How to price a London Ontario Condo to sell is a question most owners and some Realtors ask themselves. Every condo owner has the best intentions when it comes time to sell their condo in London Ontario. The natural inclination is to price the condo high, thinking they can always come down in the future.
But a listing price that is too high frequently nets the seller LESS money than an original price at market value.
Why is this?
Buyers are smart, they are on search portals every day looking at condos similar to yours, so , they know about pricing and usually from the pictures, the condition and when looking for condos in your price range, they will reject your condo in favour of other condos in a reasonable price range.
And here’s the real clincher: Sales Representatives who would readily bring buyers through your condo will automatically cross it off their showing schedule because it’s priced too high. They’re motivated to show condos in London with the highest probability of selling. A wise Realtor will simply will not show overpriced condos ,they know market values because it’s their job to know.
So you price your condo high, thinking you can come down. Problem is, the Realtor and buyer community don’t look at it that way. They see it as an overpriced condo. After a few months go by, three or 4 open houses, agent tours…and not a nibble.
So you decide to lower your price again. But it may be too late…your condo has already been “branded” as over priced. So you reduce your condo a little more. And little happens. (Oh, you will get showings but you are helping the competition sell their condo when comparing yours to someone else who is priced properly!)
Finally, in order to attract attention back to your condo, you’ve reduced your condo price more than you ever thought you would, and you’re now netting much less than if you had priced it correctly in the beginning.
And think about this:
The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the extra property taxes and other carrying costs that accrue while your condo is waiting to sell. I’ve seen it happen time and again!
Real Estate Fact: A home seller is 100% responsible for how much, and how quickly their condo in London Ontario sells!
Yes, you listened to your listing Realtor about price and you interviewed others and you chose your Realtor because you felt they could market your condo , but if it does not happen in a reasonable time frame, who do you point fingers at?
Selling a condo in London Ontario should not be guess work!