With record-high lease rates for apartments, demand for existing condos has never been greater. We have seen an explosion of new projects all across Denver, and the need for more is growing.
In fact, demand is so great that brokers are sending out fliers to condo owners seeking willing sellers, which means the current Denver condominium market is a seller’s game.
Listings of these properties are down, demand is up, and for those who currently own a condo and are thinking of selling it, a premium price gain can be achieved. However, even with demand increasing, sellers still need to give their homes a little renovation to make the best sale.
Here are a few recommendations for preparing to sell a condo in a way that will help make the best sale.
1. Take extra care of the windows. Condo associations often only have the windows cleaned a few times per year, and having dirty windows in a condo can impact a buyer’s perception of the building more than might be anticipated.
2. Have a strong online presence. Most condo associations don’t allow sellers to hang sings in their windows advertising that a property is for sale.
3. Get a professional market analysis done. Because condo values can change so much even within the same building, very specific “comps” need to be used. Comps are comparable properties used by real estate agents and appraisers to help best determine the value of a property. A condo’s view, location within the building, or placement near a busy, noisy street can all impact values.
4. Gather all the necessary documentation that the buyer will need. That way, the information can be easily transferred to the new owner, and if a document is missing, the seller has some lead time to find it.
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