If you’re selling a condo in Phoenix, Scottsdale, Tempe Arizona it’s important to hire an experienced real estate agent and take steps to give your condo an edge over similar properties… Real estate agent Juan Pesqueira say selling a condo is not like selling a house.
Phoenix, Arizona real estate market is beyond competitive, but that doesn’t mean simply listing your property guarantees an easy sale. Every type of home, from single-family houses to penthouses, has a unique set of challenges and selling points to consider. And while selling your Phoenix, Scottsdale, or Tempe condominium may seem like a breeze, there are several things (5 to be exact) to keep in mind…
Hire an expert.
Juan Pesqueira, a real estate agent with Attorneys Realty, says, “The best possible advice I can give is to hire a reputable agent for purchase or sale. Having experienced representation through the biggest investment of your life will help make sure you come out on the good side of a real estate story.”
He adds that to be competitive, you must choose an agent who has expertise in your market and who has the numbers to back up the marketing strategy he or she is proposing.
“Hire a real estate professional that has that market knowledge and expertise,”. “An agent should be able to add value and clearly articulate their value.” – Juan Pesqueira
Condo sellers must figure out how to make their properties stand out in the crowd. Pesqueira says, “It’s important to have an effective marketing strategy in the Phoenix market because it is very competitive. Beyond hiring the right agent, sellers need to make sure the property is showing in the best possible condition, as first impressions are everything right now.”
Sellers must be able to step back and look at their condo through a potential buyer’s eyes, Pesqueira says.
He recommends clients declutter, paint and consider hiring a stager, all of which are relatively low-cost investments. Pesqueira also stresses that professional marketing materials, high-quality images and digital floor plans are extremely important.
Make sure the price is right.
Juan Pesqueira, an agent with Attorneys Realty who also owns a real estate appraisal business, says it’s important that condos are appropriately priced, even in this hot market. “Overpriced homes still sit for a while and need reductions after two to three weeks if they’re not sold by then,” he says. “If it’s very overpriced, then you’ll get no offers, and it will sit. Pricing in the reasonable range will help to get possible multiple offers and even get over the asking price.” In fact, Juan says his secret to selling real estate fast is all about pricing not marketing.
If a condo is overpriced, it can result in multiple price reductions, which is not ideal. It can drag the process out and end up wasting everyone’s time.
“Buyers are far too educated right now to pay for something that is overpriced.” Says Pesqueira.
Watch out for common pitfalls.
Pesqueira says besides overpricing the condo, another pitfall for sellers can be waiting too long to sell. “Sell now,” if you’re on the fence, he says. “Don’t wait until the next year or two. At some point in the not-too-far future, the market will adjust itself downward. Once it adjusts, these prices are gone for a long while.” In a down market the 1st property types to drop in value/price are condos.
Another thing seller should be wary of is jumping into a deal without doing their due diligence. Pesqueira says, “Sellers have to be very cautious to not take an offer that seems too good to be true because it usually is. Sellers need to make sure the buyers are truly committed and qualified before accepting an offer. I try to remind seller clients the offer price means nothing if we can’t get them to the closing table.”
Make sure the buyer thoroughly understands the condo association (HOA) rules.
Condo associations rules can add another layer of complexity to a sale. Pesqueira says this is where having a condo expert is vital. “It comes back to pitfalls that a real estate professional can avoid.”
Pesqueira says, “There are many moving parts within a condo association. I review every set of condo document prior to listing, to verify all information presented is accurate.” Making sure you portray the building and condo association rules accurately is critical, he explains. “I have seen everything from agents representing listings with false owner occupancy ratios, to false allowable rental periods, to pet policy restrictions, to not disclosing upcoming assessments within the association.”
Providing the wrong information can cause sellers serious problems in the long term. “Buyers will often walk away from the deal or ask for substantial credit when these situations arise,” Pesqueira says. In Arizona buyers have 10 days to review the association documents which can take 10+ days to receive. Buyers can cancel a contract due to association rules and regulations. These docs should be reviewed before listing and have available to present with accepted offer, so you don’t waste your time or the buyers.
Are Looking to or considering buying or selling a condo in the Phoenix, Scottsdale, Tempe, Maricopa County? Contact TOP Realtor. Appraiser. Consultant Juan Pesqueira with Attorneys Realty – lets chat about selling your condo for top dollar, without mistakes, and fast...
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