In this second part of the 3-part blog series “How to Sell my Condo”, we dive into the various factors you need to consider if you wish to sell your condo.
When Should I Sell My Condo?
Selecting the right time to sell your condo generally depends on 3 factors: your personal reasons, the current real estate market trends, and the season of the year.
1) Personal Reasons or Goals: What are your reasons for wanting to sell? In the first blog, we covered some personal goals that may prompt you to sell your condo, such as a growing family, the need for a larger space or yard space, or a change in financial situations and the move from homeownership to rent. Personal goals and reasons to sell can occur at any time, although one could create more urgency than the other (e.g., debt problems could make you need to sell your condo fast as opposed to upsizing, where in the latter you would want to take your time to shop for your next home). We will present the option to sell your condo fast in this blog later.
2) Current Market Trends: Real estate market trends is a contributing factor to sell your condo, especially since Southwest Ontario has seen real estate prices increase over the past few years. In a 2020 report by the Kitchener-Waterloo Association of Realtors (KWAR)1, apartment-style condominiums in October have been sold for an average of $395k, that is up by 14.8% compared to the same month last year. Current condo sellers can take advantage of this upward trend and confidently sell their condo at a price that is higher than their original purchase price. This is of course assuming the condo is in good condition and other sale factors are competitive with the market (e.g., comparable condo fees to similar condos in the area, no major repairs due that would require each homeowner to contribute a substantial amount).
3) Season of the Year: Many would agree that spring and summer are the best time to sell a home. The weather and road conditions are ideal for moving and renovations. Photos of the home look better without a cover of snow and you can showcase the front lawn and backyard designs. Fortunately, seasonality is quite irrelevant to selling a condo because the exterior of the home is not affected by the weather (with the exception of some snow clumps on your balcony) and if you have indoor parking, moving any time of the year would not be an issue. With that being said, you could sell your condo anytime of the year, but the challenge lies in finding an abundance of buyers does depend on the season. People looking to downsize would tend to sell during the warmer months of the year and move into your condo around the same time too. Planning to sell your home while others are trying to find them is a great strategy to get top dollar for your condo!