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When is the Best Season to Buy a Condo?

Spring

Inventory: Spring is when you’ll usually see the highest inventory of condos for sale. Between the more mild weather and being finished with the holidays, this is the best time to see a variety of homes for sale.

Pricing: Unfortunately Spring isn’t the best time for deals on a new home. Many sellers think they have a few months to sell their condo and may overprice their home. Expect to see many homes that are expensive.

Competition: The competition won’t be as tough as it will be later in the year. Spring is the time where most potential buyers are just getting their feet wet and browsing.

Summer

Inventory: Inventory during summer is still high, often as high as in spring. There will be plenty of new listings this time of year.

Pricing: Sellers will start to get serious about selling their homes, so the prices should come down a bit during summer. There still won’t be very many deals this time of year.

Competition: This is when the competition really starts to get going. Expect to see more bidding wars and higher offers being made.

Fall

Inventory: Inventory during fall will definitely start to dwindle. There won’t be as many new listings on the market either.

Pricing: Any new listings on the market will be priced to sell. Fall is when you’ll finally start to find some deals and sellers will start to cut their asking price.

Competition: The competition will be much more tough during fall. Expect to see plenty of competition for fairly priced homes.

Winter

Inventory: Winter will bring very limited inventory, but those who do put their homes on the market this time of year will most likely need to sell.

Pricing: Any real estate on the market during winter will be priced lower than in the spring or summer. There will be plenty of deals, and homes will be priced at good value.

Competition: Buying a new home during the holiday season can be tough, so expect to see less competition.

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5 Helpful Tips for Moving into Your First Condo

If you’ve never moved into a condo before, quite a few things are going to be different than what you might be used to. Between stairs, elevators, and maybe a narrow hallway or entryway, there could be obstacles you weren’t expecting. To make moving day a little easier for you, we’ve made a list of 5 helpful tips for moving into your first condo.

1. Check for Restricted Moving Days or Hours

There may be days that you are unable to move into your condo, such as Sunday. Or there may be certain hours that are restricted during the week. It’s important that you know which days and hours are available so you don’t run into any problems.

2. Schedule a Move-In Date With the Condo’s Office

To avoid any issues with day or hour restrictions, it’s a good idea to schedule a move-in date at your condo’s office. Most condos won’t schedule more than one move-in at a time, so if you need a specific date, it’s better to book a day as soon as possible. Unfortunately even if you book early, it’s not guaranteed you’ll get your preferred day. Be sure to book your moving truck and professional movers after you have your date booked to avoid any conflicts.

3. Book an Elevator for Move-In Day

If your new condo is several floors up, you might want to look into booking an elevator for the day you move in. Most condos allow for this to avoid disruptions, and it will help you avoid waiting for the elevator every trip.

4. Find Out About Extra Moving Fees

Be sure to check if there are any extra moving fees in your condo. Some condos charge for extra cleanup or work from moving. So ask about fees to make sure you have enough in your moving budget.

5. Check In With the Building Manager

Some condos have specific elevators or loading docks they want you to use when moving. They might also have more helpful tips to make your move-in a little smoother. It helps to know any extra information!

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How to Avoid These 3 Costly Condo Buyer Mistakes

It’s important to do your homework when you’re buying real estate. Learn how to avoid these 3 costly condo buyer mistakes by researching and working with a good agent.

1. Offering the Wrong Amount

Depending on the situation, buyers can offer too much on a condo, or too little and lose the sale. Some buyers pay too much because:

  • Buyer offers too much because they went off emotion. Buyers tend to pay too much when they fall in love with a condo and gets attached too quickly.
  • Buyer fails to notice important differences after using the wrong comps when deriving a price. Differences in layouts, views, and other details can make a big difference in price.
  • Buyer offers too much thinking there’s a competition

Some buyers will offer too little and regret it later. They might offer too little because:

  • Buyer uses the wrong comp when deriving a price, but the condo might really be worth the difference.
  • Buyer thinks they should always offer a certain amount below the list price.
  • Buyer makes an insultingly low offer and the seller might refuse to work with them again.

Make sure you do your homework and check with your agent before making an offer on the condo you want.

2. Not Learning What is Important to the Seller

You would think that the price is always the most important term when it comes to a sale, but that’s not always the case. Sometimes the seller might need a quick settlement. They might be moving or closing on a new home. Ask the seller, or have your agent ask. Having a good agent will be helpful because they’ll know the right questions to ask to help you with your sale.

3. Failing to Get Pre-Approved for Financing

Getting pre-approved will save you a lot of hassle in the future. If you aren’t pre-approved, it could hurt you when you go to make an offer. A lot of sellers won’t respond to offers that don’t come with a pre-approval letter. This will put you at a disadvantage if you are competing against other buyers.