Selling in your HOA
Thinking of selling your home? Now is the time! Real estate is hot, hot, hot. The current shortage of homes for sale stems back to Spring of 2020, as COVID-19 hit just before selling season. There is still very limited inventory, but there are plenty of buyers. Because the demand is so high and the supply is low, the value of your home goes up. Mortgage and interest rates are historically cheap, but listing prices remain high. When selling in an HOA, there are certain steps and processes to take. Begin by reviewing your Governing Documents for your Association. Potential buyers will want to see documents pertaining to: Monthly Association fees Master insurance policy Bylaws, rules, & regulations Recent Association financial statements Current special assessments It’s a good idea to hire a realtor who has experience selling properties in HOA’s. They will be able to assist you in gathering all the necessary documents. We also recommend cleaning and staging furniture and décor to really show off the space. This will help them to envision their own items in the home.
Thinking About Selling Your Home?
With interest rates and housing inventory at historic lows, this is a very good time to sell your home. If you’re considering putting your HOA property on the market soon, there are a few things to remember about selling an HOA. A review of the Governing Documents for your Association is a good idea to know what kind of questions may arise during the sales process. If you need an updated copy of your Governing Documents, they are typically available on your Association’s website through Sharper Management. As the seller, you will be required to provide resale disclosure documents about your HOA. These documents contain a wealth of information for a buyer that include things like: Pending litigation about the association Up-to-date information about assessments The Association’s financial status Covenants and restrictions within the HOA Any violations about the unit you are selling Governing documents for the HOA You may request resale disclosures through the Sharper Management website or visit this link directly to learn more.
Spring Is Coming…And So Is the Home Selling Season
Selling Your HOA Property If 2020 begins your moving journey, there’s a few things to take care of as you prepare your property for sale. Staging First of all, staging your townhome or condo is an important part of the process; this helps potential buyers visualize themselves and their unique style in the space. Prepare by hiding personal items like photos, toiletries, and knickknacks. As you start putting those away (or have decided to get a jump start on packing), make sure you label everything. There are specialized apps or ways to utilize default apps (like Notes) to help keep organized. Take a snapshot of each box’s interior so you know where all of your important items are kept. In addition, make a list of things that can be packed in advance and what can be left for later. Decor, for example, can be some of the first packed away-especially if it’s distracting to the eye. Plus, if your closets are too full as you’re showing the space, remove about half of it to make the storage look larger. Try to do the same for any other spaces like your pantry. De-clutter/Recycle A clean and minimal space will also help your sale while allowing you a chance to declutter. When you’re packing, ask yourself if you still need this item. Whether you’re downsizing or upgrading, it’s good practice to go through your things so you’re not dragging around unnecessary items through the years. Re-arranging Ask your real estate agent how you should stage your furniture. They will most likely know what’s popular in interior décor and how your property can fit that trend; see whether a piece needs to be moved to open up the space or put in storage if it’s too distracting. Quick Fix Look for any quick fixes like a leaky faucet or outdated hardware. A simple paint job or updated hardware can be the key to make your space look more modern on a budget. We hope these tips will help you prepare for a successful sale and move. You may find resale documents on the Sharper Management website, or click here.
How Associations Work – Sharper Management’s Role
While the elected board of a CIC, or Common Interest Community, operates on behalf of preserving their community, they will most likely hire a management company to aid them in the day-to-day duties. The management company will act under the board’s orders and takes direction from them on how to manage the association under their specific regulations. In some cases, the management company will also assist with the budget process, prepare board meetings, and serve as a consultant in the event of issues in the association’s community. Essentially, management companies are there to make it easier for the board to uphold their community’s standards and investment in their homes. Our role as a management company to many association communities includes helping the board in their administrative, maintenance, and communication duties. Our high-quality service revolves around a culture of communication, teamwork, and growth; we show this through our typical services, which we further outline on our website. In general, our team helps the board manage the maintenance of the community, staffing a 24-hour emergency phone line and help facilitating emergency services, providing and maintaining a web portal that all homeowner and board members can utilize, taking care of all aspects of the financial management of the association, help facilitating various needs or questions from homeowners within the association, and so much more. Our services may differ slightly by type of CIC we are managing, but we follow our overarching values as a locally-owned company dedicated to supporting our partnered associations. We help protect each association member’s investment in a home by preserving the property and streamlining communication between unit owners and the board, the most important relationship in a Common Interest Community. We are proud to be managing the properties you call home, and look forward to continuing to support all members of the association.