Selling a Condominium in London Ontario? What Price Will You Choose?

What price do you choose when deciding to put your condo for sale on MLS? I won’t go into the debate about “free advice,” you know, your hairdresser, co-worker, Uncle Ted who knows everything about everything, your financial advisor, or the “Free Market Evaluation” postcard or online generalities.

Selling a House in London Ontario

Below are a few things you may want to give considerable thought to when selling a house in London Ontario:

  • Not choosing the right price when a property is first listed. In other words, thinking “We can always come down.”
  • Put your property for sale at a realistic price. A property must be priced on a comparative basis to the other features which are similar. (I should add, everyone thinks their home is different, but buyers and their Realtor do not think so.)
  • Relate the time to sell to your price. Generally, the quicker you want to sell, the less you should be willing to take.
  • Calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other house on the market
  • Do not add up all your credit card debt, car loans, a line of credit, mortgage, that one-month luxury cruise and then $20,000 just for the heck of it, and that is the price! Think I am joking? I was on a listing presentation, and the price they wanted was to be able to do the above.

There is a better way!

Sell A Condo London Ontario-Get Results

           Where First Does a Condo Buyer See Your Listing?

96.7% of homes sold , be it houses or condos , have been previewed by buyers on websites, either through Realtor’s websitesMLS  or social media ! That is a huge number and why it is extremely  imperative when putting your home for sale in London Ontario & area  to have a great web presence or three!

Real Estate Websites

Below is How  Home Buyers First See a Home

  • 59%  Salesperson contact
  • 27% For Sale Sign
  • 8%  Referred by a relocation service 
  • 3% Through family or a neighbour
  • 1% An advertised property in a magazine or print ad
  • 1% Through an open house they saw
  • 1% For Sale by Owner

  Knowing the above numbers and how buyers find your home among all the other condos for sale in London Ontario & area on MLS or a private sale that are competing with yours, will enable you to make some wise decisions when it comes time to put your home on the market

   Exposure and traffic sells homes! Do you not think that a 14% of market share will make a difference?

They say that money is not everything but it is to you when buying or selling real estate! We expose our properties through 37 different channels, from signage, newsletters, e-zines, MLS, social media and websites and we work with 3 relocation companies.

Here’s the thing!

As Realtors, we do not get paid until your home is sold and you have moved out. We are able  spend $6,000 to $10,000 a month on marketing and attracting buyers to our clients homes because we get results and are prepared to risk our hard earned money before we even receive a dime!

So, if money is not everything, who you going to call?

                                                          Sutton Group Envelope Real Estate

  • 14 % market share in London Ontario and area
  • 6,766 Realtors Across Canada for referrals
  • 100% Canadian
  • Success Leaves Clues

2017 Market Share Sutton Group Envelope Real Estate

Sutton Group Envelope Real Estate Market Share London Ontario

Here are a few downloads that will show you how detailed we are , yet flexible, yet open to improvement and our company principle that being good is just average & being average is easy, being above average and being great is a constant reminder to not be content, to not be lazy, to not allow ego to cloud common sense, to work harder and smarter than every one else & be diligent each & every moment.

We do not spam, trade or sell contacts, pester, bug, morse code or telegram, however, if you respond in any way to us, we will respond promptly.

How to Price a London Ontario Condo To Sell

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.

How to price a London Ontario condo to sell

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!