It’s no secret that San Diego is a great place to live. Not only is it one of the cleanest cities in the nation
, but it also has great year-round weather and friendly locals to boot. A city that boasts high livability, San Diego properties are expectedly some of the most sought after in the US, and it’s safe to say any real estate owner here won’t have a hard time selling their property.
Still, the market can be extremely competitive. With the housing market flourishing and many residential developments rising, San Diego condo owners can certainly use all the help they can get to speed up the sale process. Here are the top 10 ways to effectively sell your downtown San Diego condo fast and for good money.
1. Know Your Target Market
Consider your buyer demographics before putting your condo up for sale. Take a look at the people in your building and observe who tends to hold on to their property longer. Condos for sale in downtown San Diego are generally for people who don’t need a ton of space, such as single professionals, newlyweds, and retirees. The low-maintenance nature of condos also tends to attract tourists – something worth knowing if you plan to rent instead of sell.
Traditionally, home sales see an uptick during spring and summer because most families prefer to buy during the warmer months to coincide with summer vacation. However, condos for sale in downtown San Diego
don’t necessarily follow this trend because most buyers of this property type are people whose purchasing patterns aren’t really affected by the school calendar.
Depending on your target buyer, you may opt out of selling your condo in the summer when the market is busy, and list it during seasons when the crowds are lighter but still significant. These include winter events in the city like December Lights or Museum Month, or the fall season’s many wine and food festivals.
3. Price Your Condo Correctly
When appraising your condo, you have to consider more than just its market value; you must also take into account your personal situation.
Here are some questions to ask yourself before attaching a price tag to your property:
What’s your timeframe for selling your condo? Do you need the cash immediately? Can you afford to have your condo on the market for a month? Two months? A year?
Do you really need to sell your condo or would it be more feasible to rent it out?
What’s the smallest amount you can accept for your condo?
Comp sales are a good starting point for pricing your condo, but you must also factor in circumstances unique to your unit, such as the noise level from the streets, neighbors, and even the view from the window.
It can help to consult a local real estate professional so you don’t overprice your unit beyond its market value or underprice it to the point where you can’t recoup the time, effort, and money you put into the sale.
4. Familiarize Yourself With Hoa Rules, Regulations, and Requirements
You’ll need to revisit your condo homeowner’s association handbook, as these likely come with instructions on who you can and can’t sell your unit to. Confirm with your association board if buyers are allowed to have a contract contingency that lets them back out of the sale over HOA rules. Avoid a stressful situation during the selling process by understanding your HOA guidelines and being upfront about any potential issues that prospective buyers may have should they become your unit’s owner.
5. Clean, Restore, and Remodel Where Necessary
Leave a lasting impression on interested buyers by tidying up. Pay special attention to your ceilings, floors, caulking, cabinets, shelves, and windows. Be sure to do the following condo cleaning steps:
Wash and polish the windows. You’ll want them crystal clear and squeaky clean before presenting the unit to potential buyers.
Get rid of odors. Smells can linger, especially in the kitchen and bath. Some odors may be harder to detect because you’ve gotten used to them, so have someone else come over and conduct sniff tests on your rooms. Ensure that all odors are laid to rest.
Clear out your closets. Don’t leave anything in your cabinets. Any item you don’t plan on taking with you should be sold or discarded. Inspect every shelf in every room to make sure nothing is left behind.
You may have to repair or replace any broken fixture out of your own pocket, as the HOA usually doesn’t cover upgrades. You’ll also have to get rid of overly personal touches, such as a neon-painted wall or odd furniture. Removing these items will make it easier for buyers to see your condo as the one they’ll be living in.
6. Prep Your Condo for Sale
More than just the basic cleaning and repairs, you must also take extra steps to wow potential buyers into making an offer. Here are prepping strategies before listing your condo:
Conduct a Pre-listing Inspection
will want to have their own inspection done, but you can hasten the process – and possibly forgo it – by conducting your own pre-listing inspection. For your own benefit, a pre-listing inspection ensures you won’t have any unwanted surprises when the property is already listed on the market. Here are some of the features to check.
