AriZona Real Estate insider!

Given the high demand and intense competition in the valley of the sun city’s real estate market, figuring out how to sell a condo in Scottsdale, Phoenix, or Tempe from another state can be complex and challenging. However, with the right strategy, preparation, and right realtor any condo homeowners can successfully navigate this market and sell their condos for a higher price. So, what should you know? Let me tell you as a top real estate agent in Scottsdale here are some of my practical tips and advice for selling a condo in Scottsdale, Phoenix, Tempe or throughout the valley of the sun from out of the state.

“To begin, you don’t need to be physically present to sell your Scottsdale, Phoenix, Tempe condo from out of state. However, you will need to trust your realtor as they will require a key and access to your property”.

Firstly, you need to assess the market value of your property and undertake any necessary repairs or enhancements to boost its appeal to potential buyers. This step can be challenging as condo values may vary based on factors like size, features, floor level, views, and noise. While online valuations such as Zillow’s Zestimate are available, they can be inaccurate. I prefer going a step further by establishing a cap rate or projected cap rate, considering market rent. If your current condo is tenant-occupied, your rents and cap rates are already established. Refer to one of my past articles, “THE GOOD. THE BAD. THE UGLY. SELLING A HOME WITH TENANTS,” for reference. Many condo buyers appreciate the flexibility of leasing their properties short or long term and utilizing them when available.

Secondly, it’s essential to de-personalize elements that might discourage potential buyers and enhance areas showing signs of wear and tear. This may involve tasks such as applying a fresh coat of paint or caulking in kitchens and bathrooms. I recommend consulting with a realtor or having them inspect the unit before taking any action, as certain minor fixes may not contribute to the condo’s value.

Thirdly, ensure you have all the necessary building documents for the condo, including HOA documents, fee details, and coverage information. It’s advisable to be familiar with building financials, condo rules, etc., and have them readily available. If you are uncertain about these documents, don’t worry; your realtor and title company can assist in obtaining and clarifying them.

Fourth (and should really be #1), and arguably the foremost step, is to find a real estate agent with expertise in selling condos in the Scottsdale, Phoenix, Tempe area. A seasoned agent can guide you through the intricate process right from the beginning. Since this is my blog post, I hope that if you’re reading this, you’ll consider giving me an opportunity to interview and address any questions you may have. Visit PhxCondosForSale.com to learn more about our services and how we can help you sell your condo.

Once your property is listed, you’ll start receiving offers, initiating negotiations. Upon accepting an offer, you’ll be required to complete all necessary paperwork and attend a closing meeting to finalize the sale. The closing process can be done remotely, and your title company/realtor will handle the details.

Throughout this process, collaborate closely with your realtor to ensure that the sale is handled appropriately.

Closing Costs, You Should Expect to Pay

In terms of costs, it’s crucial to be aware of all closing costs associated with the sale. These include:

• Seller Fees: Seller fees encompass broker fees (commission typically ranges from 1% to 6%). Remember, all commission fees are negotiable. It’s important to note that soon, the buyer’s commission fee may need to be paid by the buyer’s broker. Consult with your realtor for details.
• Taxes: If you have outstanding taxes, they will be deducted from the proceeds, assuming you have enough equity.
• Mortgage Payoff: Any outstanding mortgage amount on your property.
• Condo Fees: This includes HOA transfer fees, monthly HOA fees, etc.
• Title Fees: Fees associated with the title transfer process. Title fees can range from a few hundred to over a thousand dollars.

All the mentioned costs come off the top if there’s sufficient equity in the condo. If not, inform your realtor, as you might need to consider a short sale (which will be discussed in another post, assuming you have enough equity). The overall fees can range from as low as 2.5% up to approximately 7%, depending on various factors.

How to Make Your Condo Appealing to Buyers

You only have one chance to make a first impression, and recognizing the importance of not turning off potential buyers is crucial when figuring out how to sell your Scottsdale condo.

One must de-clutter, de-personalize, deep clean, and clean windows. Additionally, consider removing old carpets. Avoid displaying anything extra or controversial, such as pet bowls and political posters. Ideally, stage the condo with modern furniture to highlight its purposes and the optimal use of rooms and nooks. If the condo already has furniture, ensure it is positioned to flow seamlessly throughout the space. This strategic approach creates an inviting atmosphere and allows potential buyers to envision the condo’s full potential.

Putting away personal items helps open up the space, while a fresh coat of paint can spruce it up. Opt for light colors and clean lines to give the unit a more streamlined appearance. Consider swapping white bedding and removing dated items from the unit.

To sweeten the deal, you can include furniture, a strategy that can be particularly appealing to buyers. Additionally, mentioning that investors often love buying condos fully furnished as it allows them to lease out immediately can attract a specific buyer demographic. The goal is to present the space as open, inviting, and ready for immediate occupancy, catering to a wide range of potential buyers.

Find Your Perfect Resource: www.PhxCondosForSale.com

Looking for more information on selling condos in the Scottsdale area? Head over to phxcondosforsale.com, a valuable resource for buyers and sellers alike. They offer insights into the local market, condo listings, and helpful tips for navigating the selling process.

Top 5 FAQs for Out-of-Town Sellers:

1. Can I sell my condo without being physically present? Yes, you can sell your condo without being physically present. Your realtor will handle most of the process on your behalf, from showing the property to handling negotiations and paperwork.
2. How do I find a reliable realtor? Look for a realtor with extensive experience in the local market. Check reviews, ask for referrals, and consider interviewing multiple agents. You can visit phxcondosforsale.com to learn more about my services and expertise.
3. What if my condo is tenant-occupied? Selling a tenant-occupied property requires additional considerations. Ensure that your tenants are aware of the sale and cooperate with showings. The lease terms will transfer to the new owner unless otherwise negotiated.
4. How do I handle repairs and staging from out of state? Your realtor can assist with coordinating repairs and staging. They can recommend trusted contractors and staging companies to ensure your condo is market-ready.
5. What are the typical closing costs I should expect? Closing costs vary but typically include realtor fees, taxes, mortgage payoff, condo fees, and title fees. It’s essential to discuss these costs with your realtor to understand your financial obligations fully.