Asking Price...How much will I get?

We recently met up with a potential client who was looking to sell her Toronto Condo. During our meeting it became very evident that her main concern was knowing what percentage of the asking price we expected to deliver to her. Many Realtors use these statistics as a marketing tool for themselves by saying “Sold for 110% of the asking price!” As Realtors we know these statistics don’t carry much weight. However, from the perspective of a potential seller the listing agent looks like a superstar, right?


Pricing your Toronto condo for sale is one of the most important parts of the selling process. Determining the listing price depends on a few factors, such as market conditions, comparable sales and of course the unit itself- taking into consideration layout, location and condition. There are few pricing strategies that can be considered once a seller is ready to go to market.


1. A common pricing strategy in a strong buyer’s market is to under price the property and hold off offers until a certain date. It is the seller’s home to generate a multiple offer situation which will in return push the selling price above the asking price. Although the selling price is above the asking price, it does not necessarily reflect that the seller got any more for the property than true market value. It is by using this strategy that you will see agents marketing themselves by stating they sold over the asking price. Keep in mind that a major concern with this strategy is that the buyer can’t actually afford the price of the property generated by the multiple offer situation. More times then none, their original budget was the listing price- not the selling price which can at times go as much as $50 000 over the original asking price.


2. Another strategy is to price the property at market value. This strategy is a safer strategy as it targets the right buyers. If a buyer has been financially pre approved for a mortgage, they know exactly how much they can afford. An offer received that is conditional on financing approval will not be such an issue as the buyer’s have likely already been pre approved at the listing price.


3. A final strategy that is not as common as others is overpricing the property. This option works at it’s best when sellers have no urgency to vacate or don’t have any financial pressure to sell. A seller must carefully consider this option before listing their property as the buyer will most likely be someone who has been waiting specifically for that unit to come onto the market. In other words, the buyer pool will be much smaller for an overpriced unit, however an end user, who has been waiting for the unit will always pay a premium for their primary residence.



In short, don’t be fooled by marketing material that suggests that properties have been sold for well over 100% of asking. As you can see there are many different stratgies that can be carried out when deciding to list and sell your Toronto condo. Take the time to carefully consider which option best suits you.

Client Testimonial

Great video testimonial from our client Marcel Kars.

Click on Icon Condo to view!

Icon Condo Availability

Currently there is a great 2 bedroom unit on a high floor with both parking and locker. This is a corner unit, just under 1400s/f with a terrace. Priced at just under $730 000, this unit is great for a young family or the young professional looking for some more space at home.

Click on Icon Condo for more information or to book a showing.

Pet Friendly

It's becoming a new trend in the City of Toronto for pets to be allowed in condos. It wasn't too long ago, that there were restrictions on having pets in your condo. The Condo Chicks are happy to share that The Icon is indeed a pet friendly condo!

Click on Condo Chicks for more information on your Icon Condo.

Testimonial for Listing Sold at Icon

“Joy and Erica have been so incredible to work with.  They are very professional, knowledgeable about the market, ever so helpful, and have gone out of their way to assist us.  They made the process of selling our home seamless and even, dare I say, easy which was greatly appreciated since we are currently living in Dubai.  They were able to secure an offer for us within two days of listing and when that fell through due to buyer financing, they immediately found us another offer the same day!  However, what most impressed us was their responsiveness, proactive nature and simply dazzling niceness.  The Condo Chicks are definitely something to chirp about!”  – Mike and Jeanette

TV Interview

Click on TV Interview to see the Condo Chicks being interviewed!

SOLD

Our listing at the Icon listed at $315000 with both parking and locker is now sold and we got 100% of asking price!
Contact us for more information on buying or selling your Icon condo!

TV Interview

We are pleased to announce that we will be interviewed this Monday, April 18th, 2011 at 9pm on the TV show “In Tune with Real Estate.” From what we understand, it will be on channels 10 and 63.  We will be asked about the condo market in general as well as other aspects that come into play when buying or selling a condo. Make sure you “tune in” to see what we have to say!

New Listing in The Icon

The Condo Chicks will be listing an incredible one bedroom unit in 250 Wellington Street in the next couple of days. Located on a high floor, it also has both parking and locker. Click on Icon Condos for a showing.

Enter our Contest and Win a GREAT Prize!

Tips on Selling your Icon Condo

The current real estate market condition in Toronto is starting to pick up for sellers. The market early last year proved to be a strong seller's market with condos sitting on the market for only a few days before selling. The market today is definitely starting to pick up just in time for spring. In the meantime, it's more important than ever to put the extra effort in when selling your Toronto Condo.


Here are a few tips when selling your condo in Toronto:



1. If the unit is vacant, staging can have a positive effect as it can help potential purchases visualize how space can be utilized.



2. If the unit is occupied it is extremely important to keep the space tidy. Surfaces should be clear, washrooms should be clean and dishes should not be in the sink.



3.It is to the sellers benefit to remove any paintings or objects with religious meaning. A simple religious object can limit potential buyers.



4. Be flexible with showings. If people can't get into see your unit, how can you expect it to sell?



5. If you are home when a showing is booked, step out of your home. Potential buyers will feel like they can't talk freely with their agent and will feel pressure to look quickly. You want showings to be a pleasant and comfortable experience.



6. Restrain pets. Even though Snoopy may be really friendly, a lot of people are scared of dogs.



A few little changes can make a huge difference when it comes to selling your home. A little more effort can set you apart from your competition during these market conditions.

Click on Icon Condos for more information!

Condo Chicks with an Award

BuzzBuzz Home presented The Condo Chicks with an award for being the most active in their forums!

Toronto Condo Icon Update

The Icon is considered one of the most desirable Toronto Condos in the entertainment district. Even though they are slightly older buildings, they are maintained extremely well. The recent resale numbers and lack of availability confirm the Icon's reputation. Recently a one bedroom plus den condo with both parking and locker sold in the $330 000 range. Again, this demonstrates that the Icon maintains it's value. In regards to availability there is currently a few listings that are between the $600 000 to $700 000 range. These units are both 2 bedroom units with both parking and locker. They would be ideal for a young couple who works in the city looking for a larger space or to start a family. Contact The Condo Chicks for more information.

New Website Launched

We have officially launched our principal website! Check it out at http://www.condochicks.com/

Don't forget to contact us for not only your Icon needs, but all of your condo needs!

Dryer, Exhuast Duct, and Exhaust Fan Cleaning

Please be advised that there will be an additional charge of $43.00 added to your September common area maintenance fees for dryer, exhaust duct and exhaust fan cleaning.
If you preferred you may provide a cheque payable for this amount to TSCC 1441 before August 21, 2009.

Please feel free to contact us for all your real estate needs.

Fire Alarm Testing

The fire department will be testing the Icon's fire alarms on June 10th, 2009. No need to leave the building as it's just a test.

The Icon Condo Units for Sale

2 STOREY, 2 BEDROOM + DEN UNIT FOR SALE - $599,990
FEATURE SHEET

- 2 Bedrooms each with Ensuite bathroom
- 1 Powder room
- Designer Reno of 2 Storey Sub Penthouse Loft with 2 balconies.
- Custom & Upgraded finishes : granite, porcelain tiling, faucets.
- Built in home theatre
- 3" Maple Hardwood Floors
- 1 Underground parking spot
- South view

If you are interested in a private viewing or have questions please contact us.

If you are an agent & would like to add you listing, contact us.