Another “Ask A REALTOR®” question was posted that so applies to our Miami Beach Real Estate Market:
Is it possible in today’s sluggish real estate market to sell an older condo “as is”; that is, as a “fixer-upper”? If so, how far below comps should the dwelling be priced?
It is absolutely possible to sell an older condo in today’s sluggish real estate, but you need to be realistic about your goals.
First you need to be aware of the available inventory (units for sale) in the same building as well as comparable buildings in the area – knowing your competition will be key to marketing the condo effectively as long as you are objective about the condition of your own place. (This means knowing the condition as well as the price of the competing condos for sale).
The second step is to pull all the sales in the same building in the past 6 months to know what comparable condos have sold for. Being priced at the lowest price or close to the lowest in the same building will guarantee that your place is shown before others. Please note that every situation is different, and hiring a Realtor that knows the building and the surrounding area is key to pricing a condo unit appropriately.
The third and possibly the most important step is to make sure your condo is in the best condition possible for marketing. Sometimes minor updates like paint, de-cluttering and especially staging, will make the difference in your condo unit selling before the competition. Think of first impressions and make sure good quality photographs are taken.
Lastly, expose the listing as much as possible, not only locally but on the Internet as well. Keep in mind that almost 80 percent of real estate buyers start their search online which means the Realtor you hire should be proficient with online marketing.
One very important factor that I failed to mention in this answer is that the first step is to recognize you are selling a Fixer Upper – you would be amazed at the amount of Miami Beach Real Estate sellers out there that don’t take the time to see what’s for sale and kid themselves about the condition of the property they own and are selling.
Kudos to you for identifying that your property may be below par and that you need to price accordingly – objectivity will get you a lot further and will help you achieve your real estate goals much more effectively.