It should not be a mystery to price a condo to sell in London, Ontario. It’s not what you think it is worth. It’s what a reasonable buyer will think your condo is worth and willing to pay.
Hey, wait, if I left it up to a buyer, they would pay me as little as possible! True, they would. In the real world, every buyer knows you are not obligated 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.
Successful condo sellers understand that a Realtor’s responsibility is to provide marketing, expert advice, and negotiating services. Your Realtor does not own your property or make the final pricing decisions. You do, and ultimately, your asking price will determine how quickly and at what price it sells.
Focus on the Major Key Issues & Be Realistic
Common mistakes sellers (and some Realtors) make:
Putting the property on the market at an unrealistic price and not pricing it on a comparative basis to similar properties. (Yes, your place may be different, will buyers think so?
They are unaware of a seller’s or buyer’s market.
Not 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, appraised, or tax-assessed value. Unless your insurance agent, banker, or tax assessor writes you a cheque, none of that matters.
A condo without a buyer has no value in the marketplace. Sure, it has value to you, and again, it might have value to your banker, insurance agent, Uncle Bob, hairdresser, friends at work, drinking buddies, bridge club or appraiser.
None of those are buyers!