A Real Estate Agent’s Advice for Selling Your Twin Cities Condo or Loft
Know What Your Condo Is Really Worth.
Obtaining the estimated market value of a condo or loft involves consulting several sources:
- Consult with a local Twin Cities Realtor to request a FREE Competitive Market Analysis and/or Estimate Property Valuation Report for your condo or loft
- Another option is type your address into your computer browser to see ballpark estimates of your property’s value. These may fluctuate —a lot! They are generally based on the last sale price, combined with recent prices for comps.
- Comps (comparable sales) are the selling prices of similarly sized condos around yours.
- Your condo value (probably a dated one) is also typed on your recent property tax assessment. The tax assessment is a public document available to any potential buyer, but the comps are considered updated and closer to the mark.
To Get Top Dollar, Renovate Strategically.
Declutter first. Piles and scattered items are infamous turnoffs to buyers. Too many furnishings, and not enough light surfaces, make any interior look cramped.
Have a Realtor do a walk-through. Get an informed idea about what to renovate, what to remove, what to simply rearrange.
Stage the home professionally. Your condo will photograph beautifully, draw visitors, and almost certainly may fetch higher bids. Indoor and outdoor lighting, too, can work wonders!
Know the City Rules Applicable to Listing Your Condo or Townhome.
Do you need a city inspection? Yes. St Paul requires a City of St Paul Truth In Housing Report prior the sale of a condo or townhome.
This is not at all like the buyer’s private home inspection. Truth in Housing has a broad-brush focus — on major health and safety risks. At its most basic, it ensures full disclosure to the seller, and it requires that the home has hard-wired smoke alarms.
You’ll need an independent, certified Truth in Housing evaluator. St Paul requires the inspection report or an alternate to be conspicuously displayed to potential buyers.
Your St Paul urban Realtor can help arrange to hire a licensed evaluator.
Requirements and Repairs in Minneapolis
Minneapolis townhouses for sale (not condos, unless newly converted) also need a Truth in Housing evaluation. The resultant disclosure report will go online as Property Information. You’ll also post this in a spot that’s visible to potential buyers. Finally, you’ll hand off a copy to the buyer during closing.
Schedule an evaluation within three days of advertising your townhouse for sale, and before you invite any potential buyers into the home.
You, as the seller, may not need not undertake any required repairs. Unless there are no issues and you are able to present a Certificate of Approval at closing, the buyer receives and signs an acknowledgement of responsibility for the repairs at that time. The buyer then must perform these repairs within 90 days.
Local Expertise Will See You Through.
Handle easy fixes before the inspection. Check the plumbing for leaks and backflow prevention. Be sure you have a working smoke alarm on every level of the home and outside each bedroom. Replace the batteries if you haven’t done so recently.
Your Twin Cities condo real estate agent knows what buyers seek in your area, and can advise you on staging and strategic renovations. Your St Paul-Minneapolis realtor can also tell you how your property stands up to others on the market, and recommend a home marketing plan to match your budget and goals.
If you are looking to sell or just some friendly advise, please feel free to contact RE/MAX Results-Shannon Lindstrom, Realtor today!