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Selling a Condo in London Ontario

What Prudent Condo Sellers in London Ontario Do To Get The Results They Want!

Contrary to popular belief, when selling your condo apartment or townhouse in London Ontario, value is determined by one thing and one thing only what a qualified buyer is willing to pay! 

Sure, many sellers will argue that their condo has an insurance replacement value, an appraised value, or a tax assessed value, but unless your insurance agent, your banker, or tax assessor is willing to write you a cheque for the condo guess what? None of that matters.

A condo without a buyer has no value in the marketplace. Sure, it might have value to you, the seller, and again, it might have value to your banker, your insurance agent, your Uncle Bob, your hairdresser, your friends at work, your drinking buddies or your bridge club or your appraiser. But none of these are buyers.

Be Prudent in London Ontario

So here is the secret to pricing your condo to sell in London Ontario– It’s not what you think the condo is worth that matters; it’s what a reasonable buyer will think your condo is worth that will ultimately determine if your condo will sell.

Now you may be thinking – Hey, wait, if I left it up to a buyer, they would pay me as little as possible for my condo in London Ontario. True, they would. But in the real world, every buyer knows that you, the seller, have no obligation to sell your condo at any price. To purchase your condo, the buyer will have to make you an offer you can’t or won’t refuse. One that will motivate you to pack, hire a local mover, and wave goodbye and say sayonara.

But here in lies the trap that many sellers fall into (I did once), which is the mistaken idea that we can hold out for an inflated price and eventually the market will come to us.

 Wrong!

Buyers are under no obligation to buy any particular home, and no amount of marketing, open houses, websites, or signage will motivate a buyer to purchase an overpriced condo. Why? Because they can buy one of your neighbour’s condos for less! This reveals one of the most critical considerations in pricing your condo.

Understanding Price vs Time

time is money in real estate in London Ontario

Since the dawn of private property rights, buyers and sellers’ age-old dilemma is a simple question: What is the most critical; price or time? Believe it or not, this conundrum underlies and controls every seller’s decision to sell, and every buyer needs to complete a purchase.

For sellers, this boils down to the need to sell within a set time frame or instead to hold out for the best possible price, and as you might guess, for buyers, it’s the need to buy within a set time frame or to purchase a home for the lowest possible price.

A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. Like trying to sell ice during December, a seller might have to give the stuff away to get rid of it, but if they wait long enough, say until mid-August when temperatures crest over 25 degrees celsius, suddenly that same ice can have real value.

On the flip side, a seller who needs to sell quickly, and doesn’t have time to wait, should expect to discount their price somewhat because of the limited time they have to expose their home to the market.

What’s the difference? Timing!

Buyers are in the same boat. A buyer who has the luxury of shopping for an apartment condo or townhouse over a long period can probably wait to find a bargain, while another buyer who must buy a condo in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs. time. So you might ask yourself, what is your highest priority – Selling quickly or selling for a higher price?

When I pose this question to my clients, they often smile & answer – I want both! The funny thing is that they aren’t kidding!

Most clients want their cake with the icing generously slathered on top or a smoothie with chocolate in it. Because of this, many homeowners will attempt to put the responsibility of getting both top dollar and fast sale on the back of their hired gun, the real estate agent. The result can be summed up in one word – frustration. Why? Because no matter how much a seller yells, screams, and kicks a real estate agent, they can’t walk on water, or, at least, I can’t.

This is why successful sellers understand that while a Realtor’s job is to provide marketing, expert advice, and negotiating services, in the end, they don’t own the property. They don’t make the final pricing decisions. The seller does, and ultimately the seller’s asking price will in large part determine how slowly or quickly the home will sell.

What is frustrating to me (and most real estate professionals) is that some buyers still feel they are Mr. Scrooge or Gordon Gecko and that sellers are desperate, so they make low ball offers or very unreasonable conditions. Most of these buyers get advice from television shows, “How to Make a Zillion Dollars in Real Estate in 30 Days” books, or Joe at work that buys houses on the side and is making a fortune. (Why is Joe still working?)

Focus on the Major Key Issues & Be Realistic

The most common mistakes sellers (and some Realtors) make when choosing a price:

  • Not choosing the right price when a property is first listed. In other words, thinking, “We can always come down.”
  • They are putting the property on the market at an unrealistic price. The property must be priced on a comparative basis to other similar properties. (I should add, everyone thinks their home is different but buyers and their agent doesn’t think so.)
  • They are not relating marketing time to price. Generally, the quicker you want to sell, the less you should be willing to take.
  • They are calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other home on the market

My entire aim with this report is to help point you in the right direction and give you some common sense guidelines to help you make the right decision.

hand over the keys, your condo sold!

