The real estate market now operates under different conditions and with restrictions such as the 2 metre distance rule, no-touching policies during showings and many services essential to buying and selling temporarily unavailable, selling and buying a condo can be a challenge on its own. And while the majority of sellers decided to drop out of the market for a while, others did not have the luxury to postpone the sale, mostly due to financial or personal reasons. Many people were forced to sell because they were in the midst of a transaction when the pandemic hit, others had a job relocation and needed to move. The good thing is that many of them managed to successfully find a buyer despite the crisis at hand, which only indicates that many buyers were equally in need to act quickly.
As we see restriction measures loosening up, more buyers getting back to the market as they are looking at opportunities to get into the Downtown Toronto market, and if one is thinking of selling a Toronto condo, it could be the perfect opportunity to act. While no one is quite sure how the market will behave long-term, there are certain indicators of what buyers will be looking for in the current market, so if you are considering listing your Downtown Toronto condo soon, here are a few pointers that can help you use the current circumstances to your advantage.
Many homebuyers will be looking to benefit from a slower market
Many Downtown Toronto condo buyers, especially first-time buyers, who were driven out of the market by high demand and competition, could see this as their chance to finally set foot in the Downtown Toronto area and make their dream of homeownership come true. With more affordable mortgage deals available currently and less competition in general, they could feel confident enough to enter the market. Another benefit for sellers is the drop in listings by over 60% in April which means that competition is low on their end as well, which makes it easier for sellers to have their listing stand out.
Buyers out there right now are serious buyers
Many Toronto condo buyers delayed their condo purchase because they were concerned about their jobs in an uncertain time and/or their safety. Going to a home showing is still a no-go for many because they don’t want to expose themselves to potential virus risks if they do not have to. Plus, wearing gloves, masks, and restraining from touching any surfaces is an additional hassle that limits buyers in thoroughly inspecting a property. So, it is safe to assume that the buyers who actually make an effort to view a condo are highly interested in buying it.
Virtual home sales are possible but many will still want to see what they are buying
Virtual home tours now play a key role in real estate transactions during this challenging time, and sometimes even lead to sight-unseen sales. However, most Downtown Toronto condo buyers still want to see the property in person before making their final decision. As a condo seller, you should accommodate serious buyers and enable them to visit your condo in-person if they express the willingness to see it.
The market has become more circumstantial
In the past two months, the experiences have been different from buyer to buyer and seller to seller. Prices have dropped in some neighbourhoods, but not in others, so each sale has been impacted on various factors and can vary case-by-case. If the current buyer profile and their motives for the purchase falls within the seller’s reasons or expectations for the sale, an agreement can be made. As a seller, you need to weigh your options, observe the market in your area and figure out what end result you are looking for under the current conditions. If you want to discuss your needs and selling plan, feel free to contact me here for more information.