Incorrect assumptions made by Philadelphia condominium sellers
Not everyone is as bright as a 100 watt bulb. I know I was not so bright during the ownership of my first Philadelphia condo. Below is what I have learned in the past nineteen years of selling real estate in Center City:
1) If you are growing out of your (say) Society Hill condo, it is going to show. You might think that the jammed closets are just a fact of life, but they are not. If you portray the fact that the condo is too small for you, that feeling is going to be adequately communicated to your buyer. “My condo just needs a little TLC”. You and I may know that to get your condo in tip-top shape is only going to cost a few hundred dollars, but your buyer doesn’t know that. And no matter how hard I try to pound that fact into his or her head, it doesn’t work. Believe me, if it did, I would be a Jillionaire.
2) “Buyers don’t look at common areas- they just care about what the inside of my condo looks like.” Good luck with that assumption. I have seen a lot of buyers who don’t even want to go into a certain Philadelphia condo unit after being escorted through the common areas to your front door. First impressions are huge, and the common areas of the building tell a big story.
3) “Buyers aren’t going to buy my furnishings, so it isn’t worth spending the money to have my unit staged”. I would disagree. Spending $1000-$2000 a month or so to have your unit professionally staged is the best money you can spend for ALL Center City condo units on the market. Very few exceptions to that rule.
4) “My condo fees are super low, and that is great!” Yeah, no it ain’t. You need to look at what is, and is not being done to maintain the common areas, or re-examine your master insurance policy. If either area is lacking in funding, it is going to show. Or the buyers mortgage company is going to reject, perhaps, your current buildings master insurance policy, and the buyer may then bulk at buying your condo. That would require you putting the unit back on the market, and starting all over again.
There are pitfalls to avoid when selling your Philadelphia condominium. Contact an expert if and when you are considering selling your unit, and perhaps you can avoid being as “dim” as I was when I first attempted to sell my Center City condo!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
