How to price your Mississauga condo?
Tuesday Jan 25th, 2022
The housing market keeps fluctuating periodically. So, if you want to price your condominium for sale, doing some market research would give you the most informative answer. However, this is not enough. You need to consider the upgrades you have installed, the location of the unit within the community or the building, and more decide the final price of your condo unit.
You can also consider taking help from two or three real estate agents and ask them for their input in deciding the best price for your condo. Analyze their answers and then decide to list your property for a reasonable price. You need to make sure that your pricing is backed with facts. Take a look at the prices of condo units sold in the past six months to receive a realistic reading of the market. Determine how long it took for the properties to sell and whether they had reductions in the price before selling or not.
Read the newspapers to gather some information. Also, check online real estate websites to check what the current price is. You can also ask your building management about the recent sales and prices. This will help you identify whether your community is currently facing an increasing or decreasing trend. Determine if you are in a buyer’s or seller’s market before setting the price.
Review your community’s financials to check if government-backed funding can be used for purchasing your condo unit. Ask the board if they have any assessments upcoming. This will help you decide the ease with which the buyers can secure loans and set your price appropriately.
Do not forget to consider the unit’s upgrades while deciding a price. Though the upgrades would not fetch you the amount you spent in return, they would surely set your property apart from the rest who have not upgraded their units yet. You can attract buyers with appliances, wood or tile flooring, granite kitchen counters, and others.
If your condo unit has scenic views or if it is a penthouse, then you can place an increased value on your unit. Decrease the valuation if you overlook a parking lot, a noisy street, or a school playground. You need to also check the location of your condo unit within your community or in the building. Location plays a key role in deciding the pricing.
Offer incentives such as paying the association fees for six months for attracting the buyers. You can agree to contribute to closing costs and mention this while listing the property. This would make the buyer view your price as a great deal. You need to remember, that condo and loft property prices rely heavily on the prices for which similar units have been sold. Adjustments can be made to the location, view, layout, parking, and outdoor space. Moreover, each condo unit is fairly unique and hence the price comparisons mostly remain within the building.
Once you have completed the assessment, you need to double-check if it is accurate or not. It is common to ask a colleague or a realtor to give their thoughts. If your property is unique, then make sure to consider all the factors while pricing. This will help you make a good sale for the investment that you made and patiently waited for it to pay off.