COMPLETE GUIDE TO SELLING YOUR CONDO IN WEST CHESTER, OH
Aaron George | Realtor
Are you thinking about selling your condo? Well learn what to expect and how to sell quicker for top dollar.
West Chester, OH is located just 25 minutes to downtown Cincinnati and is one of Ohio's largest townships. Population continues to grow every year and anyone who is lucky enough to be on Tylersville Rd in rush hour will tell you. But regardless, it has become a truly desirable area to live for folks working in Cincinnati, Dayton, and the surrounding areas. Not only because of its convenience to I75, but its amazing shopping, parks, and amenities.
Condo's are a popular option for housing in the West Chester area and there certainly is quite a few options all over the city. From condo's that are minutes from the highway and shopping to golf course views and high end luxury condos, there is truly one for everybody.
STEP 1 - WHEN TO SELL YOUR CONDO??
This is a question asked by every seller; "WHEN SHOULD I SELL MY CONDO"? But there is no easy answer to this often asked question. There are quite a few components that can determine timing, so its important to factor them all in when deciding. So sit down with your real estate professional and discuss all your options.
Market Trends for Condos In Your Area
Condo's are a little more hyper localized than single family homes, the most important factor is market conditions in your specific building or complex. But determining and analyzing the conditions of similar condos around the area is never a bad idea. There are four components of the market that I consider:
- New Listings Coming on the Market
- The homes that are selling and going under contract
- The overall available Inventory
- And finally, overpriced listings that have failed to sell... Or what we call "Market Rejects"
Market Trends For Condos In Your Building or Complex
Like I said Condos are much more localized. Its often that within a complex, units are similar or even identical layout and style. So condos are priced much more like a commodity than a single family. It is crucial to look at what the market conditions are, the conditions of the other units, as well as the overall inventory in your building. If there are several for sale, you can expect that to effect the number of showings and eventually price. Like in all housing; uniqueness and updates can a play major role as well.
Market Conditions Nationally
When deciding when to sell its important to consider the national market as a whole. Factors such as Consumer Confidence, jobs/unemployment, and Interests Rates play a tremendous role in condo prices. The market is in a definite upswing and poised to go even higher now. But its important to remember that what goes up, must come down, especially when you're talking about real estate. Your REALTOR can help you determine both local and national market trends.
Time of Year
The time of year plays a big role in the market and in the West Chester,OH market, like many markets around the country, it tends to be seasonal. There are certainly months that have better statistics, historically to list your condo. One of the best times to list your condo is during the less traditional "winter market" which runs from Dec 21 through March 20. Months such as January, February, and March have some of the best numbers for both "Days on Market" (DOA) as well as "Above Asking Price Offers". And if you think about it, it makes sense. Most sellers wait until the Spring or Summer months to list, so there is much less competition from other sellers. Also, if you ask any real estate professional, they will tell you; that winter has the most serious and dedicated buyers. Most of the "Lookylous" and "Window Shoppers" hibernate during this time and don't bother coming out in the cold for a home they're not planning on purchasing.
Personal Needs and Goals
This usually trumps all the other factors. If you are relocating for a new job, moving to a new city, or have already sold your current property. You may not have the luxury of worrying as much about market trends and condition. There are also many major life events that can play a huge role, some which are out of your hands; death, divorce, marriage, finances, or an upcoming child (just to name a few) are some factors that can dictate timing. Be candid with your agent about your needs and your goals, so they better can help you achieve them.
STEP 2 - GETTING YOUR CONDO READY TO SELL
Following the proper steps to get your home ready to sell can "make" or "break" you in the sale of your home. I will admit that its a process and honestly can be a tiresome pain in the ass. But if done right, can pay off tremendously in a quicker sale of your condo for top dollar. Its important to focus on the 3 D's: De-Clutter, De-Personalize, and Deep Clean.
DE-CLUTTERING
De-cluttering is one of the most important activities to do to get your condo market ready, especially in a condo were space is at a premium. Properly de-cluttering your condo really allows the potential buyers to see space for what it is and allows them to begin to mentally place their own furniture and belongings.
Here are some other tips to follow:
- Pack up about 30-60% of your belongings before you move, any person items you can live without. Maximize the Space
- Pack up knickknacks, books, toys, etc...
- Keep all surfaces completely clear (tables and counter tops)
- Evaluate the furniture in each room... Remove any large peices, excess furniture, or any peice that interrupts the flow of the room
- With what furniture is left, properly "STAGE" each room to maximize space and to give each room a distinct purpose.
