Star Newspapers Limited and/or its licensors. Buyers recognize this, and they won’t view the property. I am preparing to sell my condo in New Jersey. what then??? Seeing the name “Bob White” on the back made me immediately disregard that lockbox! Under the current conditions, detached house prices have been rising faster in the 905 than in the city — up 18 per cent in October compared to 11.2 per cent, according to the Toronto Regional Real Estate Board. The number of active listings, however, soared by 125 per cent, compared to October 2019. I’ve been making mental notes on mistakes that condo sellers are making in this fall market, and once I started counting on the third hand, I decided it was time to put this into a blog post! We’ve taken our 6 years of experience, learning what works best in what situation, for whom, and when, to ensure that every client experience with us is fully successful. Unless you're in a red-hot seller's market, you can't take an all-or-nothing approach to your condo sale. Maybe that it’s over-priced, and the seller is shopping around to see who can best rearrange the deck chairs on the Titanic? In this Market, Consider Renting. The average price of a condo in the city of Toronto edged up by less than one per cent year over year in October. Before you put your property on sale, you’d want to make sure that it is in tiptop shape, to also ensure that it gets sold in the highest price possible. The housing market in Michigan is doing very badly...the highest rates of unemployment and foreclosures in the country. If you’ve had more than the average number of showings for your building or neighbourhood and no offers, something’s wrong. I have had my condo in Michigan for sale for the past 2 years with not even one single offer. How many buyers, looking to move into the unit themselves, are going to consider buying a condo that’s tenanted until summer, 2014, and becoming a landlord when they never planned on it? Maybe 2-3% was low, but how much is reasonable? Wiebe notes that most people are still working through the pandemic and, as difficult as it is for those who have lost their jobs, most weren’t in groups likely to buy a house anyway. When lacking a rebuttal of any kind, just accuse…. We talk a lot about how to maximize your property for the highest potential sale price, but it ocurred to me the other day, that we should talk about the complete opposite: what not to do. Sat/Sun: No showings. Does anyone have any ideas on what I should do? The number of active listings, however, soared by 125 per cent, compared to Oct. 2019. I’ve experienced a few “don’t do’s” in the past week, and I’m going to share them with you today. Units clustered in condo neighbourhoods tend to sit longer, she said. In this post, I’ll explain why I decided to sell my condo rental property even with all the positive growth trends. “It’s important to keep in mind that we actually saw the reverse happen in 2017. Fair all-cash offers. It was supposed to be transitional—more units sold as leases ran out—but it never really happened in the decade I've been here. Fri: Before 12pm. Not getting any offers on your home? I purchased it 6 years ago for $220k. He puts it down to the huge demand for single-family homes. Today’s buyers are savvier than ever, and they’ll know when they’ve seen a condo up for the fourth time. Your HOA’s rules may specify who you may sell your condo to, or they may require that the board interview and approve potential buyers. We are an independent, advertising-supported comparison service. Almost all of them are the same floor plan or they look similar to the next door unit so there is no uniqueness to yours to make it stand out. 2.) Houses – sure, you have to. “The only way single-family homes can keep appreciating and not be affected by this surplus would be if somehow people didn’t need to sell a condo to buy a single-family home and if they were so committed to single-family home living they were willing to pay a huge premium over a condo that’s getting cheaper and cheaper,” he said. There’s nothing more distracting for a Buyer than having to walk around the owner. Some buyers require an actual den for a second bedroom, with a roommate, or as a guest room. permissions/licensing, please go to: www.TorontoStarReprints.com. I had a renter but the tenent left 6 months early and will not re-rent to … 60-day termination clauses in leases are only legally valid for the tennant, not the landlord. When I calculate this, on the $450,000 condo, it costs about $1200 per month to own this home for ownership or rental purposes. To order The market has changed, thank God. Hot Tips For Selling Your Condominium With the real estate market steadily improving, many condo owners are looking to sell. At that point you would serve the tenants with a 60 days notice on a Form N12. I’ve seen people mix up east and west as well, or put the wrong geographical coordinates so that the property gets mapped in Ajax on realtor.ca. Agents need to at the very least, put their business card on the back of the box, otherwise some people will give up after trying the thirty-eighth lockbox. “If it’s a treadmill, you need those new people jumping on one end of the treadmill so people can jump off the other end of the treadmill,” he said. Want to read more Business related posts? Hey PFC! House Heroes is America’s top cash home buyer. But you can get a return until you sell. “There’s always been more buyers than houses available. “The problem is, if you can’t sell your condo you can’t move up.”. I have had my condo in Michigan for sale for the past 2 years with not even one single offer. 6 Tips to Sell Your Condo Stress-Free. Not really in any order of significance, but here are ten ways not to get your condo sold in today’s market: No hold back on offers? Regarding #4. We’d like to make you a fair all-cash offer. A soft market impairs the cycle at a key demographic moment, said MacBeth. 