Most condo and loft sellers have two main objectives: to sell quickly and for the highest price. The beauty of owning real estate (whether it’s a principal residence or an investment property) is that historically, it has yielded solid returns to Torontonians who are in it for the long haul. Indeed, equity gains in Toronto real estate have been notable in some particularly hot markets, with the proceeds used to fund everything from the purchase of a bigger and better unit or home, to retirement, travel, an investment strategy, or life’s next big milestone – whatever that may be.
A slew of interest rate increases in 2022 have eased demand, prompting a market shift in Toronto, and balanced conditions are expected this year. This means sellers are unlikely to see the same frantic buyer competition that defined the Toronto housing market during the pandemic.
There are many possible reasons Toronto condos and lofts don’t sell, ranging from broader economic and market conditions, right down to the condition of the property itself. Before you jump to any conclusions, consult Casey Ragan. In the meantime, here are some of the most common reasons Toronto condos and lofts don’t sell, and how to avoid them.
Reasons Toronto Condos and Lofts Don’t Sell
1. Wrong Listing Price
To you, your unit may be priceless. After all, you have an emotional attachment to the place you call “home.” However, to a buyer, that is not the case. Ultimately, it doesn’t really matter what the homeowner thinks a house is worth. The only thing that matters is what the buyer is willing to pay for it.
Casey Ragan can give you the hard numbers – the comparables. These are recent sales of comparable Toronto condos or lofts in your building. This will help determine the correct listing price.
The listing price is the first impression Toronto condo and loft buyers will have of your unit. When a buyer decides to start shopping for a Toronto condo or loft, step one is creating a budget. With this number in hand, step two is to browse online listings. Within that price range. Success can come down to listing above or below that specific threshold. This is why it’s important to be realistic when it comes to pricing your unit.
While overpricing a condo or loft is a concern, so too is underpricing it. Buyers may wrongly assume that a condo or loft priced well below market value has something wrong with it, or that the seller is hoping for a bidding war – both turn-offs for Toronto condo and loft buyers.
2. Bad Listing Photos
Believe it or not, bad listing photos can be a reason that your unit is not selling. Although many buyers will still drive around on a Saturday or Sunday afternoon in search of “Open House” signs, most shoppers today take a more targeted approach to their condo or loft hunt. They hit the streets armed with a budget, their list of liveable locations, the features their future home should have, and specific addresses of condos or lofts for sale that are worth an in-person tour. So, how do you get on that list?
Enter top real estate photography. A picture is worth a thousand words. Casey Ragan will arrange for listing photos that will show your Toronto condo or loft in the best possible light.
Spectacular listing photos are a critical part of your selling strategy.
3. Didn’t Stage the Unit
While it’s important to showcase your listing in a realistic way, it never hurts to do a little primping before putting it on MLS. Some buyers have trouble seeing past what a unit is and visualizing what it could be. Casey Ragan’s top professional staging will highlight your unit’s best features, minimize the worst, and give prospective buyers some inspiration as to how they can use the space.
Remember that as a condo or loft seller, you’re not only selling the unit, you’re also selling the idea of “home.” This is why putting an empty condo or loft on the market can be a big mistake. An empty unit may leave the impression that it is smaller than it actually is, or that it’s uncared for.
4. Unfavourable Market Conditions
When it comes to selling your Toronto condo or loft, there are many things within your control. Others are a wild card, as far as the seller is concerned. Factors such as a growing or declining population, economic conditions, interest rates, housing demand and supply, and even the weather can all be reasons why your condo or loft is not selling.
What you can control, however, is when you choose to sell your unit. Casey Ragan will help you time the market. Casey Ragan has the market experience to speak to what is happening in the Toronto real estate landscape, and to predict what may happen down the road.
While you can’t control things like the job and housing markets, these are still important factors to consider when deciding if now is a good time to sell. Determine when your unit is most appealing to buyers. The return of spring tends to rouse buyers out of hibernation. Similarly, keep your ear to the ground for other circumstances that may affect home-buying trends, such as an upcoming employment boom or new developments in your area that may increase housing demand.
Sometimes it can be tough to pinpoint the exact reason a condo or loft isn’t selling. At other times, it’s painfully clear. Consult Casey Ragan for important insight on what you’re doing (or not doing) that may help or hinder the sale.
5. Not working with a top Toronto condo and loft realtor
Selling a Toronto condo or loft can be complicated, even under favourable market conditions. Know that market conditions can change quickly, impacted by everything from local, national and international economies, to population fluctuations and even the weather. Especially in uncertain times, top professional help can go a long way.
While most buyers and sellers will only have a limited number of transactions under their belt, Casey Ragan has handled hundreds of Toronto condo and loft sales under a variety of market conditions. Let Casey Ragan guide you though the twists and turns of the Toronto housing market. Click HERE to hire Casey Ragan to sell your Toronto condo or loft.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com
Casey Ragan
“Toronto’s Condo Authority”