How to Price Your Property in Toronto This Year for a Quick Sale

The property market in Toronto is cooling down a bit due to the recent interest rate hikes. However, it is still a seller’s market. Multiple bids for properties are still happening when listed right. However, sellers now have to think deeply about pricing their property. Both property owners and agents need to have the right strategies to make the property sell. Listing a condo for sale in Mississauga and across the GTA today requires a lot more consideration than it did a few months ago.

Pricing your property right is a big ask. Without a doubt, owners will want every bit of that maximum price they can get. Realistically, many buyers have been put out of the game due to hikes. Especially, buyers for smaller condos for sale in Toronto and more affordable properties are in reduced numbers today. This is due to the fact that many are not able to qualify for a mortgage anymore. So, here are a few tips to price your property in Toronto when looking to sell your property.

Expand Your Buyer Audience with a Good Price Listing

Making sure to get your listing seen by the maximum number of people is the best way to go. All major property listing platforms have filter options in them. Buyers use these filters to modify their search according to their budget preferences.

Buying a property is a very emotional feeling. Buyers will ready themselves to pay extra when they truly fall in love with any specific property. However, if they simply don’t see the listing, you can guess the chances there.

So, based on our personal experience, it’s always best to list at a more realistic price. If the listed price is more attractive, it may boost attraction to your property among potential buyers. Potentially giving you an opportunity to sell your property quicker in a shorter period of time.

Look at the Very Recent Sales in Your Area

A very common mistake many property owners and sellers make is to take inspiration from last year’s sales in their area. However, the property market never stays the same. It is always changing and evolving. And a year’s time is enough of an influence either way.

The current situation is different than what it was a year ago. Pricing and listing your property according to the current market is very important. Look at only a couple of month’s previous sales in the area. Also, pay attention to property sizes and types.

Based on our vast experience, we don’t go back more than three months when taking a price reference. However, ultimately it is your choice. Your agent should be able to tell you recent property sales prices. If not, do your research to find out what you can.

Consider a Much Smaller Location Radius for Price Estimation

Another common mistake many homeowners make is to look at a wider area when estimating the price. However, when listing a condo for sale in Mississauga , Ajax, Hamilton, or any other part of Toronto, make sure to look at a much smaller location radius.

Look at your neighborhood, street, and then building when setting a price. The neighboring building might be set up differently and in a much newer condition than yours. Also, many other factors will impact prices in nearby areas.

So, be as thorough in your research as possible. Set a realistic price for your condo for sale in Toronto. A good price will help your property gain better attraction among potential buyers.

Remember You Are a Buyer Too

Almost all property sellers will buy their next property after selling the current one. This is what you need to remember when selling your condo for sale in Toronto or any townhouse. If you are selling in a cooling market, you will buy from that market as well.

This is why you should not be discouraged to see slightly lower prices than last year’s market. Because what you get for your property will be a model for your next purchase as well.

Time to Sell Is Now

People are discussing the fact that the market is low at the moment. This is true. However, there is no telling what the market will be for condos for sale in Toronto and townhouses in the months to come.

The time to sell your property is now. If you can manage to sell your property today, you will be able to invest the money into your next property as well.

Even though there have been two recent rate hikes, the next one might come before most can expect. So, there is no point in waiting any longer. Sell now and be prepared for the market to come.

Don’t Get Discouraged by Low Ball Offer

Of course, every property owner hates lowball offers. However, these are inevitable. There is always that one buyer who will offer you a much lower price. You should not be discouraged by that at all. Having set a realistic price, you should stick to it.

Final Words

Selling your property in Toronto is a challenge. Make sure to work with highly experienced agents in buying and selling properties. Trust Condo will help list your condo for sale in Toronto at all the right platforms. Our vast experience and skills have helped a variety of homeowners buy and sell their properties. Give us a call today to learn more about properties for sale or if you are looking to sell your property.

DISCLAIMER:

“The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax or accounting advice. The information displayed is for reference only and is without any representations and warranties.”