DE-PERSONALIZE
This is another important step in getting your condo ready to sell. Your goal here should be turning your condo into a product, that appeals to the greatest amount of people. Too much of your personality showing really doesn't allow for the potential buyer to "MENTALLY MOVE IN". This can be accomplished by neutralizing both the paint and the décor. Try to take down as many personal photos as you can. Not only are they super distracting to potential buyers (you would not believe how many just stop and stare a pictures of people they don't know). But also, again it doesn't allow for them to mentally move in, because they associate the home with your family from all the pictures.
CLEAN, CLEAN, CLEAN
I'm not going to go into to much depth on how and why your condo should be clean before putting it on the market. I think most of you know this. Just remember the cleaner your condo is, the faster it will sell and most likely for more money. So its important to not only keep it clean on day one, but throughout the entire process. It may not bad idea to outsource some of this as well. Hiring a "Cleaning Company" to come in and do a deep clean right before you list is never a bad move. Keep in mind; buyers tend to overlook surfaces, but they do look in closets, cupboards, and vanities. So make sure those areas are organized and cleaned out. Investing in some new carpet and some fresh neutral, but modern color paint can pay off big and make the place sparkle and it doesn't break the bank either.
Important Considerations for Condos
- Storage - Storage is an important element for many buyers, but especially important to condo buyers. So you want to concentrate on "staging" and maximizing the space in those areas to communicate to buyers that there is more than enough storage options. For example; pack up and remove any out-of-season clothing out of closets, organize what is left to make the closets appear larger.
- Locker/Garage/Parking - You want to make sure you don't use these spaces as a "catch-all" for all your unneeded items. These spaces are huge selling features of your property and you want to highlight them to their best potential. If they open up your storage locker and just see stacks and stacks of boxes, its hard for them to visualize how much space they have.
- Smells - Smells can be tricky when trying to sell, especially in condos where smells tend to linger a bit longer because of the traditionally smaller space. The last thing you want when buyers come through is any foul odors, but you also don't want to go crazy with the fabreeze either. Buyers can be just as turned off by strong fragrences. So its best to find a nice balance and mothering to overpowering. Try not to cook any foods with strong smells; spicy foods, fish, curries, etc... Also try to take the smoking outside.
- Neighbors - Its always a good idea to give a little heads up to your surrounding neighbors that you are about to sell. They hopefully will be willing to lend you a hand; keeping noise levels down (stomping around, parties, loud music, construction projects, etc...) not smoking in the common areas, and help you spread the word to friends, family, and other potential buyers. Hopefully they realize that you area all in this together, when sell for top dollar, that directly effects their property value positively.
STEP 3 - PREPARATIONS BEFORE SALE
There are several things you can do before listing that can give you a head start in the process.
Make a "Feature Sheet"
Compile a list of all the renovations, updates, and repairs that have been completed since you have lived in your condo. Make sure you include plenty of details such as: year of completion and materials used (especially if they are higher end materials). For example an updated kitchen; with granite counters and stainless steal appliances. That can be a huge selling feature and your REALTOR can attach a document to the MLS that lists everything as well as highlighting it in flyers and other advertisements.
Get Your Documents Together
Your agent may be asking you for copies of all the recent utility bills; heating, electrical, water, gas, and refuse (for example), as well as any tax and HOA info. This can also be a HUGE selling feature if your bills are LOW or some of them are INCLUDED. So if you can get a head start and begin to collect them, it will save you a lot of time and heartache trying to do it last minute, when that need finally does come up. Because there will be at least one buyer ask, you can count on that. Any current warranties and manuals should be gathered as well.
Make an Extra Set of Keys
Most likely, your agent will need a spare set of keys to go into a lock box. This will allow your REALTOR and other buyers agents to show the home to potential buyers. Remember to not only make a spare for your unit door, but for the main front door and any lockers or garages as well (if necessary). Its also extremely helpful if you are able to label each key and its function, to make it easier for buyers. For anyone that is a little skeptical of this practice, agents like myself often use "electronic lock boxes" now-a-days. They are very commonly used in West Chester and all over the Tri-State now. They add an extra level of security because your agent is notified who and when someone goes in and can only be accessed with by a REALTOR with an E-Key on their phone. So your agent would know if someone wasn't supposed to be there. The drawback is they can sometimes malfunction, leaving a possible potential buyer not being able to get in, but that is rare.
STEP 4 - PRICING YOUR CONDO
Pricing a condo is usually a much simpler process than pricing other properties such as a single family home. The majority of the time units are extremely similar or even identical. So its relatively straightforward for most REALTORS and appraisers to look back at recent sales to determine a good idea of value for your condo.
