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The Seattle eastside condo market sales are still great. Sales numbers for April were similar to those in March, which is good news. Thirty-seven percent of the available condos sold in April of this year, whereas in March, 39% sold. March and April have been the best months to sell a condo in Bellevue, Kirkland, Redmond, and other cities east of Seattle in the last 5 years, We expect this positive market to continue.
This is a great to sell your condo, but is it the right time for you? It’s not a simple decision. Not only is there the personal question you need to answer about whether you want to move, there are other questions you’ll need to get answered. Because condo owners are also owners in an association, the health of the condo association can affect a buyer’s ability to obtain financing and buy your condo.
We’re working with several clients who are considering whether to rent or sell. We recommended they get several questions answered by their home owner’s association. The answers to these questions can determine whether it would be best to stay put, rent or sell. Your Realtor can help you navigate through these issues and evaluate the answers so you can make the right decision.
- The owner occupancy ratio in your complex.
- The cap on the number of rentals in the complex and whether the cap has been met.
- Check the CCR’s to see what the rules are regarding rentals in the complex.
- Find out exactly what you owe, so you know how much you have to pay the bank.
- Check to see if there are any judgments or liens against the association AND individual units in the complex.
- Are there any pending assessments?
- Are there home owners who are in default with the HO Dues?
- Are there any condos that are currently short sales or foreclosures?
Do your research, contact your Realtor, and determine whether now is the right time for you to sell. Good luck!
