“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity had devised. It is the basis of all security and about the only indestructible security.” -Russel Sage
With the condo housing market at an all-time high, it would be readily apparent that condominium towers would be proliferating almost every corner in any major city in the Philippines. After all, condo living affords a unique lifestyle option that allows for convenience and maximum accessibility. Most real estate developers would build their condominium towers in proximity to major offices, schools, and entertainment hubs–making it a premier housing option for young professionals, newlyweds and families.
Considering how competitive the housing market for condominiums is, it would be no question that selling your condo unit might be a bit difficult—even in places where the demand for them is the highest such as in Arbor Lanes. However, there are a few tips and techniques to help you sell your condo a bit faster and to make your transactions a lot easier. Do not be mistaken though, the logistics in the sale of a condo unit would involve a great deal of patience (Do not expect to a close a deal right away). Do your research, be prepared to compromise and negotiate, otherwise here are some useful tips to make your condo selling endeavor a smooth-sailing one.
1.) Know when the best time to sell your condo is
When it comes to selling any kind of real estate, timing is a pivotal factor that contributes to the quickness or delay of a sale. Additionally, it would also play a crucial factor in how much you could actually profit from selling your property. Before selling your unit, have an understanding of how property cycles move. In this way, you can determine how far along the property clock would yield more and much better profit. Recurrent events such as rising prices (also known as the boom phase), fall of prices which is the (slump phase) and stabilization phase (essentially known as the recovery period) would comprise a property cycle. Familiarize yourself with this and put your condo up for sale during the market peak where the boom phase occurs.
2.) Determine your property’s market value
Apart from knowing how to time your sale, it is also vital that you know how to price your condo unit appropriately. If you price it too low and you may end up losing profit, and if you price it too high, it will take you longer to close a deal. Consult a professional and have them give you advice as regards the price of your property, or you can try a different tack by looking at online listings that are similar to your property.
3.) Look for potential buyers
More often than not, the sale of a real estate property would be significantly faster with the assistance of a professional such as a real estate broker who would serve as the middle person between you and the buyers. However, this would come at an added cost, and if you do not wish to make that monetary expense, you can always put your condo up in the housing market in online listings. There are websites that would offer free listing where you can list your property. However, do not limit yourself there, advertise wherever you can and go beyond free listing websites. Put up your listings on social media platforms and encourage your friends to share it themselves too.
4.) Secure the necessary documents
Before finally putting your condo up for sale, make sure you are in possession of all the legal documents required to sell it. This will expedite the process of ownership transfer and would make the transaction a lot smoother. Some of the documents you would need are as listed below:
*Certified True Copy of Condominium Certificate of Title from the Register of Deeds
*Certified True Copy of Tax Declaration and Real Estate Tax Clearance for the present year from the City Assessor Office
*Certificate Authorizing Registration and Tax Clearance from the Bureau of Internal Revenue