If you are considering buying or selling a condo at this time, there are a number of important questions to consider. It is important to clarify the situation from both a buyer’s point of view and a seller’s point of view. For example, as a buyer, will you remodel and flip your property or will you move in with your family for the long term. As a seller, what is the motivation for selling your condo? Is it a life-changing situation like moving to another city, or are you looking for a bigger or smaller home?
From a seller’s point of view you should be aware of how many units are listed in your neighborhood or condo building. For example, in one sample condo building there are 31 units for sale but only 6 sales so far in 2016. You should also determine the average sales price and how long the properties stay on the market. If the condos stay on the market for a long time and you are anxious to sell quickly, consider listing the property at a more reasonable price. A realtor can supply the latest information and current market situation so that you may make an informed decision. However, if inventory is limited then you can price your unit above market value. A seller should always consider a sound pricing strategy.
As a buyer, accumulating inventory in your desired neighborhood may signal an opportunity to shop and make offers. If you are planning on staying in a new residence for at least five years, negotiate with the seller and pay particular attention to fixed interest rates. Consider renting as an option while shopping for a good deal or negotiating with a seller.
The inventory of properties should play an important role in your strategy. Market conditions, not emotional attachment, will dictate the best timing for selling or buying a condo.