Toronto Condos: you’re looking into selling your condo and naturally, like to get the highest price possible for it. How do you know what’s the right price? is there a right price? points to consider:
1. How fast do you need the condo sold? if you’re over-pricing your condo, i.e. asking higher then equivalent condos on the market, chances are you’re likely to wait longer and go into a long period of drip-drop showings with little interest, followed by price reductions and headaches that you’ll be giving yourself.
Sometimes, a Seller does not care how long it’d take to sell, they just want a certain price. Sometimes they’ll get what they are asking for, and on many cases, they won’t.
The Condo Market is large enough market, with thousands of transactions taking place every month. Therefore, it is an Open Market, and the price of each unit is determined – theoretically at least -by the market itself, i.e. the market value of a unit is the price people are actually willing to pay for it. Think about it: if you’re pricing your unit for $450,000, and it sold for $429,000, what is it’s value? it’s $429,000.
Â 2. What is your Selling Strategy? there are two main options here, the first, is what I call “Retail Selling”. As described above, you set a price and then periodically reduce the asking price until finding a buyer. This strategy is good only if you do not need the funds fast, or if you want to test the market.
The second option is what I call “Aggressive Selling”: price the unit at just below market value, then set a date for bids, and within a week you can have the unit sold.
According to economists, either approach should more or less get you the same price. So what are some Sellers insist on pricing higher and “going retail”? b/c they are emotionally involved with the unit, and cannot separate themselves with real market data.
Sellers: please give me a call for a free consultation. I’ll give you my honest professional opinion to the value of your condo, and how to go about selling it.
Strong advice. we strongly recommend all interested buyers to be accompanies by myself (or a licensed Realtor) on the first time walking into any condo sales centre. Realtors get paid by builders and their service is free to you, neither the price of your purchase will change. A Realtor will guide you through the selection and the purchase process and negotiate with the builder on your behalf, as well will refer you to professional such as lawyers and finance/mortgage. Please call me to arrange 416.441.2888 x678.
Â© Yossi Kaplan, MBA
Specializing in Condos, Lofts, Investments and New Developments
Harvey Kalles Real Estate Ltd., Brokerage
tel 1.416.441.2888 x 678