Selling a condo takes some time. There are a few factors that are essential to consider as you prepare for the necessary steps that lay ahead. It’s essential to not just look at the sale of your condo in a vacuum. Think about what you plan to do beyond the sale of the condo. Are you buying another condo? Purchasing a home? Investing your capital elsewhere? Depending on how you answer these questions will dictate elements of the timeless. Let’s focus on the overarching timeline considerations for selling your condo.
How to sell a condo fast?
If the condo shows at a designer level, we can turn around a listing within a week. In other words, we can have you on the market in 5-7 days. This would include professional photos, virtual tour, floor plans. If staging would improve the marketability, saleability and put more money in your pocket that the timeline would be increased by approximately one week. As much as timing may be tight from our seller’s perspective, it is essential to ensure that we go to the market right, the first time. You do not get a second chance to make a first impression.
Once your condo hits the MLS marketplace, the listing may take anywhere from hours to a few weeks to sell. Keep in mind the right strategic positioning will have a fine balance of time on the market to be exposed to the correct demographic of buyers, but will not languish without offers for weeks. If the marketplace is supporting offer holdbacks (aka offer night for a bidding war), then a holdback of 5-7 days would be best. The average condo listing in Toronto is on the MLS market for 29 days. Our listings are on the market for less than half of that number as we pride ourselves on excellent execution and performance that nets out clients the most amount of money. No need for your condo to sit on the market for too long, as it will create stigma and will sell for less money. Keep in mind that accepted conditional offers normally “firm up” in 2-5 days if handled appropriately.
In our experience, it’s common to have a condo closing date roughly 45-60 days after the offer is firm, and all conditions are removed. Note that the equity from your condo will not be available until the lawyers disperse the proceeds on the closing day.
All toll you can expect to have a condo prepped, listed, offer in place and closed in as little as 6o days. This is not a hard and fast rule as circumstances may warrant a longer close or a shorter close. In some cases, we have had sellers list, receive an offer and close within 30 days – this is not common, but this was our seller’s goal, and this aligned with the buyer’s wants and needs as well.