Real Estate

Cant sell my Missisauga condo, it's been 60 days now..

  • Last Updated:
  • Sep 15th, 2020 8:45 am
[OP]
Newbie
Apr 24, 2017
16 posts
25 upvotes

Cant sell my Missisauga condo, it's been 60 days now..

Do we lower the price? This is 1 out if my two investment properties. I have a 1+1 listed at $540k and it's been sitting on the market for almost two months. Should I keep lowering the price? I've been getting some showings but haven't had one single offer.. we originally had it listed for $570k. We could just rent it out, but it's fairly hard to find a decent tenant right now and there's about 20 listings in my building that id be competing with.
51 replies
Deal Addict
User avatar
Nov 5, 2018
1458 posts
2139 upvotes
Toronto
Condogeddon!
I do not need approval, I do not need friends. I do what I want.
Sr. Member
Feb 19, 2019
827 posts
893 upvotes
Stouffville ON
Are you asking what to do? Not sure anyone can tell you based on the limited info provided.
What is the motivation for selling?
What are the comps selling for in the last 30 days, this will tell you if you are overpriced or not. Just make sure you are comparing apples to apples.
Is the property marketed properly?
Full Time and Full Service Realtor
Jr. Member
Jun 6, 2014
197 posts
67 upvotes
Toronto, ON
You could list it to rent, but you can also run into seller's remorse if you find a tenant and then change your mind a few months later wanting to sell again.

Have there been any comparable sales in your area? What are the comparable sale prices?
Banned
Aug 25, 2020
26 posts
15 upvotes
Right now it’s not a good time to sell condo. The only way is to reduce price if you really want to sell it, or rent it out for now.
[OP]
Newbie
Apr 24, 2017
16 posts
25 upvotes
Well my realtor is advising me to just rent it out for now, I'm not sure I'm up for being a landlord anymore and want to get out "previous tenants were horrible". I've had this condo since 2013, so I've built up a nice equity, thinking might be time to cash out.

Comparables, in August a similar unit sold for $565kish and another one sold for around $520k. My unit is similar to the $565k unit....
Deal Addict
Feb 16, 2013
1255 posts
1119 upvotes
Toronto
Everything sells at the right price.
....
Deal Guru
Feb 29, 2008
12267 posts
7388 upvotes
If you can hold it, hold it. Selling when you don't have to while everyone else is selling is not a smart move.
Deal Fanatic
Feb 9, 2009
9370 posts
6985 upvotes
Looking at Sauga (mainly Sq one area).

Im seeing many 1+1 between 499k and 530k. Im even seeing 2+1's going for that price range (and some of them decent looking with reasonable condo fees).

So it could be overpriced. Is it a high floor? upgraded unit (nice kitchen, floors, etc). Or is it a dumpy dime a dozen condo? Your realtor may have to adjust price...condos are flooded, detached is where it's at right now
Deal Addict
Mar 3, 2018
1559 posts
1506 upvotes
GTA
The risk is being greedy and holding out for more profit whereby prices may drop further. Smart condo buyers are on the sidelines right now anticipating better entry points.
Deal Addict
Mar 27, 2004
4544 posts
2180 upvotes
Toronto
one word

Price

Your realtor probably gave you an estimate of what it should sell for. you didn't listen and wanted a much higher number. now its sitting on the market for a while. condo owners especially right now need to realize how soft the market is right now. a lot of people are trying to offload rental units right now.

there is a lot of inventory around the square 1 area. especially at the absolute towers. you said there are 20 units for sale in competition with yours. check how many of those are tenanted or vacant.
Last edited by oasis100 on Sep 11th, 2020 10:32 pm, edited 1 time in total.
Full-time Realtor
Jr. Member
Jun 6, 2014
197 posts
67 upvotes
Toronto, ON
It might have been originally listed overpriced, you might have missed the summer market. If there are 20 listings for rent, I'm assuming there's around 20 listings for sale as well. I can see a lot of inventory for the area.
You can try lowering the price. It would depend on how fast you want to sell and if you will let it go for a lower price. IMO, no point in pricing low if you're not willing to sell at the listed price. But then again, how long do you want to hold it vacant. It's really your call.
Jr. Member
Nov 5, 2017
165 posts
144 upvotes
List for $499k and see what markets has to offer, dont sell if u dont get your price
Deal Addict
Jan 26, 2016
1617 posts
1457 upvotes
Toronto, ON
Be smart. You have equity. Take out a loan if you can't support it against the property. Since you bought in 2013, your mortgage is small compared to rent. Wait out a looong time for a AAA+++ renter who wants short term (international student for example). Wait for things to pick up in 1-2 years. Don't give in to fear - COVID will be forgotten in no time and all this money printing will bring a huge jump in price when time comes.
Member
Oct 26, 2007
297 posts
174 upvotes
Maintenance fees also play into the equation.

I'm seeing a lot of optimism in threads for Sq1 area but anything purchased now is negative cash flow and there are another 50 condos coming up long term.

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