How to Sell a 5 Star Condo
If you are looking to sell your condo, in our experience, these five items are what make up a 5 star condo in Chicago:
Buyers often look for ease of transportation, schools, proximity to restaurants, parks, or a body of water. For families, being in the neighborhood of a good school is their first priority. In Chicago, having an el station within a couple blocks is a big plus, if not essential. On listings, there is often a “walking score,” which grades a property on how walkable it is to grocery stores, restaurants, parks, etc. The higher that score is, the better for people looking to live in the city.
How a property is priced is essential to getting it sold. One thing sellers often do is “test the market,” which means pricing their home higher than they would actually sell it for, to see if anyone bites. Often what happens is that no one For condos, the monthly payment is called P.I.T.I.A. (Principle, Interest, Tax, Insurance, Assessment) and many buyers factor all of these into their budget. A higher assessment may mean they need to balance it with a lower priced unit, or lower taxes means they may be able to afford a higher priced unit.
Interior & Curb Appeal
Sellers differentiate themselves here with the condition of the home, the finishings, upgrades, etc. Most buyers we work with would rather not do any work when they buy a home, especially because the buying and moving process is already a lot of work. Some upgrades buyers look for: refinished hardwood, an updated kitchen (stainless steel appliances, backsplash, quartz/granite countertops, and nice lighting), updated bathrooms (modern vanities with marble/granite/quartz tops that match the kitchen, tiled shower walls, glass enclosures, whirlpool soaking tub). However, if you choose not to update your unit, you will have to price it accordingly so that buyers can see the value in doing the upgrades themselves. While not the most important, the curb appeal of the common elements of a condo building such as the decor and finishings of the lobby, hallways, and party room all contribute to the aesthetic appeal.
Units that come with a parking spot included in the price are first choice, garage parking being the top choice. Often buyers just want the option of having a dedicated spot to put their car, which could even be a leased space. If you own a parking spot, you can choose to sell your unit with parking included or separately.
Not all buildings are created equal, and the more amenities you can offer, the more appealing a property is. This could be an exercise room, 24 hour front door staff, lobby, common/party room, and an outdoor terrace or pool. Some buyers do prefer to have a lower assessment versus having nicer or more amenities at a higher assessment.
If you’re looking to sell, the best way to determine your unit’s market price is to have a Comparative Market Analysis done for you so that you have a range of what similar units in your neighborhood are selling or have sold for. We would be happy to provide you with a free estimate of your home value. Call 617-285-2966 or email email@example.com to get your complimentary CMA today.