Selling a condo involves understanding the average selling times, factors that influence these times, and strategies to expedite the sale. This comprehensive guide will help you navigate the condo market more effectively.
I have put significant effort into educating you on the time it takes to sell a condominium:
- The average time it takes to sell a condo in different markets.
- Key factors influencing condo selling times.
- Practical tips and strategies to expedite your condo sale.
From thirty-eight years of experience in selling, it is essential to know that all real estate is local. The time it takes to sell a condo differs from market to market. However, some generalities are worth understanding, especially regarding selling seasons. I recently wrote an article on how long it takes to sell a house. Many of the same factors apply to condos as well.
Let’s dive into the details.
Average Time to Sell a Condo
The time it takes to sell a condo can vary significantly depending on location, market conditions, and the property’s specific characteristics. Here’s a detailed look at the average selling times:
- Urban Markets: Due to high demand, condos sell faster in bustling urban markets like New York City, San Francisco, or Boston. The average selling time is around 60 days, with well-priced and well-located units often selling in as little as 30 days.
- Suburban and Smaller Cities: The market can be slower in suburban areas or smaller cities. Average selling times can extend to 90 days or more. These markets may have less demand, and buyers might have more options, leading to longer selling times. I recommend speaking with a local real estate agent who can educate you on the time it typically takes to sell.
- Seasonal Variations: Seasonality also plays a significant role. The best time to sell a condo is in the spring. Spring and summer are traditionally more active selling seasons, with homes selling faster compared to the winter months. For instance, a condo listed in May might sell within 45 days, while the one listed in December might take up to 90 days to sell.
Factors Influencing Condo Selling Times
Several factors can influence how long it takes to sell a condo. Understanding these can help you set realistic expectations and develop a strategy to sell your condo faster:
Location:
- Condos in prime locations, such as downtown areas or near popular attractions, tend to sell faster. Buyers often prioritize convenience and proximity to amenities.
- For example, a condo in downtown Chicago will likely sell quicker than one in a less desirable suburb due to higher demand for urban living.
Market Conditions:
- A seller’s market, characterized by high demand and low inventory, can lead to quicker sales. Conversely, a buyer’s market, with high inventory and low demand, can slow down sales.
- Monitoring local real estate trends can provide insights into whether you are in a buyer’s or seller’s market.
Pricing:
- Pricing your condo competitively is crucial. Overpricing can deter buyers while pricing it right can attract more interest. This is especially vital for those selling a condo by owner who may not have expert advice.
- A well-priced condo that aligns with recent comparable sales (comps) will attract offers quickly.
Condition and Presentation:
- The condition of your condo plays a significant role. Well-maintained and staged condos are more appealing to buyers, so selling a condo as-is typically is not the best decision.
- Simple upgrades like fresh paint, new fixtures, and professional staging can significantly increase a property’s appeal to buyers.
Seasonality:
- Spring and summer are peak seasons for real estate transactions. Listing your condo during these times can lead to quicker sales.
- However, less competition can also be advantageous if fewer condos are on the market in fall and winter. It is essential to note that the worst time to sell a home is in the winter. The same holds for a condominium.
Tips and Strategies to Expedite Your Condo Sale
To sell your condo quickly, consider implementing the following strategies:
Competitive Pricing:
- Price your condo realistically based on market comparisons. Research similar condos in your area to set a competitive price.
- Working with a real estate agent can help you determine the best price for your property.
Professional Staging:
- Invest in staging to make your condo look its best. I always recommend that my clients make an effort to make their homes look exceptional. Staged homes often sell faster and for higher prices.
- Staging can highlight the condo’s best features and help buyers envision themselves living there. Making necessary repairs can also help you pass the buyer’s condo inspection with flying colors.
High-Quality Photos and Videos:
- Use high-quality visuals to attract potential buyers online. Professional photos and virtual tours can make your listing stand out.
- Ensure the photos showcase the condo’s essential features, such as natural light, spacious rooms, and modern amenities.
