As a 20 or 30 something-year-old who bought their first condo, you might be thinking about moving into a bigger home. There are many reasons to upsize, like starting a family, extra space, or simply more privacy. There are a few essential steps to follow to make the most of your investment. I’ll take you through the next steps in real estate and how to prepare for listing your condo.
Table of Contents
Assess your financial situation.
Before you begin upsizing your living situation, it’s important to assess your financial situation. Your condo may need a new paint job or need repairs for instance. If you’re planning on selling your condo, you’ll need to consider the costs associated with listing your home, such as realtor fees, closing costs, and other expenses. Refer to the article “Real Estate Financial Options” for more information.
Research the local real estate market.
Moving to a bigger home requires some research. To make informed decisions about selling your condo, it’s important to understand the local real estate market. Research the latest trends in your area, including property values, demand, and any market fluctuations that could impact your sale. This information can help you set a realistic price for your home and understand what buyers are looking for in your area. Realtor.ca is a great resource to see how other similar listings compare in your neighbourhood.
Consult with a real estate agent.
A real estate agent like myself can provide invaluable guidance throughout the selling process, from assessing the value of your property to marketing your home to potential buyers. A reputable agent can also help you navigate any legal or financial considerations that arise during the sale, ensuring a smooth and successful transaction. They can also help you stage your condo unit to make it visually appealing.
Make necessary repairs and upgrades.
Once you’ve assessed your finances, researched the market, and consulted with an agent, it’s time to make any necessary repairs or upgrades to your home. A website like www.realtor.ca will help you see if there are any competing units in your building and assess how yours compares to theirs. So again, decide if renovations like updating appliances, repainting walls, or replacing outdated fixtures will make it more attractive to buyers.
Stage your condo
Staging your condo is an essential step in preparing for listing. This involves arranging your furniture and décor in a way that highlights your home’s best features and creates a welcoming atmosphere for potential buyers. Consider hiring a professional stager for optimal results. Refer to our blog article “Why Hiring A Staging Company Is Important”.
Market your home.
Finally, it’s time to market your condo unit to potential buyers. Your real estate agent can help with this step, listing your home on popular real estate websites and social media platforms. Consider creating a virtual tour or video showcasing your property’s unique features and amenities.
Home Market Statistics as of May 2023.
Condo apartment average prices have decreased by 8.3% to $724k in Toronto. In comparison, the overall average home sold prices in the GTA decreased to 8.1% ($1,153,269 April 2023). Source: https://wowa.ca/toronto-housing-market
Specifically in Mississauga, condo apartments decreased by 7.3% to $656k. And overall Mississauga’s average home sold price is down by 8% (\$1,076,430). The brighter side is Mississauga’s average home price is at the highest level since August 2022 and the sales activity continues to increase rising 10% from last month to 646 homes sales. Mississauga remains consistent to have the third largest number of home sales in the GTA, after the City of Toronto and Brampton. Source: https://wowa.ca/mississauga-housing-market
What this tells us is that there’s a healthy growth of sales activity and it’s a good time to sell your property despite the mortgage rate increases we have seen in the last 8 months.
Conclusion
Upgrading and preparing your condo for listing can seem like a daunting task, but with the right steps, it can be a smooth and successful process. Remember to assess your finances, research the local market, consult with a real estate agent, make necessary repairs and upgrades, stage your home, and market your property to potential buyers. By following these essential steps, you can increase your chances of a successful sale and move on to your next home with confidence. The statistics are showing a slow increase in sales activity as well as average home prices. If you’re going to sell now, upsizing to another property at an average price may be your best option at this time.