There are many factors in determining the selling price of your condo. In this article, Real Condo Experts will outline some of the determining factors that will help you answer the question, “how much can I sell my condo for?” You will want to consider the following 7 factors before putting a price tag on your condo.
How much can I sell my condo for?
7 Factors to Consider When Determining How Much You Can Sell Your Condo For:
First, consider your condo’s amenities when answering the question, “how much can I sell my condo for?”
Buyers will differ, depending on their needs. Some buyers will be glad to pay higher maintenance fees if they are getting indoor parking or a fitness room. Other buyers will be looking for lower maintenance fees.
If your maintenance fees are high, your selling price should generally be lower.
Parking can add $25,000 – $50,000 to your selling price, particularly if your condo is located downtown where parking is limited. Click here to see a list of 2021 monthly parking rates for various Waterloo lots.
Storage space can also add value to your condo. If you have a locker or in-suite storage, the value of your condo is higher.
How much you can sell your condo for depends on your competition. For instance, if your condo is similar to others on the market, price your condo competitively.
Also, expect the sale of your condo to take longer if there are a lot of condos similar to yours on the market.
More specifically, sales in December and January are usually slower. You may find that condo prices are higher during these months. Given this, you can try to take advantage of these seasonal factors and list your condo when competition is low.
Get to know your competition before selling your condo.
You can sell your condo at a higher price if you have the following type of unit:
- Corner units
- Open-concept unit with a lot of usable space and storage
- In-suite laundry
- Higher ceilings
- Balconies or terraces
- Upgrades & Renovations on older units
Think about the advantages of your condo’s location when determining how much you can sell your condo for.
Keep in mind that you can sell your condo for a higher price if you have the following features:
- Desirable exposure (north, south, east, west) with desirable lighting (think sunrise and sunset).
- Higher Floor
- Nice Views
Does your condo offer nice views (cityscapes or parks)? Consider this in your price.
Consider the reputation of your condo building when determining your price and ask yourself the following questions:
- Who built this condo?
- Who lives in my building? What are the demographics?
- Is my condo noisy? Are the walls soundproof?
- Is my condo building secure?
- How helpful is the board of directors?
- Are my neighbours friendly?
Your condo’s price is also related to how well your condo shows. If you can afford to stage and keep your condo clean and de-cluttered, you may be able to set your price higher. Why not consider virtual staging, too? Click here to read our blog post about virtual staging.
Remember to declutter and clean your condo before showing it.
The price of your condo is determined by the price of each square foot of condos in your region. According to Toronto Storeys, “Toronto ranked a close second [to Vancouver] at $994 per square foot (an increase of 10 percent compared to last year).” in a review of sales between January 1st and June 30, 2019.
Real Condo Experts can help you determine what square footage to list.
“We found Jason very knowledgeable about real estate. The best part was how helpful he was. He was always ethical and honest in providing advice. We have reached out a few times since selling our home previously, for advice and Jason was always quick to assist us.” – Sherry Chisholm-Kihut
“KW listings [now called Real Condo Experts] is customer focused and has a superior knowledge of the local real estate market, whether you are a first time buyer, or investor! I have used their advice to successfully purchase properties.” – Scott Paynter