The real estate market is a fickle friend. Some years buyers have so many choices that it’s considered a “buyers market.” Other times there are fewer condos on the market and the seller’s get to dictate the price and conditions of the sale (a “sellers market”). Either way, a condo will most likely sell at its fair market value. But, depending on the market, one or the other may have to acquiesce a little to get what they want.
The correct selling price of a condo is the highest price the market will bear
A condos ’s market value is determined by what buyers are willing to pay. So, understandably, in a buyer’s market (where the supply of condos is greater than the demand) buyers can find better deals than in a seller’s market (where the demand for condos is greater than the supply).
The first step to determining a fair price for your condo is to get a Comparitive Market Analysis (CMA) of comparable condos that have recently sold in your building and surrounding area. This report also compares similar condos in your building and the surrounding neighbourhood currently for sale. I offer CMAs for free. Just give me a call and I’ll prepare one for you. For a more accurate valuation of your condo, I can come out and take a quick look, which will give me a better idea of your condo’s condition and features.
Factors that affect the value of your condo
There are many factors that affect the market value of your condo. Some are within your control and some are not. For instance, those within your control include:
- listing price
- terms offered
- condition of the condo
The factors outside your control are:
- location and size of your condo
- current market conditions
- other condos for sale
Is there a best time to sell?
Usually late spring is a good time to put your condo on the market because many buyers are looking at that time to purchase a condo and move their families before school starts. But it’s always a good idea to put your condo on the market as soon as possible so that it has plenty of time to sell. In a buyers market, condos typically take longer to sell.
Pricing my condo for sale
Be realistic about your condo’s value and price it accordingly. A CMA is a good place to start. Be careful not to overprice your condo thinking you can lower it or negotiate later. This turns off buyers and may keep your condo on the market even longer. When your condo is on the market for a while, people tend to think there’s something wrong with it.
Make your condo as appealing as possible
Make sure your condo shows well by cleaning and staging it for optimal attractiveness. Don’t start any major renovations; you may not be able to recoup the costs. Do, however, fix anything that needs repaired.
The real estate market is hard to predict but following this advice will make it easier to sell your condo in any market condition.
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