10 Reasons Why I’m Selling my Condo Rental Property 1. presentation-ready copies of Toronto Star content for distribution All 9) Listing The Condo In The Wrong District, Every so often, I browse MLS listings and think, “Hey, wait a minute! If you have have tried to sell your condo anytime in the last few months, you know what the Toronto real estate market is like better than anyone.Ãƒâ€šÃ‚Â . What have your experiences been? I've been trading options since 2004 and Condors since 2008. If they don’t need to sell, they might wait until the spring to list and even if they lose $5,000 on rent that is better than taking a $50,000 hit on the sale. All banks believe a condo complex or building occupied primarily by homeowners is The sale will be less intrusive to them if it’s quick, so their cooperation – in de-cluttering, … If you can dream up a mistake, I’m sure there’s somebody out there that’s done it. But once in a while, I see a new condo listing that says, “Offers Graciously Reviewed on October 7th,” and I think, “There’s a listing that won’t get showings.”. Well, changing the names for anonymity’s sake, the listing agent’s name was “John Smith,” and the key was in a lockbox with “Bob White’s” business card on the back! You catch more flies with honey, and lying on a listing to try and make a condo look like something it’s not will only cause buyers to walk away. rights reserved. Oops, looks like I hit a nerve. He said he has joked that, “When condo rents are getting down to $1,500 a month, which I’ve seen in Toronto, you can afford to rent two and save money compared to owning a single-family home.”. Showings: M-W 10-12pm, After 8pm. So investors have created a sort of quantum superposition of both buying too many condos while also…, oh okay....lollol...i was wondering...lol, Taking a page out of Kyle’s playbook, are you? “The problem is, if you can’t sell your condo, you can’t move up.” The average price of a condo in the city of Toronto edged up by less than one per cent year over year in October. If you buy first, you would already have 1 property (i.e. (iStockPhoto) Find a Top Agent » Your house is cursed. You can evict the tenant with 60 days notice, if they are on month to month, and not on a lease. That’s not always the case. We’ve all read that story in the newspaper about the lovely couple bought a house after they “won” a multiple offer situation, with an extremely inferior offer, all because they wrote a lovely, heartfelt letter, right? No realtors, no open houses, no mortgages, and no wasted time. There’s a property for sale in the Davisville Village area that has been on the market for over 120 days. Ekamai Condo wants to be your local real estate agency for Condos on Sukhumvit. Privacy | Contact Us | Made by Artifakt Digital, The Most Over-Saturated Condos In Toronto, What The November TRREB Stats Tell Us About The Condo Market, The Friday Rant: The Importance of Functionality. While condos priced between $500,000 and $600,000 are sitting on the market longer, there was fierce competition among buyers for a unit in a lower price bracket that one of Williams’s clients recently purchased, she said. What to Do When You Can't Sell Your House Your options, from bad to worse. Investment adviser Hilliard MacBeth, author of, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash,” said the single-family home market will inevitably be affected by the condo sector. There are a large number of condos that are purchased/bot/sold for the specific purpose of investment income. Sell My Condo Fast! Even an investor looking for a rental unit wants it vacant so he/she can hand-pick a tenant, likely at a higher rent than what is existing. Selling a condo is fast with the online condo listing process at Condo.com. It takes a lot of work to sell quickly, and for the best possible price. The best time to sell your condo, in my opinion, is approximately the seven year mark. #10…um…Dave…I think you might be a bit off on this one. So when you’re showing a condo at King & Bathurst, and the showing instructions tell you to pick up the key on Queen’s Quay, there’s a good chance that you, your buyer client, or both of you might say, “let’s just skip that one.”. Thinking about selling your condo? It is also possible that reports that Canadians’ savings during the pandemic lockdowns could make their way back into the housing market, he said. Few first-time home buyers can afford the Toronto region’s high single-family home prices and most people who want to move up have to sell a condo to do that. Just because you don’t necessarily have clients that buy condos for that purpose doesn’t mean that the pool is “2%-3%” of the buyers. My condo has been on the market approximately 3 months same realtors. Without even knowing the circumstances, your inner capitalist might shout “absolutely not!”, But in this market, there are all kinds of exceptions…, Copyright 2020 Toronto Realty Blog | Selling a home vs. a condo can be entirely different because of the nature of how these two housing choices are unique. Technically, you could sell your condo not long after you purchase it ... During this time, you can’t give an OTP to anyone else. It’s in a great inner city area, however the building was affected by the 2013 flood we had. That’s because you pay fees to the condo association for shared maintenance and services. This post is over 5,000 words and designed to teach you everything you need We’ve talked about 50 Lynn Williams before, right? Toronto Star articles, please go to: www.TorontoStarReprints.com, Conversations are opinions of our readers and are subject to the, The Toronto Star and thestar.com, each property of Toronto Star http://www.landlordselfhelp.com/education/forum_q_a.asp?sub_id=24&sub_catid=1&sub_name=Selling, You can only give them a notice to terminate once you have a purchaser and signed an Agreement of Purchase and Sale AND the purchaser plans to live in the house. You can evict the tenant, with the intention of moving into the property, and then change your mind, and sell it. Significantly, prices downtown have plunged nine per cent since this year’s first-quarter peak, according to Realosophy Realty president John Pasalis. I tell my clients: “You’ll get showings from 9am to 8pm, seven days per