Its been 30 days since you first listed your condo and you are beginning to wonder, “what’s wrong with it? Why is my condo not selling?” Let’s look at the top 3 reasons why your condo is not selling, how to overcome these challenges, and how Real Condo Experts can help condo owners like you in the Kitchener-Waterloo region sell your condo.
Wondering why your condo isn’t selling?
Why is My Condo Not Selling?
1. Your Price is Too High
The Price Must Be Right
Condo not selling? One of the most common reasons why a condo is not selling is the price. Condo owners will be tempted to ask more than the going rate for their condo. Instead, they need to consider the prices of comparable condos in the area and list their condo at a fair market price. If you need to lower your price after listing it, buyers may view this as an indication that there is something wrong with your condo. So, you want to get the price right.
Trust an Agent
Perhaps you have been trying to sell your condo privately and it is still on the market. In that case, consider switching to an agent. Relying on an agent for the proper pricing of your condo is important as they will have the necessary data required to make an informed decision as well as strategies for selling your condo competitively. They may even price your condo slightly lower than the average condo prices in your area, so that you end up with a bidding war.
Timing is Important
If you don’t sell within the first 30 days, chances are you will not get the price you are asking for and it is time to make some changes in your strategy. Also, if you absolutely need to make a certain amount on the sale of your condo, then it may be better to wait until the timing is right. Again, an agent will guide you in timing.
According to the Kitchener-Waterloo Association of REALTORS®, the “average number of days to sell in February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 days.” That is a pretty quick turnaround, so you want to have your condo priced right at the beginning.
A real estate agent helps you price your condo accurately & competitively.
2. Your Condo Made a Bad First Impression
Everyone knows that it is important to make a good first impression and the same goes when selling your condo. The condition of your condo when buyers see it is very important.
If you haven’t already done some cleaning up and basic repairs of your unit, here are some things you should do immediately:
Clean & Repair
– Clean and paint your walls using light, neutral and modern colours
– Replace and update lights using new halogen or LED fixtures
– Replace old carpeting or take it out completely
– Fix doors and windows. You don’t want someone opening a closet or cupboard door just to have it come unhinged! The more problems that potential buyers encounter or find, the less likely they will want to buy your condo.
Declutter
– Consider getting rid of items or temporarily storing them.
Open Up the Space
– Make your condo appear more spacious by clearing countertops & putting appliances away
– Add condo-sized furniture
Welcome Buyers
– Freshen up your home by opening windows, adding plants or flowers, and avoiding strong odours.
– Clean up after your pets or remove them before showings.
– You can even bake some bread to give your guests a sense that this condo is “home”.
Lessen the Pressure
Lastly, it is a good idea to get out of the way while potential buyers are viewing your condo. With trustworthy agents from Real Condo Experts, you can be assured that you are leaving your condo in good hands as it is being viewed by buyers.
Add plants and flowers throughout your condo to freshen up the environment.
3. Your Condo Was Poorly Marketed
Is your condo getting noticed? Is it standing out from among the others in your neighbourhood? If you or your agent doesn’t have a marketing plan to sell your condo, you need one.
Let’s take a look at the multitude of marketing strategies out there:
– MLS Listings
– Realtor Websites
– Open Houses
– Flyers, Print
– Kijiji, Craigslist
– Social Media (Youtube, Facebook, Instagram)
– Signage (For those walking or driving by)
Next, consider the quality of your condo photos. Is your agent using a professional photographer? Was your condo staged for its showings? Photography and staging influence the marketability of your condo.
Professional staging can make your condo space look more open and inviting.
Real Condo Experts Can Help
Are you still left with a condo not selling? Perhaps it is time to take your condo off the market, do some clean up, and strategically price and market your condo. Although we can’t always undo a bad first impression, there is always a second chance.
Contact a real estate agent at Real Condo Experts to help you overcome the obstacles of selling a condo. With expert knowledge of the Kitchener-Waterloo market, Real Condo realtors will help you:
1. Set a competitive price
2. Strategically show your condo
3. Market your condo effectively
Ready for a fresh start? Contact a Real Condo Expert and get a second chance at selling your condo!