If you’re finding it challenging to sell your condo in the current market, you’re not alone. The June 2024 numbers show a 1.6% decrease in average selling prices compared to last year, with the average price now at $727,861. Sales have dropped by 16.4% from June 2023, while listings have increased by 12.3%. With almost 18,000 new listings and only 6,213 sales, the sales-to-new-listings ratio is 35%, putting us firmly in a buyer’s market.

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Given this landscape, if your Toronto condo isn’t selling, it’s essential to understand your position and adjust your strategy accordingly. Here’s how to navigate the current market based on three types of sellers:

1. Sellers Who Have to Sell

If you need to sell your condo quickly, the current market requires a proactive approach:

• Price Competitively

Ensure your listing price is attractive compared to similar condos. In a buyer’s market, pricing can make or break a sale.

• Maximize Appeal

Invest in staging and professional photography to make your condo stand out. First impressions matter, and high-quality visuals can draw more potential buyers.

• Flexible Showings

Be as accommodating as possible with showing times to attract more potential buyers. The easier it is for buyers to view your property, the better your chances of a quick sale.

• Market Aggressively

Leverage social media, online ads, and real estate networks to increase your condo’s visibility. Your agent should be actively promoting your property beyond the MLS.

2. Sellers Who Would Sell at the Right Price

If you’re willing to sell if the price is right, patience and strategic planning are key:

• Assess Market Trends

Keep a close eye on market trends and adjust your expectations accordingly. Understanding the current market dynamics can help you set a realistic target price.

• Wait for Better Conditions

If possible, hold off until market conditions improve. With the Bank of Canada potentially cutting rates further, there might be more buyer activity in the latter half of the year.

• Enhance Value

Consider minor renovations or upgrades that can increase your condo’s appeal and value. Even small improvements can make a significant difference in a competitive market.

• Targeted Marketing

Focus on reaching buyers who are willing to pay a premium. Your agent should have a strategy to attract these buyers specifically.

Want to know more about Toronto’s real estate trends? Check out these blogs for insights:

• Tick Tock: Should You Time the Market?
• The Silver Lining in Toronto’s Condo Market: Opportunities for Buyers and Sellers
• Loft Living vs. Condo Living: Which is Right for You?

3. Sellers Who Need a Higher Price Than Current Comparables

If selling only makes sense for you at a higher price than current comparable sales, you have two options: positioning your condo as a premium offering or accepting that it might not be the right time to sell.

• Highlight Unique Features

Emphasize what makes your condo unique and worth the premium. Whether it’s a stunning view, high-end finishes, or exceptional amenities, make sure potential buyers see the value.

• Create a Luxurious Experience

Consider professional staging to create a luxurious feel. High-end staging can help justify a higher asking price.

• Exclusive Marketing

Use exclusive and targeted marketing strategies to attract high-end buyers. This might include private showings, virtual tours, and partnerships with luxury real estate networks.

• Be Prepared to Wait

Understand that finding the right buyer willing to pay a premium may take longer. Patience is crucial in this scenario.

• Accept the Timing

Sometimes, the market isn’t favorable, and that’s okay. Real estate markets perform well over time, and you will eventually get your number. It’s essential to understand why you need that specific amount. Do you need a certain amount to buy your next property or investment? If real estate prices go up on the current property, how will that impact the next? Will it have also increased, negating any benefit? All things to consider.

Is It Your Agent’s Fault?

While it’s easy to blame your agent when your condo isn’t selling, the reality is more complex. The quality of your agent can influence how fast your condo sells, the price it sells for within its market value range, and your overall experience. However, they can’t control the broader market factors such as interest rates, inflation, or buyer confidence.

Your agent can help you:

• Interpret Market Trends: Provide insights and recommend strategies based on current market conditions.
• Prepare Your Home: Guide you on preparing and staging your condo to maximize appeal.
• Market Effectively: Ensure your listing reaches the right audience with professional photos, floor plans, and targeted ads.
• Negotiate Successfully: Help you navigate offers and negotiations to achieve the best possible outcome.

Conclusion

In a fluctuating market, understanding your position and adjusting your strategy is essential. Whether you need to sell quickly, would sell at the right price, or require a higher price than current comparables, working closely with a knowledgeable agent and being flexible can make all the difference. Remember, while you can’t control the market, you can influence your condo’s appeal and positioning to achieve the best possible outcome.

If you need personalized advice on selling your Toronto condo, don’t hesitate to reach out to us at Homeplicity Realty Group. We’re here to help you navigate these challenging times and achieve your real estate goals.