If you’re thinking about selling your Manhattan condominium, you’ve undoubtedly asked yourself this question. The good news is that selling a condo is a different—and faster—process than selling a single-family house, even in a depressed market. Why?
Because condominiums are often smaller, less costly, and require less care, all of which are factors that potential purchasers consider. However, promoting a condo takes a unique strategy, so put away the “for sale” signs and understand how these condo selling strategies might assist.
Understand HOA Requirements
At places like 35 Hudson Yards, condominiums are frequently maintained by a homeowners/condo association. Each association has its guidelines for marketing and selling, which typically include who you may sell to.
Check with the HOA first since purchasers may have a contract contingency that allows them to cancel if the HOA regulations are violated. Learn the guidelines and be forthright with potential purchasers about any association benefits and drawbacks to save time and hassle.
Set The Right Asking Price
Do you need to sell your condo quickly? The correct pricing is crucial. While you want to obtain the maximum money for your Manhattan condominium, pricing it too high may discourage offers, even if only to avoid negotiating. Furthermore, the longer a unit stays on the market, the lower its value.
Use nearby units to identify comparable sales, but keep in mind that minor variances might affect value. A condo in the center of a corridor, for example, would be regarded as louder and hence less expensive. Still, a unit with a better view, modifications, or extensions might fetch a higher price.
