Lisa Eagan

Leagan Realty, Scottsdale Arizona

  • About Us
    • Lisa Eagan
    • Gary Eagan
    • Accessibility Statement
  • Resources
    • Investment Properties
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Blog
  • Home Search
  • Reviews
    • Reviews
  • Contact Us

You Ask, We Answer: Four Reasons Why Selling a Condo is Different Than Selling a House

February 4, 2015 by Lisa Eagan

You Ask, We Answer: Four Reasons Why Selling a Condo is Different Than Selling a House Listing a property is a delicate dance. From the initial marketing to the final price negotiations, everything needs to be tailored to the type of home being sold. However, because of their main differences, this process can look very different when selling a condo versus selling a house.

Reason #1: The Homeowners Association or HOA

As all condo owners will know very well, 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, and landscaping. Sometimes, the HOA is also responsible for holding social events throughout the year.

However, all of this comes at a few costs. The first is money; a HOA cannot operate or pay necessary expenses without charging residents a monthly fee. The second is freedom; most HOAs have rules that need to be followed.

When selling a condo, potential buyers will balance the costs of each HOA with the benefits.

Reason #2: Real Estate Investors

When selling a condo, it’s reasonable to expect a larger number of investors considering the property than when selling a home. 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 competing bids if the condo is on prime property.

Reason #3: The Type of Buyer

Different types of buyers look at a condo versus 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 to downgrade to an easier property.

Reason #4: Location, Location, 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 on the edge of nowhere all come into play for a property’s value and desirability.

Generally speaking, condos tend to be closer to urban areas, shopping, 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 a fair listing price.

Lisa Eagan

Shop the “Real Time MLS 24/7” www.LeaganRealty.com Call/Text at 480-766-2115 #scottsdalerealestate #scottsdalehomesforsale #phoenixrealestate #phoenixhomesforsale 

Filed Under: Home Seller Tips Tagged With: Home Seller Tips, Selling a Home, Staging

Contact Lisa and Gary Eagan

Owners/Brokers

Lisa & Gary Eagan

How can we help?

Connect With Us

Article Categories

Quick Links

  • Schedule an Appointment
  • Accessibility Statement
  • Privacy Policy
  • Contact Us

Recent News

  • What’s Ahead For Mortgage Rates This Week – January 30, 2023
  • VA Loans: Are They Assumable?
  • The Cost Of Building A House
  • Curious About Homeowners’ Association (HOA) Fees? Here’s What You Need to Know

Leagan Realty

12862 East Summit Drive
Scottsdale, Arizona 85259
Phone: 480.766.2115
Fax: 888.422.9951

Email: lisaeagan@leaganrealty.com
equal housing opp

Copyright © 2023 · Powered by MySMARTblog