When considering selling your home the 3 main factors involved are Location, Condition and Price.
Location you cannot change. The Adams Point area does have a lot to offer in terms of access to amenities, easy access to the freeway and public transportation.
Condition. Buyers in this market can and are more picky about the condition of the homes they purchase. Whenever selling it is important to de clutter as much as possible. Minor cosmetic changes can have a huge impact, so I would say painting and changing fixtures for example would be well worth your while.
Price. Looking at your competition will be imperative. Are there other condos in your complex that are on the market or have recently sold? What kind of condition are they in? How much are they asking for? How long has the competition been on the market? In the 94611 area code, there are currently 20 Active listing with a price range of $129,900 to $388,500. In the last 6 months 13 condos have sold with a sales price of $199,900 to $520,000. I did not know the size of your condo (1 bedroom, 2 bedroom, etc.) so I was not able to make this direct comparison.
Other factors that will influence the sale of a condo are what building amenities are offered if any? How much are the HOA fees per month?
Without knowing all the details of your situation such as how much you purchased your place for, the size and location in Adams Point, it will be hard to really give you a price range you might be able to sell for to help you make the decision if selling is the right step right now for you.
Where in NM are you moving to? I have several family members in and around NM. My parents live in Durango, CO right in the 4 Corners region and I have relatives in Albuquerque, Farmington and my in laws have a place in Santa Fe. If you would like a contact there to discuss real estate I can help refer someone to you.
I hope this helps, and do not hesitate to contact me if you have any other questions.
Alain Pinel Realtors
It is always a good idea to present your property in the best light if you're thinking of selling, especially since there are some condos in your immediate vicinity that went through a major remodeling project --- so that will be one of your toughest competition should you sell.
In this current market, you should try to sell first before you buy another. It is difficult to gauge just how fast your condo would sell. You surely must not want to be in a predicament of having two mortgages.
When upgrading/remodeling, make sure you pay attention to the kitchen/bath/master bedroom. You don't have to break the bank to make these rooms look good. Prepare a budget and stick to it. What you mentioned present a good start. I don't know about crown moldings. Seems to me fresh coat of paint, refacing or repainting kitchen cabinets (and upgrading the drawer pulls)., updating the fixtures, replacing the flooring --- will all make your place sparkle.
You may also want to explore lease-to-purchase option to the prospective buyer. It's good to be as flexible as possible so that the buyer will have an extra reason to look closely at your property.
Take care and good luck!
Here is my input: Because you are in 94611, a highly desireable area, you would indeed do well to finish the cosmetics on your condo. Buyers expect more for their money now, and they don't want to have to do anything to a place, particularly a condo. Yes prices are falling, but 94611 has not been hit as hard as some places such as 94606, just east of the lake. Some contractors are flexible, will wait for payments..if you can possibly get this work done. Is it much more than painting? Why don't you ask some realtors to come over and give you their opinions of pricing and what you need to do to get it ready? Get different feedback and see if it is worth it to you to stretch a bit more and get the work done if you can.. Otherwise, the rental market is strong here right now and you might do well to rent it, even if you can't cover all your costs. Many folks are doing this. I would be very surprised if it made sense for you to sell your condo without finishing the work.. Feel free to contact me to talk about it. Good luck. Ellen Lynch