Important Factors to Consider
- Updates - The overall condition and updates can play a major role in selling quicker. But I wouldn't rush out and redo your kitchen right before you sell either. Often, you will not get what you put into it. The safest and most effective updates are usually simple fixes such as; fresh paint, new carpet, updates to the kitchen hardware or a few new light fixtures. In older buildings updates and renovations pay off more compared to updates in newer complexes.
- Height is a Factor - The higher the floor, the more per square foot (buyers are generally willing to pay more for a condo on a higher floor)
- Good Layouts are Always Valuable - Buyers will pay more, for more usable space. Big open space layouts are HOT right now, rather than lots of hallways or a big foyer.
- The View - The view can play a role, this is more apparent in big city high-rises. But the better the view, the more the buyer is willing to pay (Ex: Beckett Ridge Golf Course view)
- Exposure Matters - Whether the unit faces; North, South, East, or West can effect the value.
- Corner Units - Corner unites are worth more
The most important factor in pricing will be recent sales and the overall available inventory in your building and complex as well as similar condos in the area.
The bigger the condominium complex, usually the price per square foot can be lower because there will be more available.
When it comes to pricing strategies for West Chester Township Condos, its important to keep in mind that even though they are always in demand, its a smaller pool of buyers so traditionally condos generally do not get multiple offers compared to single family homes. Generally because they are more like a commodity they sell closer to asking price or below. There are a few reasons why:
- Less Emotional Connection - Its often that we see single family home buyers make their final decision to purchase because they absolutely fall in love and have to have it. When they see that perfect home, its everything combined; the character, the neighborhood, the yard, and landscaping. When it comes to condos, those factors aren't always there, so buyers do fall in love with condos, but condos don't usually invoke the same emotional attachment with buyers compared to a home. Buyers can have their agent run "comps" and see exactly what the same unit sold for, perhaps a floor above probably pretty recently. So buyers usually don't over bid well above asking.
- Supply and Demand - This is pretty simple economics and a crucial factor in home and condo pricing. The more available units in the complex or area, generally lowers prices and vice versa. And because there are usually multiple units that are similar, if not identical, buyers don't have that same feeling of "missing out" because they can be pretty confident another similar unit will come on the market soon.
Other Components That Affect Condo Prices:
- Location - Location is the one of the most important factors in any buyers decision. I'm sure you've heard this before; LOCATION, LOCATION, LOCATION and in real estate, its couldn't be more true.
- HOA Fees - HOA and Maintenance fees are a reality of all complexes. In West Chester they typically range from $150-$400 per month. If you have higher than average HOA fees in your building, it may effect your asking price. But it also depends on what it includes as well.
- Parking - Parking is always a concern for condo buyers. How many spots are included with your unit, where are they located, is it an extra cost, and is there any guest parking? Are some of the questions buyers ask when evaluating parking options and can play into their decision to buy.
- Amenities - Many condos offer wide range of amenities to keep current residence happy and to attract new buyers. They can rage from; pools, clubhouse, workout room, tennis, play areas, and movie rooms. This is also a two way street; some buyers love and search out building that offer these, others don't because they generally go with higher HOA fees. Either way, if your building does offer some, don't be shy in listing them in your feature sheet. Still can be great selling points.
- High Ceiling - In West Chester Township, the most common condo design is the 3 and 4 level buildings and most commonly the top unit usually is equipped with a vaulted ceiling. Higher the ceiling the better and more desirable.
- Storage - Like I've mentioned before; storage options are important to condo buyers, the more the better and its important to keep these areas neat and organized to show off the space to potential buyers.
- Outdoor Space - Whether is a balcony, terrace, or patio. Outdoor space is a huge selling feature. The bigger it is and more space you have the better.
- Building Rep - The buildings reputation is a can be a key factor in buyers decision to choose one similar condo over another. Factors such as the demographic of the current residence to the overall construction of the building (noise proofing). It is important to note that generally they do build condos differently than apartments, usually stronger and with better materials that keep noise cancellation in mind, but also they are not all condominiums are created equal.
- Rent vs. Own - Buyers prefer to buy in building in which the majority of residence are owner occupants compared to renters.
Marketing is one of the most important factors in the success of the sale and one of the most important duties your agent has. It is there job to market and let as many potential buyer's know that your condo is for sale as well as creating a perception of value for the property. A comprehensive marketing plan should include both; traditional (grass roots marketing) as well as digital (online) marketing, designed to make that buyer absolutely fall in love with the condo. Remember that not all agents are created equal, especially as it comes to marketing. So make sure to ask friends and family for recommendations, interview a couple candidates, and ask lots of detailed questions about their marketing plan. Its important to keep in mind that there are some similarities to successfully marketing a condo, but there are some vast differences as well. Its key to pick a REALTOR that knows how to properly market condos in West Chester Township.
