3. Price It Right

Pricing condos for a successful sale is never as simple as some might think. Continually changing market conditions and circumstances make pricing a skill as well as a science. A market shift underscores the importance of pricing.

The essence of pricing it right is identifying the right comparable properties. There are four main factors to consider: location, size, amenities and condition. Then you must factor in what has sold (and why), what is currently under contract, what is active on the market and what has been removed from the market that didn't sell.

Like any free exchange market, the market cycles between a buyer's market and a seller's market.

Buyer's Market

In a Buyer's Market, only the homes in the good condition for the price are likely to sell. Homes that are 'In the Market' go quickly and can even have multiple offers even in the worst of markets. Those that are 'Out of the Market' are likely to sit and when they do sell, it is for much less than the original asking price.

Seller's Market

In a Seller's Market, almost every home is 'In the Market'. In the boom years from 2002-2006, multiple offers with escalation clauses were the norm.