Why would you want to know how to price your condo right? Perhaps you have plans to sell, you’re aiming to upscale on your residential status, or you’re simply curious. Whatever your reason is, we’ve got the tips to get you the right price estimates for your condo.
Online home value estimates
You can start your search for your condo’s true value by going online. Many sites related to real estate have online calculators. Just type your address, then after clicking on more details like the number of bedrooms and bathrooms, the lot size, and square feet, you’ll have an estimate. Realtor.com has one such calculator. Of course, online calculators will only provide a rough estimate but these are great sources for a number that you can start with.
Relevant property records
While rarely current as this is only done after several years at a time, your property tax assessment can give you a good value estimate. This information is on public record and can be easily searched by more diligent and resourceful buyers who want to find data they can bring to the negotiation table.
Your homeowner’s insurance can also be a source for you to be able to price your condo accordingly. However, since this doesn’t factor in the land it’s on and the shared amenities within the building, then expect a lower quote here.
Look at the market and compare
Whether you overprice or underprice your condo, you stand to take a bad hit. Underprice and you’ll lose money. Ask too much and your condo might sit for months without an offer. So it’s best to look at the movement of the real estate market in your area, as well as the going prices of condos with amenities similar to yours.
The good thing about condos is that these tend to be similar in design within a particular complex. Thus, pricing should be similar, as well. That’s why looking at comparable sales or comps of other units recently sold in your building is another great way of getting a reasonable price estimate.
Special considerations
Do check, though, on those little nuances that could make your unit special – like a newly refurbished kitchen (approved by building management, of course) or nice mirrors in the bathroom. Those alterations could fetch a little more than the standard units in your building. Also know that units located at corridor ends tend to sell for more than those in the middle.
Don’t forget to account for views! If you own a penthouse with a 360-degree view of the cityscape or your unit gives you a spectacular waterfront view, your condo’s value increases. If you overlook a parking lot or an alley, on the other hand, the value is decreased.
Professional opinion
Of course, there’s nothing like the educated opinion of a professional appraiser to get an accurate idea of the value of your condo.
Also, it’s best to talk to a real estate agent, preferably one who sells condominiums. They’re area-specific and thus, will know the comps in your area, the status of the HOA, and if the association is facing any lawsuits. They can recommend minute improvements to your condo for the best pricing. Most of all, they’ll handle all the marketing, showings, and negotiations.
If you are either in the condo-selling mode or in search of Little Italy condos for sale, you can come to us, Little Italy Condos, for the most dependable assistance this side of San Diego. Call us at 619.322.2262 or drop us a note at [email protected].