Allison Jaffe's Blog
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Ready to sell your condo? As a first-time condo seller, it sometimes can be tough to streamline the process of finding interested property buyers and getting the best price for your residence.
Fortunately, we're here to help you simplify the process of selling your condo.
Here are three tips that every first-time condo seller needs to know.
1. Check Out the Prices of Comparable Condos
When you price your condo, it is important to set realistic expectations from the get-go. And if you ask too much for your property, it may linger on the real estate market for an extended period of time.
On the other hand, an informed condo seller will have real estate market data that he or she can use to gain an advantage over the competition.
How does your condo stack up against similar properties? Perform an in-depth assessment of the competition, and you'll be able to price your condo accordingly.
Check out the prices of recently sold and currently available condos. By doing so, you can better understand how to price your condo competitively.
Also, spend some time performing assorted condo interior and exterior repairs before you add your property to the real estate market. This will allow you to boost your condo's appearance both inside and out and make your property an appealing choice to condo buyers.
2. Conduct a Property Appraisal
Hire a property appraiser to inspect your condo. That way, you can receive expert insights into your condo's strengths and weaknesses.
During a condo evaluation, a property appraiser will review all aspects of a property. He or she then will provide you with an in-depth report that you can use to understand potential problem areas with your condo.
A property appraisal is a valuable learning opportunity, and you should try to make the most of it.
Choose a property appraiser with condo experience. This professional will be able to take a close look at your condo and help you prioritize potential repairs.
In addition, review a property appraiser's findings closely. This information will help you determine the best ways to enhance your condo and ensure it can stand out from the competition.
3. Work with a Real Estate Agent
When it comes to selling your condo, it is always a good idea to work with a real estate agent.
Hiring a real estate agent with condo experience is a must, particularly for a first-time condo seller. This real estate professional will teach you about the ins and outs of the housing market and help you promote your condo to the right groups of property buyers.
A real estate agent will set up condo showings and open houses and negotiate with condo buyers on your behalf. Plus, he or she will offer honest, unbiased condo selling recommendations to help you get the best price for your property.
Don't leave anything to chance as you get ready to sell your condo. Take advantage of the aforementioned tips, and you can accelerate the process of selling your condo.
Whether you spend most days of every year working in real estate as I do or you embark on the process of buying or selling one property, you’ll have stories to tell. In most instances, you won’t know whether to laugh or cry; eventually, you’ll probably do both. I file these true tales of the unbelievable under the heading: ‘You Can’t Make This Stuff Up’.
A Timber Tale A husband and wife walk into a 96-year-old house . . . No joke. When touring a vintage, attached, brick row-house on a landmarked block in the Mott Haven section of the Bronx with my clients, we were all predictably concerned about a noticeable dip in the ceilings and slop of the floors at the rear of this house on all three levels. The cause of our concern was found in the basement where we discovered that the rear twelve feet or so of the structure’s 12”-square solid timber central support beam seemed to have been surgically removed at some point in the house’s more recent past. Why would someone do something so obviously destructive? Had the beam failed due to some flaw; was it somehow catastrophically damaged without any evidence in other parts of the structure? No, apparently, it was in the way of PVC pipes run to connect an added bathroom upstairs to the existing basement plumbing. We knew it was true, because there just aft of the remaining section of the central support beam, hung a questionable plumbing installation and nearby on the floor, snug against a foundation wall, laid the amputated length of support timber. It could all be fixed and my clients went to contract on the house. You can’t make this stuff up.
A Unit Number Riddle When is a three-family house a one-family home?When it’s a one-family house with three apartments. Get it? This real estate riddle is frequently played out in the New York metro area where one or more illegal apartments are created in a house to help the property owners generate income from their home. The problem comes when that homeowner attempts to sell their illegally divided house with or without tenants. Banks don’t make loans when an appraiser’s description does not conform to the property’s legal status. What defines an illegal apartment? An extra kitchen with a working stove is the "tell” even though there are certain situations where an appraiser will accept two kitchens in a one-family house. But three kitchens in a legal single-family home are pushing it; four kitchens in a legal two-family house are pushing it exponentially; I’ve seen both. While the solution involves removing the offending kitchen(s), this needn’t mean major renovation. Usually the removal of a stove and capping its gas line will do the trick. Think of it not as losing a kitchen, but gaining a wet bar – and there are no restrictions on that. You can’t make this stuff up.
Aside from your realtor, your lender will be one of the people that you work the most closely with when you’re buying a home. Before you even sign on with a lender, there’s a few questions that you should ask. Don’t feel pressure from a certain lender before you understand what their areas of expertise are. You don’t want to end up with homebuyer’s remorse because you didn’t do the right research before you signed the deal on a home.
Can You Tell Me About Programs For First Time Homebuyers?
There are so many great programs for first-time homebuyers. If the lender you choose can’t help you with these programs, maybe this isn’t the right lender for you. If your lender lacks knowledge in the areas that you need, you probably want to shop around.
How Can You Help Me Qualify For The Loan I Need?
Many times, loans have very specific qualifications that you need to meet. Even if you think you might not meet those requirements due to things like a low amount of down payment or a job change, your lender can often help you to find the details in your situation to help you qualify for a loan. For example, you may have recently changed jobs, but if you have stayed in the same field, your lender can help you to explain these circumstances so that you can still qualify for the loan.
Are There Downpayment Assistance Programs Available?
There are also many programs and loan types available to help buyers get a home with less than a 20% downpayment. Some loans offer good interest rates with less than a 20% downpayment. There are also many grants and downpayment assistance plans available. It’s important to ask questions to know the right information for your loan circumstances.
What Fees Do You Charge?
Some lenders do charge an array of fees. You don’t want to sign on with a lender and then close on the loan, only to find out that you’re knee-deep in fees in addition to all of the closing costs that you have to pay along with the home purchase.
How Will You Communicate With Me
Just like your Realtor, it’s important that your lender communicates with you in a timely manner. Buying a home requires that documents and offers are in on time to secure your home. Don’t let anything fall through the cracks by hiring people on your home search that may lapse in their communication with important information.