Has the time come to say “goodbye” to your Toronto condo? Perhaps you feel the need for more space or just want to experience life in a different neighbourhood or city. For many people, that first condo was always meant to be just a stepping stone onto the property ladder.
Once your equity grows, you can begin to consider other options. Almost all of those paths involve selling your condo at some point. The question is, where do you start? In this post, we’ll walk you through the steps to a successful transition even if the market isn’t in your favour.
Take the Temperature of the Real Estate Market
The demand for condos can fluctuate. Often, interest from potential buyers can be the polar opposite to what the rest of the market is doing. We have seen this exact scenario over the last few years. At one point, detached family homes were selling with multiple-offers, often within days of being listed, while condos sat on the market. Then, as prices of larger properties grew – and as more people began to return to the office – condos came back into fashion.
Like all things in real estate, there is a cycle. Your first step is to take a look at what is happening right now. Often, one of two things will be true.
- Many first-time buyers are searching for their starter home.
- The market primarily consists of current homeowners and families looking for more space.
While both of these statements could be true, each scenario has a different impact on the your strategy. Condos tend to be in high demand when an influx of younger buyers start looking for their first purchase.
A busy market can consist of multiple demographics, however. If first-time buyers are rare, the demand for condos usually decreases.
You also want to remember that the market is nuanced. The numbers on one side of the equation only tell part of the story. It’s important to factor in not just the number of buyers, but how many competing sellers you’ll be dealing with. If multiple people in your building all decide to sell at the same time, you’ll need a solid strategy to stand out among them.
If there’s a move in your near future, the posts below can help make it a seamless experience:
- Our Top Tips for a Streamlined Move in Toronto
- Five Real Estate Myths: Busted!
- For Sale By Owner: Should You Sell Your Home Without an Agent?
Work With a Skilled Real Estate Expert
Your first key strength in developing a successful condo selling strategy is to team up with a local expert who knows how to navigate any and all market conditions. Any real estate agent can sell a condo when demand is sky-high. However, it takes experience and rare determination to find a buyer when almost no one is searching.
Think of it this way; If your expert can succeed in tough times, imagine how much better your results will be when the market is on your side.
How do you know who you should work with? The trick is to ask questions, and a lot of them. If a candidate is ready with intelligent and well-thought-out answers, you could take it as a positive sign to move forward.
What you don’t want is to work with a family member or friend by default just because they happen to be a real estate agent. No matter how close your relationship may be, you should still make sure they have the qualifications. It’s true; feelings may be hurt if you decide to go with someone else. But how much worse for your relationship will it be if they aren’t able to get the results you’re counting on? Sometimes, separating the business from the personal is better for everyone involved.
Stage Your Condo to Impress
It always pays to present your condo as beautifully as possible to impress all potential buyers who see it, either online or in-person. This is equally true whether the market is favourable or not. During busy conditions, meticulous presentation can mean selling faster and at an even higher price. When buyers are few and far between or you have competition from other sellers, you want to work extra hard to make your condo more appealing.
The good news is you probably don’t need to go overboard with expensive repairs or renovations. Minor updates can often have the most impact, which makes sense when you realize that buyers want to add their own final touches.
Your goal is to help potential buyers envision your condo as their own. If they can see themselves living there in their minds’ eye, they’re more likely to want to place an offer. Where do you start?
You can never go wrong with thorough cleaning and decluttering. A minimalist presentation might look too sparse for everyday life, but it’s the perfect blank canvas for a buyer to see the potential. From there, you can decide on how to arrange your furniture and decor to maximize your condo’s appeal. If in doubt, your real estate agent can likely arrange for a staging consultation.
Price Your Condo for a Fast Sale
Put yourself in the shoes of a buyer who is browsing online listings. The first thing to catch their attention will be the images of your condo. If they like what they see, they will immediately look at the price. It should be low enough to pique their interest and high enough to reflect the true value of your condo.
An accurate price point is usually the most critical piece of the puzzle no matter when you decide to sell your condo. It becomes even more important if the market is soft.
Keep in mind that the faster your condo sells, the more likely you are to maximize its value. This is because the excitement about your listing is highest when it just hits the market. If it sits too long, buyers lose interest or even become wary.
Your real estate agent can help you assess the current market and analyze your competition and determine what the perfect balance would be.
Looking for even more secrets to a successful condo sale? The posts below will give you some inspiration:
- Secrets of Selling When the Market Is Not on Your Side
- Is Staging Your House to Sell Still a Good Idea?
- What Is Your Home Worth Today?
Expand Your Buyer Market
As you prepare your condo for sale, you likely anticipate that your buyer pool will mostly consist of younger people looking for their first home. This is often a safe assumption, as first-time buyers do make up a large portion of the condo market.
However, during challenging times, first-time buyers with less credit and lower equity can get pushed out of the market. When this happens, the best thing to do is expand your pool of potential buyers. Retirees just might be the perfect fit. They often have plenty of equity after selling their larger family homes. Plus, they’re attracted to the convenience a condo offers as a maintained building.
If you believe that first-time buyers may be scarce, you may want to stage, price, and promote your listing with an older demographic in mind. Selling a condo during slower conditions can be a challenging feat. However, with some creativity, expert guidance, and a little patience, you can find the right buyer in any market.
Do you want to talk strategy in more depth when selling your condo? Our Toronto real estate experts are happy to help. Reach out to us at erica@ericareddy.com or call 416.443.0300 to take the next step.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
