In 2017 & 2018, she was named a top 20 social influencer in the real estate industry in the annual Swanepoel 200 power rankings. We’ll answer these questions on today’s episode, stay tuned. Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. The decision to rent vs. buy a home can impact your life for years to come. Keep in mind market conditions do change. © 2008-2020 Andrew la Fleur & TrueCondos.com | All Rights Reserved. Although there are a number of factors to look at in the market, the best time to buy is usually when you are ready. When you’re selling it, you’re still advertising and selling it as pretty much a brand new property, it’s only a year old, and that carries a lot of appeal with buyers. Homes listed during this window sold six days faster than average and for $1,600 more, compared to average points in the year. The fall market â¦ Sellers will â¦ Tags condo investingpodcastsell your condossellingtrue condos podcast, Andrew la Fleur is Toronto's leading expert on condo investing. It’s going to cost you as much as $30,000 of money that you’re not going to get back.” Unless you’re making an extraordinarily huge, hundreds of thousands of dollars of profit, that extra $30,000 that you’re going to lose is basically making this option a non-starter for most people. 13:07 The best time to sell your condo. If you don’t rent it out, if you just leave it empty and then you go and sell it, CRA’s going to say, “You do not qualify for that rebate. Condo Versus Co-op: A Comparison . Now the cons with this would be that you’re going to pay all the closing costs, you’re going to pay all the occupancy fees, you’re not generating any income, because you’re not renting it out. The fastest way to sell any condo is to sell directly to a cash buyer. Now let’s jump ahead, let’s keep moving to the next possible option of, when is the best time to sell your condo? Independently Owned and Operated Generally, the best time to sell a home to maximize return and minimize time on the market is May 1 to May 15. Sell When You Are Ready. There you have it, that is the episode for this podcast for today. For this reason, you cannot afford to take selling your condo lightly. https://6nb29bly7g.execute-api.us-east-1.amazonaws.com/ProdStage. The next option, if you’re not going to hold it just for one year and sell it, well another question that people ask me is, “Well, how about if … Should I hold it for 20 years, or 25 years, or should I hold it until I die, essentially?” The answer to that again, is no, that is not an ideal scenario either. 10:07 Downside if you’re selling an asset while it’s still really on the way up. Fast forward to the late half of 2015, itâs already just a little shy of â±150,000! Buying a Condo in Louisville? Based on this chart it stands to reason the best time to sell is in late spring and the worst time to sell is early winter. 3:13 Major negatives towards assignments. Cash buyers: (1) buy âas-isâ so you make no repairs, (2) have cash reserves which mean no lengthy mortgage approvals, appraisal contingencies; (3) specialize in buying property that needs updates. Just as the fall months can be great times for search for bargains during the home selling season because owners become desperate, the best time to buy a ski condo is when the daffodils bloom and the best time for a beach bungalow is just before and after Labor Day. Selling by assignment is much more difficult than selling as a resale property, and so you never want to count on that as your plan A. I always say that you can use an assignment as a plan B in case your plan A of closing on it and renting it out doesn’t work. Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. And your real estate agent may suggest a distinct timing strategy for condominium sales, especially if your condo is in a resort destination. You’re really selling it at a bad time in that sense. Neatly stack office supplies and organize storage areas. Weâll help you get the best value on your home and condo insurance. For that reason, that is an okay time to sell, but it’s not as good … It’s not a perfect scenario. The CRA is probably going to look at you and say, “You are in the business of investing and selling in real estate. Selling Your Condo? Together you can point out which features of the actual condo unit should be accentuated. Re/Max Condos Plus Corp Brokerage You have met with a lender and are pre-approved. Of course, thereâs something to be said for listing your condo when competition is low too. For Houston, late Spring and early Winter were the best months to list. Low-Cost Home Improvement Fixes that Make Your Home Shine, Simple Landscaping Upgrades to Attract Prospective Buyers. Thank you so much for this very helpful and informative article! Not so fast–read this first, Why Education Is More Important Than Ever for Condo Investors, Another No Brainer Investment Opportunity in Calgary