by Donna Bulika, BBA, MCNE
Why do some condos sell very quickly, just in a few days while others are sitting on the market for 3 months and more? Even in this hot Toronto Real Estate market where the inventory is very low, historically so low, it is only 1.2 months.
Here are some statistics:
Let’s take for example C1 district, which is the most concentrated district with condos.
- There are currently 640 units available for sale on MLS (Nov 21 data)
- 420 units are on the market longer than 16 days (average days on the market)
- There were 5,785 units sold this year
- Sold in more than 16 days (average days on the market) – 3,085 condos
- Sold over asking – 1,206 units
- 526 units sold a month on average
- We have 1.2 months inventory at the moment
Many Realtors would hope every condo would sell quickly when the inventory is so low, but you can, as a condo owner, sell it faster and for more money. So what is the secret?
My goal is to create the feeling…warm, cozy and rich at the same time with Wow effect! For that you need to have a good eye and follow current trends closely. And the trends keep changing. A lot of new buyers are looking for move-in ready places; they don’t have time or energy to deal with the contractors. But you as a seller probably would be very happy with an extra $20,000, $50,000 or even $100,000 more.
If yes, then you have to get your hands dirty or hire a professional who can help you to organize all of this. Here is the list of must-have upgrades that are known to everyone in the know that are the best return on your money invested:
- Upgraded kitchen and bathrooms
- Hardwood floors
- Granite or marble counters
- Stainless steel appliances
But today, this is not enough.
Here are some tips:
Get rid of popcorn ceilings. You could change your outdated condo into a contemporary one, with an expensive feel.
Choose colour schemes wisely. Very light neutral colours for walls, very light warm grey, almost white, is the best choice. Choose a ‘flat’ finish for every room, including the kitchen and bathrooms, walls and ceilings.
Kitchen cupboards – light neutral colours, white or light neutral. Plus up-to-date handles.
Backsplash – either plain, white, perhaps subway tile, glass tile mosaic, one tone or one piece marble or one piece porcelain (new product) backsplash. Or maybe stainless steel. Better to keep it neutral so it will appeal to everyone.
If the size and height allow, add crown moldings, high baseboards and wall paneling.
Pay close attention to details; add some LED lighting, modern light switches, as many high tech features as possible, i.e., a master switch. Hide outlets in the kitchen under the cabinets as opposed to being on top of your beautiful backsplash.
Staging. A must! Use the stager who has current and trendy, transitional furniture, large paintings, etc. The stager will also create the right lighting.
Go on the market only when 100% ready. Live in a hotel for a few days if you wish, because your place has to be spotless 24/7 until it is sold. And trust me with these upgrades; you will not stay on the market longer than a week.
One of my clients followed my advice, made all the upgrades, staging etc and I sold his condo in 2 days for over asking, for 6% more than the highest sold same layout condo in the building. And in general, units in that particular building are not selling well. We broke the record. Everyone was happy, especially the Seller.
Education: Bachelor of International Business Administration. OREA College.
Platinum award for 2015 and 2016.
Designation: Master Certified Negotiation Expert.
I specialize in residential real estate. Specifically I like working with investors. I am an investor myself and every property I view with my clients I see from an investment perspective. I can spot deals and steals easily. I worked for different property management companies prior to getting into real estate sales, which helps me to understand the management process as well, and transfer that knowledge to my clients. I also love the luxury condominium market. I understand there must be a product for everyone, but when I see quality, attention to details and very thoughtfully finished units, my heart is singing.