Flexible Showings:
- Be flexible with showing times to accommodate more buyers. The more accessible your condo is for showings, the more potential buyers you can attract.
- Consider offering virtual tours to reach out-of-town buyers or those unable to visit in person.
Effective Marketing:
- Utilize both online and offline marketing channels to reach a wider audience. Leverage social media, top home-selling real estate websites, and local advertising.
- A real estate agent with a strong marketing plan can help ensure your condo gets maximum exposure.
Condominium Market Trends and Statistics
Understanding current market trends can provide valuable insights into how long it might take to sell your condo:
Urban vs. Suburban:
- Urban condos generally sell faster due to higher demand. Buyers often prioritize convenience and amenities found in urban areas.
- Suburban markets might experience slower sales, but they offer opportunities for families looking for more space and better schools.
Interest Rates:
- Lower interest rates can boost buyer activity, leading to quicker sales. When mortgage rates are low, more buyers enter the market.
- Keeping an eye on interest rate trends can help you time your listing for optimal buyer interest.
Inventory Levels:
- High inventory levels can slow down sales, while low inventory can speed them up. In a market with many condos for sale, competition is higher.
- Conversely, in markets with low inventory, your condo might attract more offers due to limited options for buyers.
Testimonials and Case Studies For Faster Sales
Hearing from others who have successfully sold their condos can provide valuable insights and inspiration:
Sarah’s Quick Sale in Hopkinton, Massachusetts
Sarah sold her condo in Hopkinton in just 33 days. She attributes her quick sales to competitive pricing and excellent staging advice. “I priced my condo just below similar listings and invested in home sale preparation based on Bill’s advice. The high-quality photos his professional photographer provided made a big difference in attracting buyers.”
Jeff’s Experience in Tampa, Florida
Jeff’s condo in Tanpa took 45 days to sell. Comparable properties are key when selling fast. If you have a better condo at a lower price, yours will likely sell. Take Jeff’s situation, “We had a condo in a large complex, so there were always condos coming on and off the market. It was easy to look at what was for sale and what had sold to judge how to price.
We found a similar size and layout to our own that was listed, so we toured it during the open house and saw what it offered. Our real estate agent, John Kinnunen of eXp Realty, had us price ours slightly less even though we had updated flooring, and ours was staged much better. It sells pretty quickly when you offer something better at a lower price. However, we still walked away with more than we needed for profit, so it worked out.”
Mortgage Professional Luke Skar’s Advice
Luke Skar, a mortgage professional at Madison Mortgage Guys, offered sage advice. Sometimes, when selling a condominium, you should think outside the box. One of the best ways to do that and help sell a condo quicker is for a seller to offer a mortgage rate buydown.
With a buydown, you can lower the mortgage payment over the long term. It can be significantly better than lowering the price or offering another seller’s concession. I have witnessed this work repeatedly as a fantastic incentive for condo owners to provide.
Conclusion
Depending on various factors, selling a condo can take several weeks or months. Understanding these factors and implementing effective strategies can expedite the sale process. Work with an exceptional Realtor in your area to meet of exceed the average sales time.
If I can answer any questions, feel free to ask. Please contact me if you are in the Metrowest, Massachusetts, area and have a condo to sell. I would welcome the opportunity to interview.
About the Author: Bill Gassett, a nationally recognized leader in his field, provided the above real estate information on how long it takes to sell a condo. Bill has expertise in mortgages, financing, moving, home improvement, and general real estate.
Learn more about Bill Gassett and the publications in which he has been featured. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. For the past 38+ years, Bill has helped people move in and out of Metrowest towns.
Are you thinking of selling your home? I am passionate about real estate and love sharing my marketing expertise!
I service Real Estate Sales in the following Metrowest MA towns: Ashland, Bellingham, Douglas, Framingham, Franklin, Grafton, Holliston, Hopkinton, Hopedale, Medway, Mendon, Milford, Millbury, Millville, Natick, Northborough, Northbridge, Shrewsbury, Southborough, Sutton, Wayland, Westborough, Whitinsville, Worcester, Upton, and Uxbridge Massachusetts.