How To Prepare Your Condo To Sell in London Ontario & Maximize Your Selling Price.

Every apartment or townhouse owner I have ever met wants their condo to sell for as much as they can get. I have no problem with that; it makes perfect sense! Well, it’s not luck that makes that happen, and it’s applying a proven strategy and knowing how to spruce up your place that will encourage condo buyers in London to reach for their cheque books!

Here is how to prep your condo in London Ontario to sell and turn it into an irresistible and marketable place.

1.            Disassociate Yourself With Your Condo.

  • Say to yourself, “This is not my home; it is a condo– a product to be sold much like a new home builder will do it. It is bricks and mortar!
  • Make the mental decision to “let go” of your emotions and focus on the fact that soon this condo will no longer be yours.
  • Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
  • Say goodbye to every room.
  • Don’t look backwards — look toward the future.

2.            De-Personalize.
Pack up those personal photographs. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

3.            De-Clutter!
People collect a tremendous quantity of stuff. Consider this: if you haven’t used it in over a year, you probably don’t need it.

  • If you don’t need it, why not donate it or throw it away?
  • Remove all books from bookcases.
  • Pack up those knickknacks.
  • Clean off everything on kitchen counters.
  • Put essential items used daily in a small box that can be stored in a closet when not in use.
  • Think of this process as a head-start on the packing you will eventually need to do anyway.

4.            Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the condo as well. This means:

  • Alphabetize spice jars.
  • Neatly stack dishes.
  • Turn coffee cup handles facing the same way.
  • Hang shirts together, buttoned and facing the same direction.
  • Line up shoes.

5.            Rent a Storage Unit.
Almost every condo shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

6.            Remove/Replace Favourite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great-grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item; she will covet it, which could blow your sale. Pack those items and replace them, if necessary.

7.            Make Minor Repairs.

  • Replace cracked floor or counter tiles.
  • Patch holes in walls.
  • Fix leaky faucets.
  • Fix doors that don’t close properly and kitchen drawers that jam.
  • Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
  • (Don’t give buyers any reason to remember your condo as “the one with the orange bathroom.”)
  • Replace burned-out light bulbs.
  • If you’ve considered replacing a worn bedspread, do so now!

8.            Make the Condo Sparkle!

  • Wash windows inside and out. If you live in a high rise apartment condo building, forget the part about washing the outside windows!
  • If a townhouse or townhome condo, rent a pressure washer and spray down sidewalks and exterior.
  • Renove cobwebs, even in the furnace or storage rooms.
  • Re-caulk tubs, showers and sinks.
  • Polish faucets and mirrors.
  • Clean out the refrigerator.
  • Vacuum daily.
  • Wax floors.
  • Dust furniture, ceiling fan blades and light fixtures.
  • Replace worn rugs.
  • Hang up fresh towels.
  • Clean and air out any musty smelling areas. Odours are a no-no.

9.            Scrutinize.

  • Go outside and open your front door. Stand there. Do you want to go inside? Does the unit welcome you?
  • Linger in the doorway of every single room and imagine how your condo will look to a buyer.
  • Examine carefully how furniture is arranged and move pieces around until it makes sense.
  • Make sure window coverings hang level.
  • Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
  • Does it look like nobody lives in your place? You’re almost finished.


Low Inventory Of Apartment Condos For Sale in London Make This a Seller’s Market

Yes, London Ontario & the area is experiencing a healthy real estate market. Most London neighbourhoods are now considered a “seller’s market,” and the inventory of apartment & townhouse condos is meagre. If you can, this may be the time to take advantage of the large numbers of buyers currently competing to buy an apartment condo or townhouse or townhome.

There are several reasons to consider selling. First, the convenience of a quick sale always makes the process less burdensome. It is equally appealing that buyers are seriously looking to purchase, and they come pre-qualified for financing. Buyers are also more flexible about a closing date to accommodate the seller’s preferred timing. Of course, a well-priced property can generate multiple offers that will typically net the highest price for the seller. Perhaps this favourable real estate market fits your plans?

I follow the London Ontario real estate market closely and I blog the monthly stats for our area. I offer you an opportunity to review comparable sales data, which will give you a target price for your property. This preliminary step is typically most helpful in the decision-making process about selling. I’d be happy to confidentially meet with you to discuss the data and answer your questions. If you decide to sell, we can meet again to discuss specifics. I think you will be impressed with my marketing plan.