Condition of interior finishes
Condition of doors and windows
Condition of flooring
Condition of wall and ceiling materials
Condition of water fixtures and plumbing
Potential environmental issues
Electrical systems and appliances
It will be wise to have the inspection done by a certified professional instead of doing it yourself. Look for someone with experience inspecting condos for sale in downtown San Diego
, as the method can vary from that of single-family homes.
Stage the Unit
Condos often look one and the same, so it’s vital to make your unit stand out, especially if there are similar units available in the same building. Focus on ways to make your condo feel more spacious and livable. Here are some condo staging ideas to consider:
Simplify window treatments and maximize natural light
Brighten up dark areas with lamps and bulbs with higher wattage
If repainting is necessary, apply bright neutrals
Get rid of rugs to maximize visible floor space
Replace bulky furniture with sleeker ones
When listing your condo for sale, be sure to take professional-looking photos and use a camera with a wide-angle lens to make the rooms appear more spacious. Don’t hesitate to hire a true lens expert if your photography skills are a tad wanting.
Have a Status Certificate on Hand
A status certificate details any additional amenities that come with your condo, such as an external storage room or a dedicated parking space. If your condo comes with these and other perks, a status certificate will make buyers aware of them, and possibly increase your chances of selling your unit more quickly and at a better price.
7. Market Your Condo’s Selling Points
After preparing your condo for sale, put your best foot forward during the marketing process by highlighting your condo’s biggest selling points.
Here are some of the biggest pros of San Diego condo living that you’ll definitely want interested buyers to know:
A condo is significantly cheaper compared to single-family houses, making it less of a financial burden than the latter. Many first-time homeowners and young professionals will enjoy the buying power that a condo unit affords.
When owning a condo unit, you only need to insure the interior of your condo and nothing else because public spaces are already covered by your HOA fees. Insurance for a single-family home, on the other hand, requires you to ensure every inch of the lot area, both inside and outside. The larger space occupied by single-family homes means that your insurance costs will be greater than the amount you shell out for a condo unit.
Downtown San Diego condos for sale are built in the city’s central business district where everything you need is within reach. Bars and restaurants, shopping malls, entertainment centers, public transit, and work – all are a mere walking distance for those who own a condo unit in the area.
Condos in downtown San Diego can be the ideal property for folks who want to downsize from a larger home. Condo units require less maintenance and upkeep. Things like garbage disposal, plumbing repairs, public space cleaning, and maintenance, among many others, are handled by the HOA.
Security services are part and parcel of condo ownership. Trained security staff are present round-the-clock, keeping watch over the whole building. Thus, residents can experience more freedom and will have fewer things to worry about when they are away from the condo, whether at work or on vacation. Likewise, most condo complexes have surveillance cameras that provide an added layer of security.
Many condo buildings in San Diego provide residents with access to top-notch facilities like fitness centers, spas, swimming pools, rooftop decks, and more. Some condos for sale in downtown San Diego even have an in-house tennis or basketball court. Elsewhere, these facilities come with an expensive membership fee, which can certainly take a huge chunk out of one’s disposable income. Granted, access to such facilities is paid for by the association fees, but the costs are often cheaper than if you were to join a health or entertainment club.
Sense of community
It’s easier for condo residents to bump into each other and get to know one another better. There are opportunities to strike up a conversation while getting mail, walking to the car, or riding in an elevator. In addition, most condo complexes have communal spaces such as lounges, gardens, and barbecue areas where residents can come together and bond.
Most condos for sale in downtown San Diego come packaged with appliances such as washers, dryers, refrigerators, ovens, and more. In some cases, the maintenance and repair of built-in condo appliances are covered by HOA fees. If you were to buy a single-family home, you would have to purchase all the appliances yourself, which can be a hassle.
8. Strive for Multipurpose Rooms
With condos being more compact, you’ll want buyers to imagine that they can do more with the rooms you have. A few smart additions to the décor can transform a portion of the bedroom or dining room into an office, a kid’s bedroom into a play area, and so on. Likewise, emphasize the main living space to show how easy it is to have small get-togethers there.
