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Selling a Condo in London Ontario

 Drama should be in the movies, TV or the theatre stage, not when selling your condo!

Every apartment or townhouse owner I have ever met wants their condo to sell for as much as they can. That’s understandable, and it’s not luck that makes that happen; it’s applying proven strategies, marketing and experience that will encourage condo buyers in London to reach for their chequebook!

Price vs Time When Selling a Condo in London Ontario.

time is money in real estate in London Ontario
You Cannot Bank Time

What is the most critical: price or time? Believe it or not, this question 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 know, for buyers, it’s the need to buy within a set time frame or to purchase for the lowest possible price.

So here is the secret to pricing your condo to sell in London Ontario– It’s not what you think the condo is worth; it’s what a reasonable buyer will think your condo is worth and willing to pay.

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 must make you an offer you can’t or won’t refuse. One that will motivate you to pack, hire a local mover, wave goodbye, and sayonara.

Focus on the Major Key Issues & Be Realistic

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

  • Putting the property on the market at an unrealistic price, and the property must be priced on a comparative basis to other similar properties. (I should add that everyone thinks their home is different, but buyers and their agent doesn’t think so.)
  • They are not cognizant of a seller’s market or a buyers’ market.
  • Thinking that buyers aren’t comparing your place, on a dollar-for-dollar basis, with every other apartment or townhouse condo on the market

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!

Ty Lacroix Broker
Ty Lacroix Broker Sutton Group Preferred Realty Inc. Brokerage
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