Everywhere you look, there are condos starting to be constructed or are fully erected. It is amazing to see the number of condos blossom from just a decade ago, whether you’re residing in Toronto or Vancouver. This also represents an immense amount of demand for property in the Big Smoke, from Leaside to North York to Harbourfront.
This is where your unit enters the picture.
You want to sell your condominium, but you want to sell it as quickly as possible. Although home sales are still quite high in the city, it may take a little longer than you initially anticipated. So, what can you do to speed up the process?
Here are five tips for selling your condo quickly:
1. Hire an Agent Who Specializes in Condos
While it is true that some real estate agents are the jack-of-all-trades types, there are many realtors who specialize in certain markets. For instance, one real estate agent will only sell commercial establishments outside of the Greater Toronto Area, while another one will focus on condominiums.
If you wish to sell your bachelor corner suite or your three-bedroom top floor unit, then you should only hire an agent who specializes in selling condos. Otherwise, you may risk having to wait until the realtor finds potential suitors who only want a condo, not a detached house.
2. Always Price Your Condo to the Market
In today’s market, we can be quite greedy. Since homebuyers appear to be paying any price to get themselves in the Toronto, Vancouver, or Montreal housing market, homeowners want to increase their home’s price-tag by five, 10, or even 20 percent.
This may or may not work, but if time is not on your side, then you should always price your condo to what the market dictates.
For example, if you own a two-bedroom plus den condominium in North York, and the market pegs the value at $623,000, then you should stick to that ballpark figure, nothing more. If you do, then you’ll drive potential buyers away and you’ll delay the process.
3. Be Ready to Move Almost Immediately
Did you just put the home on the market? OK, now, are you ready to move?
Many homeowners like to take their time moving to their next home. However, if you want to sell your unit in a couple of days, then you shouldn’t wait until the “sold” sign appears on your listing. Instead, you should already be packed and ready to relocate to your next property.
Remember, moving takes time. You don’t want to delay one second.
4. What Improvements Are Necessary?
Toronto is still in the middle of a condo boom. It seems like wherever you go there are several condominiums being constructed in a two-block radius. It’s amazing to see how many condos for sale there are today and how many more there will be tomorrow.
That said, since a lot of the city’s condos are new, many do not require any improvements. As a condo owner, it is important to ask: is it necessary to renovate or improve upon the premise? Again, it will take some time to go through the process of renovating, improving, or repairing (see below).
If you don’t want to go through the hassle of making improvements, then let the potential buyer know and bring the price down a bit.
5. Do You Know What Your Association Allows?
Every single condominium association maintains their own series of rules, regulations, and guidelines. In other words, there are things that you can and cannot do to your suite. You likely already know this by now, but you may not have known that it applies to the sale of your condominium as well.
Simply put: You must know ahead of time what your association allows and prohibits.
For instance, the association may place limits as to who you can sell to. As another example, the buyer may need to be pre-approved by the association before they sign on the dotted line. It can seem like a headache, but this is the reality of condo life.
Despite some of the minor setbacks in Toronto’s real estate market, this is still a seller’s market. You are continuing to witness values go through the roof, buyers partake in bidding wars, and many young families are unable to live in the city they work. This is why so many people are opting for condominiums because they are far more affordable than detached and semi-detached homes.
If you are looking to sell your condo, and fast, then you should employ these measures. Yes, you will always find a potential suitor, but you don’t want to wait three months until the sale is finalized.