Selling your New Orleans Condos
Know the condos you are competing against!


   You will get a good idea of the properties values from condos that have sold in your area by looking at the past history of sales.  This is important in setting a price.  This is what we know as comparables in the business.  It is what appraisers use to set values.  It should not end here when you are the sellers or the listing agent.

     Knowing which properties are currently for sale are equally as important.  How does your condo stack up against this group.  You also need to be competitive with current properties for sale in your price range.  Buyers will comparison shop and start of with 6-10 properties in mind.  The buyers shop in price categories within their own criteria. 

     Knowing what you are competing against is important.  Most  buyers buy the best deal if it meets their criteria.  If your condo does not compete well, yours will not sell.  Your agent should know how you are going to slot in the available properties.  You as a seller should know what you are up against.   Oddly enough there are generally less numbers than you may think.   A lot of times you are only competing against 5-6 properties.

    I set my sellers up to receive updates on the competition as if they were buyers so they can see what the market trends are.  There are always reasons why your condo is not picked.  It is not always price alone that buyers make their decisions on, but it is high on the list with condition.

know-your-competition-new-orleans-condos

       Many agents are not really aware of competing properties especially if they do not put in the study time or really know the areas involved.  A lot of listing agents only list and thus never really see the competing properties.  If you are selling you need to ask the questions and take an active part in the process.  Buyers rank their choices and you want your property ranked high enough to make the final selection list.

Eric Bouler
Eric Bouler
Realtor