How to value Your New Orleans Condo ?
Pricing , Where to start?
Pricing your condo is a lot easier than pricing a home because the most important comparisons are going to come from the same association. However there are going to be differences such as size, condition, views, floor plans, upgrades, appearance, and the trends in your specific area. Condo values are tied to housing prices in the neighborhood. Too often sellers put too much emphasis on square footage and end up pricing their unit too high. One of the largest factors that is overlooked is the views and layout or floor plan of the condos in the same building. In todays market people put a lot into the upgraded units and for a unit that is dated you have to factor that in big time as people do not want it upgrade a unit.
You also have to look at what you paid for the unit. I always let my buyers know what sellers paid for the unit. I have a general idea of the average appreciation and can come up with a reliable number as to its worth before even seeing the unit. You make adjustments when you see the unit as to the upgrades and intangibles. You as a seller any have gotten a great deal or you may have overpaid at the time you bought. Not all complexes are going up at the same rate as tastes change over time.
1. Comparisons of like condos
Compare your condo with those in your own association first. Compare the location within the complex. First floor units in the Warehouse District will sell for less than a comparable 3rd floor unit. In Kenner the opposite may happen. Compare those that are most similar in size and condition. You can go back a year and look so you can get some valid comparisons. Then you can look at other associations that have units for sale in this price range. Most all buyers are going to at several units before buying so knowing the competition and slotting yours in the correct price range makes the difference.
2. Get Your Unit Ready to sell
The condition of your condo should be in top shape. Get rid of the clutter and make sure its clean and then cleaner for all the senses. Sight and Smell are very important. You may want to think about professional staging to give you an edge in a tough market. Sometimes people cannot overcome a messy or empty place. Anything that is broken should be fixed before putting the condo on the market. Paint is cheap and can make a big difference or being the wrong color can be a big handicap in getting a acceptable sales price.
3. Is the unit appealing to the senses
No one wants to look at a dirty and messy condo. No one wants to smell a pet in your condo. People do look and smell. Too much furniture and junk make a unit look smaller. This cannot be stressed enough. A professional cleaning will cost you $150 and a messy unit can cost you $5000. This is a great investment.
4. Study the Numbers
Your best chance to get your best price is to price it correctly as you come out as a new listing. This is where and when the most people will see the listing. A listing gets stale. Most of the agents that sell in the areas know the prices and will just your unit if it looks too high. Sales tend to be seasonal so the early spring and early summer will be the prime time to get the most lookers. The better units that are priced correctly stand a good chance at
anytime. There are fewer competitors even though there are fewer lookers.
Taking some furniture out would have made this unit look larger.