The process of pricing and selling a condo unit is straightforward. There is a high demand for condo units in Ontario and other metropolitan areas of Canada. The process of pricing a condo unit is both an art and a science. It is much more complicated than what condo owners think. The following are the critical things that need to be considered when pricing a condo unit:
Competition is one of the critical factors that affect the price of condo units. It is important to consider what the other small units have sold for. Get to know how the current competition looks like in the real estate market. Most buyers will compare the prices of the available units before making their final purchasing decision. You should also find out the number of units that are currently on sale.
The unit’s size should always be considered. The layout area mainly determines the price of the units sold. Most buyers are interested in properties that have large areas. Ideally, the layout should reflect the desirable area.
Sales Price of the Neighbouring Units
Most people will look at the similar units that have been sold in the neighbourhood. However, the process of comparing properties is challenging to understand than what many people think.
Time of Market/Year
The seller should understand how the real estate market is affected by different times of the year. This is something that can have a huge ramification for the condo seller.
The location of the floor is another crucial factor that can make a huge difference in price. The price of a lower condo unit in high-rise areas is relatively low than that of upper condos. The tops floors are known for demanding top dollars. Most people will not prefer living on the lower floors regardless of how nice they are.
Does the unit have enough parking spots? Is it a reserved spot or a garage spot? Units having parking spots can fetch better prices since their demand is very high. Units that have adequate parking slots can save buyers some considerable amount of money.
The Eccentricity Factor
Failure to list your property can reduce the number of buyers. Most buyers are only interested in properties that are listed with reputable sales professionals. In addition to this, certain apprehensions and anxieties might steer buyers away from your property.