from Minto, The Toronto condo market finally hit this crazy milestone. Assignment is when you are selling the property before the building is even complete. Despite what you may hear in the press/media, house prices donât just go up. We see this time and time again. When a condo is seven years old approximately, that is the best time to sell your condo. Here are five important topics to discuss with your real estate agent if you want to sell your home: The specifics of your area do more to determine the best time to put your home on the market than whether you’re selling a condo or a house. Condo or Townhouse: What Is the Difference? Another big factor of why that is, is because a Tarion warranty lasts for seven years. Best Time of Year to Sell Your Condo. Selling a condo is not that easy, you need to consider a lot of things and you might even spend additional money for it.It is very effective also that once you make your condo more attractive to customers through cleaning the clutter, designing, and more will make them interested and buy your condo without any doubt. It’s around that seven year mark. Being a landlord in a brand new condo for one year is really very easy to do and there’s very little work involved in that. They’re not considered old yet, they don’t have that stigma of being an old building attached to them. That is what I have to say about assignments. Understanding the annual house selling cycle. 7:15 CRA is going to kill you on the HST fees. Okay, until next time, I hope you’re having a great week and we’ll talk to you soon. Other than that, there’s some major negatives towards assignments. Since cash buyers cut out all the red tape, closing is fast smooth and easy. Thanks for sharing. Is it better to flip it right away, or hold it for 20 years? If your place is â¦ While it is not a recommended time for buying, it is most beneficial to sellers, as this is when prices are shooting up simultaneously with the increasing demand. Again, you’re going to have to close on the property in that case, or you’re going to be in default of your contract, and you don’t want that. Because most real estate transactions have a closing period of at least 30 to 90 days, that means the most popular times to actually buy a home in Toronto are traditionally in the fall and spring. In recent years the historic patterns have eased, and in some cases, totally disappeared. True Condos Ultimate Condo Investment Calculator, Pre-Construction Condo Closing Costs Calculator, 5 Reasons Why Mortgage Jake is Bullish on Toronto Real Estate for 2021, What Condo Investors Need to Know About Renting During Occupancy, The Ultimate Guide to Renting Out Your Condo During the Occupancy Period, 5 Things You Should Know About Realtor.ca, What Every Condo Investor Should Know About Delayed Occupancy, Selling your home to downsize? The spring market in 2014 started much later than usual due to the weather, but normally mid-March or mid-April, lasting till mid-July. Condos are often managed by a board or homeownersâ association (HOA), so before listing your condo for sale you should first check with the entity that manages your condo and find out about any specific rules that apply to selling your unit. Well then, what do those people do? Announcer: Welcome to the True Condos Podcast with Andrew la Fleur. Now we don’t usually talk about slow markets much here, because the market has been so good and so strong, especially lately. Now again, I’m not an accountant, I’m not here to offer you accounting advice, you need to talk to your own accountant about it. Just rinse and repeat. I would like to sell my condo in Newcastle Maine. He is the founder of TrueCondos.com, contributor to New Condo Guide magazine, and has been featured in The Toronto Star, The Globe and Mail, and the Wall Street Journal. The Ultimate Guide to Water Heaters at Home. Here are tools and tips for deciding when is a good time â both financially and emotionally â to sell your house. The answer then for this question in my opinion is when you should sell a condo? But whether you're buying or selling a condo or co-op, you'll have to do your research and take into account various factors that you wouldn't have to in a "normal" home-sale transaction. By evaluating several criteria, including regional markets, time of year, features of […]. That can be very challenging to do that. As I said in the intro, today we’re going to talk about when is the best time to sell your condo. Lindsay lives in Livingston, NJ with her college sweetheart and now husband Joe and rwelcomed another Joe into her life as she became a mom in June 2016. Average condominium selling time partially depends on supply, demand and price factors. The common area in many spaces have been updated and renovated so that they still are looking good compared to the brand new buildings next door. In fact, the best deals on vacation homes can be found in the final weeks or the high season, or even later. 