Setting the right price is crucial when selling your condo. And to do that well, you need a market evaluation or Comparative Market Analysis (CMA) of your property.
Why a CMA can help you sell your condo
Remember, when selling your condo you are essentially entering a competition trying to win the attention of buyers. Those buyers are also viewing other St. John's condos for sale. The more you understand those other listings and how your condo compares, the better you will be able to not only set your price, but understand which features to highlight or work to improve. Read more
A real estate professional can complete a Comparative Market Analysis for your condo, assessing other condominiums for sale in St. John's, as well as any that were sold recently or were listed but then expired without being sold. Such information is needed to set the optimum selling price for your condo. It lets you see what the competition is doing, and what the upper limit of your pricing is likely to be. You are essentially replacing optimism and guesswork with insights and data.
What should be in a Comparative Market Analysis for condos?
Sticking with that scenario of your having a condo for sale in St. John's, what information should a CMA contain? The main points would include:
- At what price are other condos in St. John's now listed?
- At what price have other condos in St. John's recently been sold?
- How much of a gap was there between the initial asking price and the actual selling price?
- How long were condos on the marketplace before selling?
- What are the features most commonly offered for your expected price range?
Studying other condos for sale in St. John's and the surrounding areas will help determine the value of your own property and set an optimum price. Comparing the features, age, and neighbourhood of each listing will better equip you to successfully sell your own condo. Understanding that some houses may have been purchased for more or less than their original asking price, and knowing how long those sales took, will help manage your expectations.
Finally, consider checking out the newest listings and visiting some of the other condos for sale, either with your real estate agent or on your own. There's nothing like a first-hand look at the competition to give you perspective on your own offering!
The St. John's Area Condominium Market is Solidly in the Buyer's Hands
Yes, the supply of condominiums for sale in the St. John's area currently outstrips demand. However, that does not mean your condo won't sell, nor does it mean that you won't get your asking price. Selling a condo is never a small decision, and now, more so than ever, considerable planning and work will be required in to get the best price possible. Guesswork is not your best strategy. A professional Comparative Market Analysis can put your mind at ease; give you and your Realtor® the insights and confidence needed to sell your condo for a great price.
Don’t jump into the condo real estate market unprepared – talk to the St. John's condo experts about completing a market evaluation on your property as soon as possible.