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When 288 condos out of 363 sell in a month, the odds are incredible! In fact, the chances of selling your condo in October was 79%!
With the low supply of condos for sale, prices are rising. Phew! It's so good to be able to say that.
Because there's still a number of foreclosures and many condo owners are underwater, expect the supply of condos continue to be limited. Expect the stronger market to continue into 2013.
My tips for people in the condo market remain the same as last month, so here goes:
What does this all mean if you are thinking of selling or have your condo on the market?
If your condo takes a long time to sell, then it is either overpriced or is not marketed well. Make sure your condo has great online photos to start. Staging can also be a big plus. Good pricing and great photos are the two most critical marketing pieces to getting your condo sold. Remember this is how buyers and other agents "see" your home first, so the pricing and online marketing are crucial to getting buyers through the door to actually see your condo and make an offer to buy it.
What does this all mean if you are a condo buyer?
This is the time to make a purchase. With the short supply, pricing should continue to increase. Remember, too, that interest rates are still incredibly low. Don't forget to check the financial viablity of an condo association you're thinking of buying into. In a blog post I wrote a few months ago, I listed some of the important things to look for when checking condos out. The post looks at the issue from the seller's point of view, but these issues should be important to any buyer. Fortunately for the buyer, the law requires a seller to provide the answers in the form of a resale certificate which is reviewed as one of the conditions of an offer.
If you have any questions about the condo market, please feel free to contact us.