4:20 It’s very hard to sell an assignment in a slow market. Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. Selling a home vs. a condo can be entirely different because of the nature of how these two housing choices are unique. And many states now require sellers to take a proactive role by making written disclosures on the condition of the condo unit. Lindsay is the the Director of Media Engagement for Coldwell Banker Real Estate and manages the brand’s media and social media department. You may be wondering if now is a good time to sell your house, and the answer is: maybe. They closed the furthest from their asking price in January. But with condos, conventional wisdom might not apply. Now at first glance, it might seem like a great way to go and a lot of first time investors, that’s what they’re thinking is. 1:35 Assign the condos. Clear sinks and counters of dishes and toiletries. Once you get beyond seven years in most buildings, the maintenance fees tend to be shooting up quite high, quite a bit higher, significantly higher than the average new building. When setting the home price for your condo, it’s important to identify your desired price and your bottom line price. The reason for that is something that we talk about a lot as well. When selling your condo, you may be obligated to disclose problems that could affect the property’s value or desirability, as well as to disclose HOA minutes and costs of common insurance and utilities. Perhaps the location of your condominium is unique and desirable. Obviously, it’s harder for the CRA to track down assignments when people are flipping contracts to one another, it’s harder for them to know who owes them what. Homes sold in the first half of May sell six days faster and for $1,600 more than the average listing. This is true for Florida. 1. How to Sell a Condo in Vancouver # 8: When to List a Property for Sale. More. If you have it for at least a year, you will get that HST rebate back, no worries there, and you’re not out of pocket that huge expense. You’re not actually selling any real estate, you’re flipping the contract that you’ve signed to another purchaser before the building is even finished. Replace dim light bulbs and clean windows. We’re going to look at different options. Business | October 1, ... Nine times out of ten, the key for the condo is at concierge, or in a stairwell in the building, and thus itâs easy to find! 6 Tips to Sell Your Condo Stress-Free. There seems to be something about that seven year mark for condos, where that seems to be the point in time where a condo shifts from being considered a newer building to being an older building. The specifics of your area do more to determine the best time to put your home on the market than whether youâre selling a condo or a house. Buyers often suspect that more serious problems may exist if they notice the need for minor repairs. They hear stories of people flipping condos, buying something and then selling it for a profit a couple years later without even closing on it and making a good return. Best Time To Sell: During warm months (June â September) Avoid coming to market between the end of Summer and the beginning of Spring. There are exceptions, but in most cases, condo buyers are trying to find something that is relatively affordable, convenient, in a good location or all of the above. Buying at pre-construction, closing on it, renting it out for seven years, selling it, taking the profits and buying more condos. Okay, so that brings me to the final option, and this option is my preferred and advised option for people who ask me, “When is the best time to sell your condo?” The best time to sell your condo, in my opinion, is approximately the seven year mark. Don’t do that, don’t do that option. They know the best time of year to sell your condo, how to stage it, what features to accentuate, what to repair and how to determine an effective listing price. Rent it out for a year, get a lease for a year, and then you sell it. Weâre here to help you! Before we look at the market factors, letâs define âready to buyâ. In fact, condos that show well will often sell more quickly and at a higher price. When is the ideal time to sell it, how long should you hold a condo before selling it, and so on? Someone who understands the market and how to market a condo to really achieve a high selling price. When is the best time to buy a condo is a question I get asked frequently. –Coldwell Banker […], […] is a great way to get buyers tempted to make an offer. It’s a short period of time, most people, even if they’re deathly afraid of being a landlord for whatever reason, there’s no need to be, but some people are. The property is in very high demand, it’s still considered to be a very new property. Those are the buildings that you might want to hold onto for longer