Successful Real Estate Marketing Should Include:
- Photography - Because condos usually have traditionally more limited space compared to singe family homes, its crucial to capture the room and not make it seem smaller. This is were hiring an experienced professional photographer can really make a difference. They not only have the experience of shooting condos, but also have a variety of wide-angle lens' that can make the spaces appear bigger. Good pictures are a key piece of marketing for several reasons as it pertains to condos; one because the vast majority of buyers find the property online and put a heavy weight on pictures (its really your condos first showing) and two because more traditional avenues (signage and open houses may not be an option or useful).
- Video - The use of video is becoming more and more apart of our marketing plans as agents. And like with photography there really is an endless way to utilize it. Whether its a simple property tour, to an interview style video; talking about how great the condo is as well as the amenities and features, to an in-depth " Condo Lifestyle" video; showing what life would be like living in that condo. The first thing I do, right after a listing is usually shoot video to put on sites such as YouTube, using the property address as the name of the video, it makes it searchable term for buyers to find looking in that area. And because YouTube is owned and controlled by GOOGLE, it can be a powerful marketing tool.
- Online Marketing - Like I mentioned before, more traditional marketing such as "open houses" and for-sale-signs are often not aloud or not very useful (unless you are on the first floor of a busy street, who is going to see a sign). It really depends on the individual complex, but that's often the case in the West Chester area. So that's why its even more important to ramp up the online marketing and "Social Media" marketing. You want to pick an agent with strong online knowledge and presents. With over 700 consumer real estate sites such as; Zillow, Trulia, Realtor.com, YahooHomes, and Homes.com just to name a few. You want your listing to be on as many as possible. Also having a realtor with their own website and or blog is a nice bonus as well. I'm am lucky enough to be part of a brokerage that sees the value of these sites and that they are definitely here to stay. So we have exclusively partnered with sites like Zillow, Trulia, and Realtor.com (just to name a few). To make sure our listings are featured, that we can have more in-depth descriptions, extra pictures, and not cluttered with agent ads. At the end of the day, you never know where that buyer will see you home, so its important to cast as many lines in the water as you can.
- Email Marketing - REALTORS can use email marketing to not only touch their personal database of buyers, but they can also use email marketing to reach fellow agents. Real estate agents are the ones who sell condos and homes, the overwhelming majority of qualified buyers are working with agents. So needless to say, the ability the reach other agents is one of the most crucial demographics you can target. Make sure your agent is targeting agents with an announcement of your listing (including special selling features) as well as reaching them with any price changes. I personally am part of a larger brokerage, which can be nice, because with a few key strokes I can reach about a 1000 agents in all 7 offices around the Tri-State area.
- Print Marketing - Print Marketing has become a less used medium over the years, but is still a very helpful marketing tool. There are a number of options to use print to market listings. The majority of agents, including myself always make up professional flyers to go inside the listing, a flyer for buyers to take home with features, updates, general info, and of course high quality pictures.
- Identifying Target Buyer - The best listing agents can walk through a condo and get a good idea of what demographics will most likely be interested in the condo and from that create a more targeted marketing campaign to reach them. In my experience as an agent in the West Chester Market, the majority of buyers that go after condos are; first time home buyers, single professionals, newlyweds, and empty nesters (who just sold there big family home).
STEP 6 - SHOWINGS
A showing is simply when a buyer sets an appointment to preview the condo in person. There are several things to keep in mind and follow for showings:
Clean - The condo really needs to sparkle, its not only important to have your condo clean on day 1 or for pictures, but it needs to be clean throughout the entire selling process. Make sure beds are made, there are no dirty dishes, and bathrooms are clean (just to name a few).
Smells - This is kind of tricky, of course you don't want to have any foul odors in the condo when a buyer is coming through, but you also don't want to go crazy with the Fabreeze either. Many buyers can be either very turned off or even be sensitive to those fragrances as well. So just try to find a nice balance, that isn't to overpowering. There is a couple power moves out there; such as baking a fresh batch of cookies before a showing or putting out a few fresh bouquets.
Make Sure to Leave - Its extremely awkward for buyers if the owners are still there.
Tenants - If you do have renters in the condo during the selling process, they will need a 24 notice before showings. Make sure your agent puts that in the "listing remarks" so that other agents will have a heads up to plan showings.
