Single-family homes, townhouses, apartments, condos, new builds, manufactured homes, and land for sale. From a buyer’s perspective, there are many types of properties and homes to look at. When you’re selling, the type of home you’re selling can make a difference in the tactics you use and the overall process. If you’re searching “how to sell my condo” in Chicago keep reading for Prello Realty’s best tips on selling a condo.
Selling Condos in Chicago
Chicago condos, and condos anywhere else, are different from other types of housing. Condos are a type of housing that is a part of a larger complex. Condo owners generally own their individual units, and share ownership of common areas and amenities with other owners and residents. Common areas technically include the hallways, elevators, parking areas, and the more exciting amenities such as pools, gyms, outdoor spaces, rooftops, and more. These common areas are often managed and overseen by a Homeowners Association (HOA) that residents pay a fee towards. HOAs often set specific rules regarding the use of common spaces, pets, and any exterior modifications. HOAs also oversee general building maintenance, landscaping, repairs, and even snow removal.
Condos in Chicago provide a middle ground between renting an apartment and the responsibility of owning a single-family home. Condos are especially popular in urban areas, like Chicago.
Tips for Selling a Condo in Chicago
Selling any property can seem overwhelming. There are a lot of regulations to deal with, paperwork, legal documents, listing and marketing, and of course the offers. Selling a condo in Chicago adds another layer of dealing with homeowners associations that can make selling a condo seem even more overwhelming. Pricing a condo can be challenging when you need to monetize the value of added amenities and include HOA fees. The median sale price for a Chicago condo is around $332,000, slightly less than the overall average home price, including single-family units and other property types in Chicago, which sits at $340,000. Any real estate transactions can be stressful, but we’ve prepared our top five tips for selling your condo to make the experience easier.
Prepare to Move Quickly
Condos in Chicago tend to sell faster than single-family homes. Before you list your condo for sale, be prepared for the selling process to move quickly. Have everything you’ll need for the sale easily accessible – files, documents, paperwork. Whether you’re working with a full-service real estate selling agent at Prello Realty, or using the flat-fee MLS system to sell your condo yourself, we have all the forms and documents you’ll need.
Check HOA Rules and Regulations
Many HOAs have specific rules and regulations around selling and marketing units. These rules can include where and how you can list your unit for sale if you’re allowed to have a simple “for sale” sign, requirements for residency and who you can sell to, and having to clear things with the HOA. This can mean more red tape and hoops to jump through. It’s important you are clear on understanding the rules and regulations for selling your unit before you move forward in the selling process.
Market the Amenities and Other Benefits
One of the biggest benefits of condo living is the amenities. When selling a condo, make sure to include the benefits and amenities in any listings and materials. Is there a community pool? A gym? A rooftop space? A doorman? A media/theater room? River views? Lake views? City views? Bike storage? When researching “how to sell my condo,” one of the most important aspects is to list the benefits and the amenities. Be sure to include both the community amenities and the individual unit amenities and selling points.
Consider the Demographics
When you’re looking into how to sell your condo, consider your demographics. Potential buyers for condos in Chicago tend to be different than buyers for single-family homes. Condo buyers often need less space and avoid high-maintenance properties. Young professionals, single people, retirees, and newlyweds or young couples are more likely to be interested in a condo than families with children. The built-in maintenance and management also make condos a great choice for vacation or temporary properties. Condos in Chicago can be a smart option for a professional who is only in Chicago a few times a month on business.
Disclose HOA Rules and Fees
The management and property maintenance at the hands of the HOA is one of the benefits of condo living. Potential buyers may have different expectations for an HOA property such as what is included, any specific rules, and what the HOA fees are. Disclosing this information in the initial property listing means avoiding wasting your time and the time of potential buyers whose ideals are not in line with your HOA’s rules, benefits, and costs.
How to Sell a Condo in Chicago
Selling a condo in Chicago may seem like a challenge, but luckily Prello Realty is up for it. Other than HOA considerations and regulations around listing your condo for sale, there are other considerations. Before you decide to sell, ask if selling or renting may be better for your situation. Are you going to sell your condo furnished or empty? How can you stage your condo for showings to make the biggest impact? Should you bother with an open house?
When you’re ready to sell a condo in Chicago, Prello Realty is ready to help. We offer full-service listing services, MLS flat-fee services, and constant support and advice. We offer our tips and tools to everyone and provide our clients with even more support. Prello has been helping buyers, sellers, renters, and investors with property in the Chicago area for over twenty years. We’ve even been recognized as a Top Producer in the Chicagoland area for the past fourteen years. When you’re ready to sell your condo, give us a call or send us a message.