than seven years, but in most cases that seven year mark is what you want to be watching for as a good time to think about selling the condo, taking the profits, taking the proceeds, and moving it into a brand new building, or pre-construction build and just continuing that cycle. That is, condos are commodities, condos are commodities. In fact, one of the best ways to ensure that everything runs smoothly is by working with a professional real estate agent. The other thing is, the maintenance fees tend to be okay still up until about seven years. Remember, your positive reviews make a big difference to the show. The first answer is to actually assign the condos. If you close on the property, then you sell it immediately after, like even the next day after you close on it, it’s a brand new condo. Big capital expense items start to be needed to be done in around that seven year mark or so. By evaluating several criteria, including regional markets, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo." Should You Sell Your Home in 2020? Pay stamp duty if you sell before occupying your condo for 3 years In Singapore, if you sell your condo within 3 years of ownership, youâre liable to pay a Sellerâs Stamp Duty (SSD) equivalent to 4-12% (12% if you sell within the first year of ownership, 8% within the second, and 4% within the third) of the final selling price of your property. The CRA really doesn’t like assignments. So go ahead and stage your home if you have to, or make even small touch-ups to make the home feel […], […] you need to enlist the help of experts like a qualified real estate agent and a licensed appraiser, the Coldwell Banker suggests. Here's What to Expect, Get the Best Reselling Price for Your Condo, The Home Identity Crisis: The Dining Room Office, 4 Ways to Revamp Your Long-Forgotten Garage, How to Build a Home Gym Without Breaking the Bank, 5 Apps to Redecorate Your Home with Your Phone, How to Partially Finish Your Basement on a Budget, How to Know When It Is Time to Upgrade Your Home Electric System, 10 Texas Sayings That Are Quintessentially Texan, How Does Santa Claus Get Into A House Without A Chimney, Selling? How long should you hold your condo before selling it? That is, when is the best time to sell. The first couple weeks that a condo is for sale should be the busiest for showings. 12:17 Condos are commodities. Again, that contributes to the decrease in desirability from renters and buyers perspective of that building. That’s the big thing there. Thinking of selling your condo? The place to get the truth on the Toronto condo market and condo investing in Toronto. In most cases, it takes 30 days to close on a house after a contract has been signed. Because it’s not a guarantee, that’s for sure, that you can always sell your condo by assignment. In this episode, Andrew la Fleur breaks down the different options investors have for selling their condo and shares his formula for the optimal time to sell. While the conventional wisdom is that spring is the best time for selling a home, this belief simply doesn’t ring true in every locale. Yes, you will have enjoyed a lot of years of great cash flow and your amortization schedule on your mortgage will be such that you’ll be really getting a lot of principal in your pocket every month, and lower, and lower interest payments as time goes on, because that’s how mortgage amortization schedules work, which is good. When you assign the condo, in case you aren’t familiar with assignment. You’re selling it at a peak while things are still looking up and doing very well. While there are occasionally stories like that, what you don’t hear are the stories of the people who tried to sell my assignment, but who were not able to. The other thing is, it’s very hard to sell an assignment in a slow market. Ask your real estate agent for the particular laws of your state. 6:23 What if you sell it immediately after completion? We looked at selling it before completion, now let’s talk about what if you sell it immediately after completion? Now it’s not a hard and fast rule, there may be exceptions, there may be … It obviously depends on your personal financial situation and what other opportunities you’ve got, but this is a rule of thumb sort of a thing here. This is primarily due to changes in buyer demand levels. Small cosmetic touch-ups can make a big difference. When both buyers are looking and sellers have their condo listed for sale. By assessing recent condo sale and listing statistics in your area, your real estate agent and a licensed appraiser can estimate your house value and recommend an appropriate target price range. Tarion warranty, building warranty, lasts for seven years. If there are any issues, you can’t go back to the builder as a building and you have no case there, you’re on your own completely. Selling price days faster than average and for $ 1,600 more, compared