It may be a buyer’s market, but that doesn’t mean there aren’t things you can do to get the most from the sale of your condo.
First, you need to be realistic with your expectations. Accept the cards you’ve been dealt and do the best you can. While this can be hard, especially when other condos in your building were selling for top dollar just a few years ago, times have changed. So don’t let your ego or unrealistic expectations get in the way of getting a fair price in today’s market.
Study the market. What’s the competition look like? Put yourself in the place of a buyer and look at ads in the newspaper, online and in real estate magazines. Get in your car and spend some time looking at all the condos you can. The condo amenities in Myrtle Beach like pools and lazy rivers are generally accessible for short periods of time for you to take a look. Attend open houses and eavesdrop on others attending. All of this helps you get a better idea of what buyers are looking for and what your condo should be selling for.
Make your condo ready for immediate occupancy. When buyers have a wide selection of condos to choose from, they’re not going to want to buy one that needs a lot of work unless it’s bargain priced. You need to remove any reason a buyer could say no.
Think about offering incentives. Lowering your price isn’t the only incentive you can offer. Perhaps you can pay the buyer’s discount points to help lower their mortgage rate, provide flexibility with closing dates, or pay closing costs. You might even consider a premium for the buyer’s agent with extra commission or another perk to help spur extra effort on their part.
And, of course, the most important thing of all is to put the right price on your property. Just because your home was worth tens of thousands of dollars more several years ago doesn’t mean that’s the price it will sell for today. It’s important for you and your Realtor to do adequate research and set a fair price on your condo in today’s market. While it’s not uncommon in a seller’s market to ask for as much as 20% more than you expect to get, in a buyer’s market, 3-5% more is more realistic.
For more good info on buying and selling, check out this real estate blog for Myrtle Beach.