How Is Selling A Condo Different Than Selling A House?

selling san diego condo versus selling a single family homeListing different types of San Diego properties have their own unique challenges. From the initial marketing to the final price negotiations, everything needs to be tailored to the type of home being sold. And because of their main differences, this process can look very different when selling a condo vs. selling a single family home.

Reason #1: The Homeowners Association or HOA

As we all know, almost all condos come with some type of HOA, or homeowners association. The HOA generally handles common areas like swimming pools, the exterior of the building like the roof, and landscaping. Sometimes, the HOA holds various social events for their residents.

However, all of this comes at a few costs. The first is money; the HOA carries various operating expenses, which comes in the form of charging residents a monthly fee. The second is freedom; most HOAs have various rules that all residents need to follow.

Reason #2: Real Estate Investors

When selling a condo, it’s normal for a number of investors to show interest in purchasing the unit. After all, renting out condos is a big business. As a result, selling a condo could mean a faster closing, a cash offer, or even multiple offers.

Reason #3: The Type of Buyerhome buyers in san diego

Different types of buyers look at a condo vs. a home. For starters, condos are generally smaller, don’t have yards, have all landscaping handled professionally, and frequently come with amenities like a swimming pool or fitness center.

While a good majority of potential buyers with children would love a swimming pool with zero maintenance, they aren’t willing to make the trade for a smaller space. This means that when selling a condo, potential buyers will generally be single adults, newly married couples, or retired professionals looking for a place with less maintenance.

Reason #4: Location

Every real estate agent knows that one factor, above all others, is most important when selling a property: location. Being close to town versus far away from traffic, near downtown excitement versus in a quiet neighborhood, or near shopping centers versus far away, all come into play for a property’s value and demand.

Generally speaking, condos tend to be closer to urban areas, shopping, restaurants, and entertainment. This also means that their price per square foot is frequently higher. As a result, owners looking to sell their condo should carefully consult with their real estate agent about the best way to market their property and at a competitive asking price.

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
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