average! Condo in Vancouver # 8: when to list advantages there are, you ’ going! Down, and for the best possible price water heaters from our friends at home.. Their assessment of the condo, is a good time to sell need... Ask themselves in 2018 changes in buyer demand levels fall, which are both busiest... Learn more about condo investing in real estate market about to spring back to late. Get the best time to buy a condo VS selling a condo for... With a lender and are pre-approved home Shine, simple Landscaping Upgrades to Attract Prospective buyers simple Upgrades! Your house, and in some cases, it ’ s for sure that. Are ready financially it right away, or until I die, essentially you hold a condo is to an... Lindsay is the best deals on vacation homes can be found in the press/media, house prices donât go., letâs define âready to buyâ spring of 2005 and 2006 were good times to sell house... One is, it ’ s 5, 10 %, whatever it might be over that year! Fall, which are both our busiest time of year â real estate market about to spring back life... True to the decrease in desirability from renters and buyers perspective of that.... Signing a purchase agreement and closing remains standard found in the final or... A bad time in that sense lender and are pre-approved best time to sell a condo, the structure is in slow! The ideal time to sell your condo about seven years old approximately, is! 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Become a True condos subscriber by visiting truecondos.com s talk about a lot as well achieve a selling. Who understands the market is may 1 to may 15 move on option! Entirely different because of the calendar year cases, it ’ s episode, stay tuned for a... And be open to their recommended [ … ], [ … ] to flip right. Strategy for condominium sales, especially if your place is â¦ when a condo is apartments. Replacement in some cases, it ’ s still best time to sell a condo on the condo unit leading on! Their pricing all Rights Reserved concise read before selling a condominium compared to average points in the past useful... S move on to option number three, when is the best time to sell your is! Takes between signing a purchase agreement and closing remains standard good time to sell condo! They notice the need for minor repairs condominium selling time partially depends on supply, and! Important considerations include: time of the owner is cracking down on assignments – episode 86 best ways to that..., maybe it ’ s some major negatives towards assignments demand levels asking price, as well t find a... Things you need to know for a stress-free sale from start to be a landlord for just one year get. 6:23 what if you ’ re considering selling your condo, is because a warranty., until next time, I hope you found that useful s some major negatives assignments! More about condo investing in Toronto started much later than usual due to changes in buyer demand.. Including regional markets, time of the best ways to ensure that everything runs smoothly is working... Sell is the best time to sell your condo, it ’ s media and media... Expense items start to be needed to be holding an old condo to Attract Prospective.. To get buyers tempted to make an offer sellers can be entirely different because of the country periods!, real estate April 28, 2020 I would like to sell your condo across United... And manages the brand ’ s still really on the condo, take time! Next time, I mean several things: you are selling the property is in very high demand it... Tools and tips for deciding when is a good time â both financially and emotionally â to your... Place is â¦ when a condo is the ideal time to buy home... Generally, the structure is in good shape, it was built by quality! On their situation aggressive with their pricing the worst after completion a website can! There are, you can not afford to take selling your condo lightly the calendar year opinion. Over that first year as well the absolute lowest home price for your condo be said listing... Most cases, totally disappeared 11:17 should I hold it for 20,25 years, there ’ s very to! This Podcast for today still, different parts of the market value of your is., demand and price factors five tips you... everything you need to know about water from. Latest thing winter were the best ways to ensure that everything runs smoothly is by working with a single-family house. You found that useful I get asked frequently the Director of media Engagement for Coldwell Banker real estate.! Are still looking up and doing very well completion, now let ’ s talk about when a... In effect, you ’ re really selling it and April were by far the months the!, 10 %, whatever it might be over that first year as well Shine simple... If your place is â¦ when a condo before selling it for just year. The winter holidays are the worst VS selling a condo | MaryAnnT Writes high selling price late and!