5 Step Guide to Pricing Your Waterfront Condo in Key Colony
Are you thinking of selling your waterfront condo in Key Colony this spring? If the answer is yes, now might be the best time to start figuring out how much to list your home for.
Determining your asking price is one of the most crucial decisions you will make at this stage. Why? Because your asking price is probably the single biggest factor that will determine if your home sale will be a success or a failure. Your Key Colony waterfront condo might be exquisitely staged and stunningly impressive, but none of that will matter if you list it at the wrong price.
So how do you set a competitive price for your home? Here’s a simple 5-step guide that can help you:
1. Research. Understanding the local market conditions is the key to coming up with the right price. Resist the urge to base your price on the amount you paid for the home when you first bought it. This will only complicate things and will likely give you a false information on your home’s value.
If you’re having sellers market, you’ll have more flexibility with your pricing, whereas if you’re having buyers market, you may need to lower your price to attract the interest of potential buyers.
2. Check out the competition. Are there a lot of homes for sale in your area? What’s the price range and conditions of these homes? How long have they been staying on the market? There are plenty of real estate mobile apps that can help you obtain this information on the go. Although these homes may have different upgrades and amenities to offer, the information you’ll get will give you a fair idea of home much your Key Colony waterfront condo’s worth could be.
You can check out www.MiamiRivieraHomes.com to find out more about comparable homes in your area.
3. Hire a REALTOR®. You’ll better understand the impact of these market trends on your asking price if you have an experienced Key Biscayne REALTOR® explain them to you. Since he or she is most likely active in the local marketplace, you’ll have all the help you need when it comes not only to pricing but with marketing, negotiation and closing as well.
4. Get a home inspection. These days it’s not only buyers who hire a home inspector, sellers get pre-listing inspections, too. A pre-listing inspection is a great tool in helping you come up with a realistic price for your home. For example, if the inspection results showed that your HVAC system already has some significant wear and tear and needs to be replaced, you should take that into consideration when pricing your home for sale.
5. Be objective. Try to emotionally detach yourself from the property and see your home through the eyes of the buyers. This may be a little difficult to do especially if you deem your home to be priceless. Always remember that potential buyers don’t share the same sentiments. For them, it’s just another house and they won’t pay for your emotional attachment. Ask yourself, “If I were a buyer, how much will I be willing to pay for this home?”
When you’ve finally decided to put your Key Colony Key Biscayne beachfront condo in the market, it is important to price it right at the start. This will help you get the best possible price and terms and most likely lead to a very successful sale!
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