9. Gather the Necessary Documents
It pays to be prepared, so take the time to gather all the necessary documents before putting your condo on the market. Most purchase contracts for downtown San Diego condos for sale contain the following required paperwork for the transaction:
Copies of condominium board meeting minutes for the past year
Copy of annual general meeting minutes
Copy of insurance certificate
Year-end/month/end financial statements
Statement of the current budget
Statement of a current reserve fund (amount with study and plan completed within the last five years)
Statement of post-tensioned cables study (if any)
Statement of structural deficiencies (if any)
Lease or exclusive use agreements (if any)
Recreational agreement (if any)
Subsisting management agreement (if any)
Statement of condo fees
Statement of amount owing
The list of documents can vary depending on the HOA and condo board, and not everything will be applicable to a specific building. For instance, not many condo complexes in San Diego have post-tensioned cables, which are used in concrete construction. So if your building doesn’t have them, you can tell buyers that there is no need for a statement of post-tensioned cables study.
Make sure to keep copies of any condominium documents supplied to you while you are living in the condo. You never know when you might need them, so better be safe than sorry, as ordering them from the property manager can take some time. Plus, you have to pay a fee to obtain them.
10. Partner With San Diego Condo Real Estate Agent
Hiring a San Diego condo agent ensures you have a certified real estate professional guiding you throughout the transaction. An agent’s knowledge and experience will be invaluable in protecting your interests and avoiding costly mistakes.
Here are just some of the ways a San Diego condo real estate agent makes selling your property easy and stress-free.
Handling Most if Not All of the Paperwork
An agent can ensure you don’t overlook any document necessary for the transaction to proceed. They’ll also guide you through the steps that must be completed before you officially hand over your keys to your property’s new owner. The odds of not checking a box, signing off on a document, or completing a requirement drop significantly when you have someone who knows the paperwork like the back of their hand.
Locating a Home Inspector
Not all home inspectors are equal and your agent can help you select the best ones in your area. You need to have your condo inspected by people who know what they’re doing so you’ll know for sure that you’re selling a piece of property without major issues. Depending on the results of the inspection, your agent will advise you to conduct repairs or leave them as is.
Pricing the Property Correctly
The importance of correct pricing cannot be overstated. An experienced San Diego agent will carefully set your condo’s price to be competitive, taking into account all general and unique considerations.
Listing the Unit on Multiple Listing Services (MLS)
A multiple listing service (MLS) is a real estate marketing tool widely used by agents. With MLS, agents can vastly expand the reach of any property they are in charge of selling. When your condo unit for sale is on an MLS, it will be seen by more potential buyers, thereby generating more interest in your property and, consequently, more offers.
Marketing the Property
Marketing your condo for sale is one area where you’ll be glad you hired a real estate agent. From staging the property to taking photos, to creating a compelling listing, a real estate agent will have a system in place to spread the word about the sale of your condo through multiple channels that you may not be aware of.
Negotiating with Buyers and Their Agents on Your Behalf
A good agent understands that there’s always room for negotiation. Your agent will help you assess the return on investment for every negotiated item so that in the end, you’ll be making money out of the sale instead of losing it. In case negotiations stall due to disagreements between you and your buyer, the agent will remain objective in finding solutions to a predicament, providing clear-headedness and preventing your emotions from coming into play.
Closing the Deal
All kinds of pitfalls can happen as a sale nears closing. Real estate agents are used to these types of issues and know the steps to address them before they cause any real problems. Unexpected title issues, financing that falls through, buyers who want to negotiate a lower price – your real estate agent can help you overcome almost any challenge that may arise.
Some problems can still arise years after the sale has closed and there’s always the possibility that your sale will go sour – long after you signed on the dotted line. While it is primarily your responsibility to hold on to all the files relating to your transaction, you can count on your agent to keep full files of all documents in case the buyer has questions about the property in the future.
Work With Chaquica & Associates Today
Sell your downtown San Diego condo with Chaquica & Associates
. As the leading real estate company in Greater San Diego, we have found qualified buyers for our client's luxury condos for sale in downtown San Diego and conducted transactions smoothly and for top dollar.
Our team leader, Cristi Chaquica
, has had more than 25 years of experience in real estate and received the 2020 Modern Luxury San Diego Dynamic Woman Award. She was also the top-producing agent in San Diego for total sales volume in 2021.