With the dramatic increase in inventory in recent years, the number of townhomes and condos for sale has risen dramatically. Where once there may have only been 1-2 units for sale in a development, there are now likely 1-2 other units (or more) with the exact same floor plan. Given that builders typically do several developments in the same or neighboring cities, there can be a large amount of competition within just a couple miles.
While everyone would agree that it is a boon for buyers, almost all of those people would also say it is a detriment to the seller. While the competition is high, that also means that it should be much easier to determine at what price a seller’s townhouse or condo will sell for, given its current condition, view/location, and updates.
In this market sellers that try to argue that their’s is worth more than the one next door because of XYZ will struggle but those that look at the competition and the comparable solds and price accordingly will find that the sales process isn’t as bad as they thought. Buyers can choose the house in the best condition AND with the best price. If you’ve got that, you’re home free.