week. If that were the case, then that whole stretch south of Front between Bathurst and Yonge would still be undeveloped industrial wasteland, instead of developed residential wasteland. In theory, the surge in condo listings, coupled with a massive drop in demand, should bleed into the rest of the housing market. Back in 2008, in one of the most frustrating markets I’ve ever worked in, seemingly every condo that came up for sale had an offer date. Even after the sale the tenant can only be evicted if the new owner is going to use the premises as their principal residence. Most people would love to stay in the single-family home until they’re 90 but a lot of people just can’t afford it,” he said. You actually have to upload NINE images to MLS to get it to look like this! Interesting sidebar question – what if you just decide you don’t want to be a landlord anymore, and want the home to be vacant? We ensure that our properties (houses, townhouses and condos) are easy to find on the Internet. Of course, there are costs with that as well. Is There More To The Story Than Just Money. I would never, ever, recommend that a client sell a condo when it’s tenanted, since the property won’t show to its maximum potential, and requires 24 hours’ notice. Condos are often managed by a board or homeowners’ association (HOA), so before listing your condo for sale you should first check with the entity that manages your condo and find out about any specific rules that apply to selling your unit. Clean T.O 4 Valuable Tips to Sell Your Condo Picture of Professional If you’re not sure whether to hire a real estate lawyer, or a real estate agent check out this article from the Toronto Star . Many of the items I’ve listed above are the result of the exact same thing: the seller not recognizing current market conditions for condos, or having no logic, whatsoever. And you can’t sell the unit when it’s in such awful shape that the only people who will buy it are “looking for a deal.” There are probably 40-50 lockboxes jammed onto a designated “lockbox pole” at the site of 50 Lynn Williams, and 80-100 Western Battery Road, and it often takes 10-15 minutes to find the key. But when a condo seller and/or listing agent decide to apply the same strategy to their property, it’s actually counter-productive. 2) Put The Lockbox At A Secondary Location. Many realtors and economists say the condo sector will regain its momentum once workers return to their downtown jobs and classes, and the stream of immigrants starts flowing again to the Toronto area. If you do not yet have a Torstar account, you can create one now (it is free), Copyright owned or licensed by Toronto Star Newspapers Limited. Maybe 2-3%? “Their tenants are leaving and they don’t want to take on new ones, especially with rental rates dropping. But that’s all the rage, isn’t it? Most investors can probably relate to this problem on some level. Why not get rid of the tenant, instead of trying to sell the condo while there’s still a year left on the tenant’s lease? Surely we’ve covered this, ad nauseam, right? Some of them have had Airbnbs in the past and they can’t really do that anymore so they feel it’s time to move on,” she said. In today’s condo market, a buyer isn’t going to compete for a unit. Be flexible with showing times – There’s a lot of competition out there, so make it convenient for Buyers to see your condo. We buy “as-is” – you make no repairs. Boutique buildings that are walking distance to parks and shops are moving. You can also engage a solicitor (if you haven’t already) to take care of the rest of the legalities. cost to sell home. Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market. As a condo seller, you NEED to make your unit easy to show, or you risk turning buyers away – like you would in point #1 by holding back offers. Hi. Advertiser Disclosure . But Fleming said he hasn’t seen that. So….. if a condo isn’t selling and has been listed over a 120 days…. “For almost everybody, if you want to buy a single-family home you’ve got to sell something,” he said. Because believe it or noot – everything in this list is something I’ve observed in the past month in real, active condo listings…. Have you tried buying or selling a home during the pandemic? Robin Wiebe, senior economist with the Conference Board of Canada, agreed that the region’s chronic housing shortage will likely prevent the condo weakness from spreading. I would always tell the client to get rid of the tenant, eat up to two month’s rent by carrying it vacant, but gain back that money five-fold by controlling the showing process. Condos in ‘hot’ buildings that a year ago would sell over asking in week are now languishing on the market for weeks. But at some point the price could fall far enough that people will say, ‘It’s down very sharply, maybe it’s time to jump into the market,’” he said. Housing starts that have trailed population growth for 30 years have fallen even further behind in the last year or two, he said. Keep your condo unit looking good as new–repaint the walls, bank on neutral colors that would generally appeal to everyone. Having said that, there are properties which are actually owner-occupied which have even worse restrictions on showings! 3) Don’t Label The Lockbox, Or Label It Wrong. “The median baby boomer turned 65 this year. your condo that you haven’t sold yet), so the HDB would be your 2nd property at the time of buying. Advice welcome. Currently in the Calgary market and own a 1 br condo. This copy is for your personal non-commercial use only. None of her owner-occupant clients have had to delay a single-family home purchase because they couldn’t sell their condos, said Williams. For example, the idea of a “den,” which we’ve talked about over the years many times. If they do, they give you another 4% as the Exercise of Option Fee. Something as small as the wrong click of a mouse can reduce your buyer pool by more than 50%. Hi all. But the worst offense is calling a true “1+1” a “2-bedroom,” and I just don’t see the point, to be honest. 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