting rid of all pets (moving them to a friend’s house). Basically, you’ll want the condo to look as generic as possible—inviting to prospective Minneapolis condo buyers.
Besides the staging, you’ll also want to remodel any weak spots. We don’t mean redo the kitchen, but if the counters are in bad shape or the carpet needs replacing now is the time to do it. A fresh coat of paint is not enough in a tough market. To get the price you want the wow factor is huge in the current market.
“In What Circles?”
To sell your Minneapolis condo effectively you’ll want a knowledgeable, responsible, and capable real estate agent, focused in the urban markets. You’ll also want one that knows how to market a property on the web.
Once you find the right real estate agent, make sure you work with them on marketing your condo. In these tough times it pays to be creative. Nothing, no matter how crazy it may sound, is off limits.
“Like Pulling Teeth”
A lot of condos are built in great locations with excellent views. If your Minneapolis condo has an excellent view make sure the photographer your listing agent works with captures the moment, preferably at a favorable time of day (sunrise or sunset).
Have plenty of photos taken of your condo. Make sure your pictures include outside areas (like decks and patios), how light filters in, and storage areas.
Tell everyone you know that you’re selling your Minneapolis condo. Word of mouth is a great marketing tool. Even if your friends and co-workers aren’t interested they might know someone who is.
In order to buy a condo many lenders are going to need information about the Home Owners Association. The sooner you start this process the better.
“Getting the HOA to fill this stuff out is like pulling teeth,” laments Ben Ganje, of Lakes Sotheby’s International Realty.
Compiling all the necessary information beforehand will help speed up the sale when you finally find a buyer.
If you are interested to know what your Minneapolis condo is worth in the current real estate market, give Ben Ganje, Urban Realtor a call today at 612.460.5638 for values and a successful proven strategy to sell your condo or loft in 2013!