Why Your Condo Is Not Selling [Fall 2023]

I think everyone thinks that selling a piece of property is easy here in Toronto and the GTA.

The life seems so fun, exciting, glamorous and even a little bougie. What a life it is!

And I would agree with that wholeheartedly when things are going well, properties are selling fast, buyers get what they want and even they start making money the moment they move in. Those were the good ol’ times.

But I think what really separates the amazing Realtors and agents from the inexperienced and downright terrible agents out there is the ability to manage expectations, the ability to come up with creative strategies to get the home sold and of course excellent communication and just some good old fashioned hard work - grinding as the young kids like to say.

So here are a few reasons why your condo might not be selling as quickly as you thought it might because the market has shifted, buyers are a lot more picky and maybe you need to work on your pricing strategy and develop a stronger gut.

Supply and Demand

Look, purchasing a condo or being gifted a condo from family is an amazing feeling. Wow you finally have your own place, you see all the amazing things you can do with the space from private dinner parties, to chill-outs at home on Netflix or simply snuggling with your significant other in bed all day doing absolutely nothing on the weekend. It’s truly amazing and we know that feeling especially when you live in one of the most amazing areas in the city - there’s nothing like it. To have and to finally own your own place.

But when it comes time to sell, often times people forget or don’t even realize that their place inside a building of hundreds of units isn’t really that unique. Looking out through your window you begin to realize wow, there’s a lot of towers out there and many different units. That’s why they’re sometimes called a shoebox in the sky because of their relative homogeneity and same-ness.

It’s important to make your condo stand out, make it different. We find that sometimes the simplest thing, the simplest fix can make a huge difference in how your property looks and ultimately sells for. Obviously, if you can live like a magazine spread or at least stage your property to make it look more unique, one-of-a-kind and highlight the property’s best features such as the kitchen, the windows, the view or even the ceiling height is a big plus when it comes time to sell your condo.

Sometimes more isn’t always better. For example if you have higher ceilings like 9 or 10 ft ceilings, the best way to highlight the beautiful space and airy-ness is to hang a bigger and more extravagant light fixture. Because it’s clear that when you try to hang a larger light fixture, you and your guests will start walking out your place with more bumps and bruises and that’s just not a good feeling to have coming to your place - especially not for potential buyers.

Often times, we will see our clients hang some beautiful wall cladding, some unique textures that really highlight the uniqueness of your home and property. You have to pay attention to where you do this however because depending on your direction and natural lighting direction, it could end up looking really beautiful, artistic and dramatic. And at other times if done incorrectly, can look like a dirty ghetto alley. You don’t want this!

Space is now literally a commodity in Toronto condos so every square foot matters. The goal when buying furniture for condos is you want to own nice pieces but fewer of them. Bringing over large pieces of furniture from your previous place is usually not a good idea unless you’re coming from a smaller space. Focus on getting nice pieces that really highlight and accentuate the space without overdoing it. If you are big on minimalism then condos could be a good way to go for you as the simpler the space, the more you can feel the space like all the windows and natural light. Again, you want pieces that you bought to really look and feel right in the space.

There are certain things you should invest in when you own a condo and window coverings is one of them. Buyers really notice those things subconsciously when they’re viewing a property. Automatic or remote powered blinds are a big plus in condo living if you can afford it. Otherwise roll down blinds are probably the best way to go and they can be hung underneath the frame to save “air space” then that is a detail that is highly appreciated from a design focused Realtor like us here at Selling Toronto.

So in hating to sound cliche, it is important in real estate and in condo selling that when things are not going well, something needs to change. Whether that is the price, the timing of the market (sometimes you just want to take it off for awhile) or it’s doing some minor renovations like paint or putting in a few new nicer pieces of furniture that make the space look so much more inviting and aspirational to the next buyer and how to accentuate the best parts of your property (much like fashion and dressing yourself everyday), change is often the trick that helps get things done and honestly speaking, it’s one of the most important skills we have as experienced Realtors and real estate agents is understanding what people want, what they would like and how to find the right buyer for your property so you can move on to your next homebuying journey. If you’re ready and you need a highly proficient and professional agent handling your property, don’t be shy to reach out and we will do our very best to help you get the job done!

FashionPete LySeptember 25, 2023Comment