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Sell Your Condo in London Ontario For More Than You Have Ever Dreamt!

Choosing a Realtor To Sell Your Condo Apartment or Townhouse In London Ontario

When selling your condo in London Ontario, be it an apartment or a townhouse condo, you have a choice of 1,900 + Realtors. Yet, we sell more condos than the average Realtor, and one of the many reasons is we have designed and implemented a 122 step process that we use every time. Getting a thorough understanding of these points will give you 100% confidence in your decision to sell your place, with whom, what to expect, how to maximize your bottom line and minimize the hiccups! See Why The First 10 Days Are So Important Before & During Your Place Is Listed on MLS

How Much Is My Condo Worth in London Ontario?

How Much is my condo worth in London Ontario?

We’ve all seen the boring, plain, everyday marketing that offers free valuations without even seeing your home! Or “Free Home Valuation Reports” cards in our mailboxes or the dreaded cold call “I have a buyer who is interested in buying your condo.” A Comparative Market Analysis is a report supposed to provide an anticipated sales price or price range for the subject property.

Really?

How can anyone value your home accurately without physically seeing your place and doing the two to three hours of research necessary? Have you ever bought anything “at ” ballpark price’? “general price range?” “The market price?” After advising & guiding hundreds of sellers to sell their homes over the years, every house or condo sold was a price we agreed on. Semantics aside, you deserve a price that many willing, qualified buyers will pay.

Getting a property valuation in London Ontario takes more than 5 to 10 minutes, our property valuations are 2-3 hours.

A comparative market analysis (CMA) is a process Realtors use to determine the market value by comparing it to similar properties that have recently been sold and those currently listed for sale. A CMA is a crucial tool for listing Realtors as they determine the price that a seller will list their house or condo for sale, and it’s also a tool for buyers agents advising their clients to make competitive offers. Conducting accurate, consistent CMAs isn’t easy. Most Realtors are not taught this skill in their pre-license real estate classes, so many enter the business without this vital skill or lack the patience to dedicate the time to learn how to price a home correctly, especially condos.

Why Our Exclusive London Ontario Condo Value Analysis Is Effective

It’s a complete top-to-bottom room-by-room analysis not just of the value but every aspect of your place to identify items that may affect your sales price. Our analysis enables us to identify the selling features or what you can do to help sell quicker or receive a higher price.

       Our Process For Selling Your Condo In London Ontario

the best is yet to come after we meet and we explain how to sell your house or condo in London Ontario
  • You let us know that you would like a no obligation, no cost valuation of your townhouse or apartment condo.
  • Arrange a mutual time to meet.
  • We will prepare for our meeting with research of prices, demographics and current market conditions.
  • You will not have to sign anything or listen to blah blah blah stuff , malarky, posturing, showcasing or bs.
  • When we get to your place,a quick introduction and a tour of your unit where we will perform a room by room review.
  • When completed, sit down with you and adress your concerns, fears or the anxiety you may have about moving.
  • Have a conversation about:
  • If necessary, a few minor things you can do a minimal expense to show your condo in the best light.
  • Why pricing your condo correctly the first time will 9 out of 10 times give you a better returm.
  • Why, when and where to market your unit asserively to attract qualified buyers who are excited to buy your condo!
  • Understanding that there are four types of buyers in this market and why three of them you want to avoid!
  • Understand the difference between Market Value ,Perceived Value & Appraised Value and what effects those 3 will have on your asking price.
  • What are your legal obligations? To your lender?  To the buyer? To the Condo Corp?
  • How being in a Sellers Market in London Ontario affects your asking price & do negotiating skills matter?
  • How to handle showings & offers to yield the best results.( My last listing I had 119 showings and 37 offers!)
  • Leave with you our research and market reports and best practises to sell a townhouse or apartment condo in London Ontario.
  • Within 24 hours get back to you with “The Price”. And why!
  • You then decide to allow us to sell your condo or not.
Contact us Sutton Group Envelope Real Estate Brokerage Inc

P.S.

We find selling a house or a condo the easiest part of the selling process, it is after the offer is signed by both parties that we truly earn our money!

  • Ensuring the lawyers on both sides of the transaction are informed and followed up with during the process.
  • Ensuring the Status Cerificate is oedered and paid for. (We pay and do that)
  • Cooperating with appraisers, inspections, mortgage lenders
  • In some cases, keeping the transaction on pace and solving challenges.
  • Ensuring our 81 point checklist for closing a sale is completed sequentially.
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