Tenants - If you do have renters in the condo during the selling process, they will need a 24 notice before showings. Make sure your agent puts that in the "listing remarks" so that other agents will have a heads up to plan showings.
Pets - Make sure, if possible to take your pets with you before a showing, at the very least have them crated and write a note to let buyers know they are there, so not to be startled. Not everyone is a pet person, so if possible hide away as much evidence of pets as you can; food and water bowls, leashes, etc...
Be Flexible with Showing Times - Keep in mind that most buyers view properties after work in
the evenings or on the weekends. So its important that you can be as flexible as you can and have the ability to leave on short notice. I know its a pain when you get that call and have to find somewhere to go for an hour at 7pm on a Sunday night, but its part of the process and you never know if that's the right buyer.
STEP 7 - OFFERS
Congrats!!! All that preparation and hard work has paid off and you have received an offer, perhaps multiple offers. Your agent has probably given you some possibilities on what to expect and what buyers may ask for. There is quite a few factors you can negotiate; of course Price, closing (the date buyers take possession), Inclusions (fridge, Washer/dryer, oven), and earnest money to name a few.
Buyers will probably be 2 to 3 contingencies the buyers ask for in their offer:
- Financing - This allows the buyers to confirm their mortgage with a lender and if for some reason their loan falls through, they have the ability to back out.
- Inspections - This allows the buyer to bring in and pay an inspector of their choosing to inspect the condo for any Defects or Safety Issues (buyers can only ask for sellers to repair defects and safety issues). Unlike with single families, they are much less in-depth because inspectors are only concentrating on the inside, because that is all you are responsible for. The buyer usually has the option to inspect whatever they feel is necessary. But the buyer also has to pay for it, so they usually don't get to carried away with inspections.
- Appraisal - This is another contingency that is built into the Ohio contract and is usually required if the buyer is getting a mortgage to pay for any portion of the property. The lender will bring in an appraiser to determine only the fair market value of the home. The lender wants to determine if its a good and fair investment to lend money against. The appraiser is looking at the condition, updates, and features of your home as well as "Comps" of sold and pending homes that are similar in the immediate area. Good listing agents make up an "Appraisal Packet" to have at the property the day of the appraisal. It will include an in-depth feature sheet and hand chosen comps. If the home doesn't appraise for the asking price and the buyer still wants to move forward, there is a couple different options... You can request to have the home re-appraised, you and the buyer can re-negotaite the price and come down to the appraised value, the buyer can make up the difference with cash, or both sides can split the difference. But with that being said, the market value of condos are much more straightforward compared to single family homes, you will have a pretty good idea before hand if you are priced much higher than some of the other previous sales.
- Other Contingencies - On the Ohio Contract there is a section in which you can write in any other demands or contingencies. The most common write in is; if the buyer has a home or condo to sell before they are able to purchase. So they would write the offer "Contingent on their current home selling".
Remember if you do receive an offer that you feel is low, that it is not personal and try not to be insulted. Your agent is required to bring you any and all offers, no matter what. Its part of the process; your trying to get the most you can and buyers are trying to get the best deal.
If you do receive "Multiple Offers" your agent will probably come back to all the buyers who made an offer and inform them that "we are now in multiple offers, please bring your highest and best price". In that case many of the offers you are likely to receive will be "Clean Offers" which means they are waiving any conditions or contingencies to make it a more attractive offer for you.
Special considerations for condos:
Keep in mind that you will have to disclose if there are any special assessments in the past or on the horizon, such as if they plan to redo roof for example. But that will most likely be covered in the disclosure form filled out during your listing. Also that you will have to provide the HOA docs to the buyers in a certain amount of time, specified in the contract and the buyer has the chance to lookover them and make sure their are NO DEAL BREAKERS.
STEP 8 - CLOSING
The closing is usually handled by a "Closing Coordinator" provided by the buyer's title company. It is the process in which ownership is transferred from the seller to the buyer. It usually is pretty informal and takes anywhere from 20 minutes to an hour. this is usually the time were you share any tips or tricks about the home and neighborhood with the buyers.
Make sure before the Closing:
- inform the utility companies of your impending move
- Inform the city so that you don’t continue to pay property taxes
- Cancel your home insurance (to take effect after you have confirmation that the sale has closed)
- Inform your Property Manager - Cancel your HOA and/or maintenance fees
Have Any Other Questions??
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Aaron George | Realtor
COLDWELL BANKER WEST SHELL
Cell: 513.488.3372
Email: aaron.goerge@cbws.com
9106 West Chester Towne Centre Rd
West Chester, OH 45069
