Are you looking to sell your condo, but have no idea where to start? Read our Frequently Asked Questions for condo sellers.
What’s the Best Time of the Year to Sell Condo?
It’s difficult to time the real estate market. In some years condo prices go up throughout the year and other years, prices may spike one particular month. The best time to sell your condo is when the time is right for you to divest of the condo and invest your equity in something else.
Advantages of Using a Real Estate Agent to Sell My Condo
A qualified real estate agent will sell your condo faster for top dollar. They are experienced in preparing your condo for the market, developing a winning pricing strategy effectively promoting your condo, and negotiating the best offer for you.
How do I find a good agent to sell my condo?
When you’re looking to find a good agent to sell your condo it’s a good idea to interview at least three agents. Take the time to compare the strengths of each agent. What is his or her track record of success? Read the agents Google Reviews and browse their personal website and social media. It’s advisable to understand what complimentary services the agent offers to help sell your condo. Finally ask how they plan to market your condo online to potential buyers. It’s not enough to just put your condo up on MLS and hope for the best.
How Long Does It Take to Sell a Condo?
The length of time that it will take to sell your condo will depend on how well your condo is prepared for the market, how it is promoted by your real estate agent to buyers and how it is priced relative to other similar condos in your neighbourhood.
How to Sell a Condo Fast?
The best way to sell your condo fast is to properly prepare, price and promote your unit. An experienced agent can guide you through this process.
How Do I Prepare my Condo to Sell?
Your condo needs to be decluttered, small deficiencies repaired, deep cleaned and staged. The goal is to have your condo looking like a model home that buyers will fall in love with. Some agents like The ThompsonSells team offer these services as complimentary.
What is Condo Staging?
Condo staging is the preparation of your condo so that it looks fabulous when you put it on the market. Staging typically includes, decluttering, depersonalizing, fixing minor repairs, cleaning services, furniture placement, and adding accessories to complement the décor. For empty condos it can include completely furnishing and accessorizing so that it looks stylish and buyers will fall in love with your space. Some agents offer staging as a complimentary service with no additional charge to the sellers.
How Do I Price My Condo to Sell?
Pricing your condo correctly is critical to get top dollar. If you price too high, the right buyers aren’t’ going to see your condo and you’ll help sell the competition. If you price too low, you’ll leave money on the table. An experienced real estate agent will advise you on the right pricing strategy for your condo based on recent SOLD’s, and what’s currently on the market.
How Do I Market My Condo?
The goal of marketing is to make your condo look like a model home and then show it off to as many buyers as possible. Effective marketing will include promotion on personal websites, email marketing campaigns and social media. With the right marketing, buyers will fall in love with your condo online before walking through the door.
How do I determine the current value of my condo?
An experienced real estate agent that is an expert in your neighbourhood can determine the price of your condo in the current market conditions. They’ll review, past sales, what’s currently on the market and provide you with a realistic value for your condo in today’s market.
What is the impact on capital gains if I sell my condo?
Generally speaking, there are no capital gains on the sale of your condo if it’s your primary residence and you have lived in the condo for over a year. Capital gains are owed if your condo is an investment and not your primary residence. You’re best to talk to your accountant on your specific situation to get an understanding on how capital gains may apply to your condo sale.
Should investors continue to rent their condo while it’s up for sale?
It’s tougher to sell a condo with tenants as the unit cannot be properly prepared for sale when its rented. Tenants may also restrict the flexibility with buyer showings. If possible, it’s best to give your tenant notice, and list your condo when the tenant has vacated. This way the condo can be properly prepared for the market with no restrictions on showings.