[Hazel_jo]

Hey,
I put my new condo for sale in North York. This condo was a gift from my father-in-law on our wedding. I've had it on the market since the end of January. But I only got three positive feedback, and all are still looking around to see what else is out there. Our condo is in a great location, with a lot of positives like it is surrounded by expensive homes/neighbourhoods, nice rental/apartment complexes, grocery, coffee shop, etc. Most people around this area are selling their condos at very good asking prices like 90K - 110K range. Moreover, 5 of us are trying to sell out our condos now, and one of them is right below me. So how do I make it stand out from the other 5 condos for sale in my complex? Now, due to COVID-19, I didn't get any feedback from anyone. So one of my friends said that I need to start thinking about coming down on the price to make them sell faster. I'm asking for 100k now. So I'm in confusion. When should I consider coming down on the asking price? Any thoughts, suggestions, recommendations?

 

[Spudd]

Your condo does not show up on realtor.ca but I wonder if you have a typo in the asking price because 100k for a condo in North York seems incredibly low.

Given the COVID-19 situation I think we are going to see prices decline a lot. The one positive is that interest rates are low, but people presumably will be reluctant to buy a home right now given the possibility of losing their job due to the economic slowdown.

If you are currently living in the condo I think I would just hold off until things have stabilized, maybe a year or two. If you're not, and you need to sell it, then I think your best bet is to make sure you have it staged as well as possible and ask your agent to do a virtual tour, and maybe lower the price a bit on top of that.

 

[marina628]

If you are in the 90-110k asking price, Low prices usually means higher crimes and older buildings with high maintenance costs.A $200,000 condo may actually be cheaper and better long term...