In today’s hot real estate market, it seems that both buyers and sellers are suffering from real estate fever. Eager buyers are snatching up properties faster than they ever have before while sellers are reaping the benefits of common multiple offer situations. If you want to take advantage of this fantastic market environment, be careful not to overprice your property.

It goes without saying that we always believe our condo to be the best one in our building. What with the renovations to the kitchen and the bathroom and the various upgrades you have done throughout the unit, you may feel that your condominium is worth much more than any one similar one. This is a very common misconception homeowners have. Your property is only worth what the market will bear. In other words, if no one is willing to give your asking price, then your unit is not worth that price.

Hot real estate markets can be a double edged sword. One the one hand, prices are high and numerous properties are changing hands. However, such a hot market can also be very volatile. Demand and therefore prices can shifts at a moments’ notice and this could leave you high and dry.

The best tactic when trying to sell your condo is to first do your homework. Enlist the help of a real estate agent and look at what comparable units have sold for in the last month or so. Pay close attention to location and amenities as these could significantly affect the price of a property. Once you have a good idea of what your condo is worth, list it one or two percent below this value. This may sound counter productive but you have to remember that everyone loves a deal. Pricing your condo slightly below market value will generate lots of interest and the more people see your unit, the better your chances of selling fast and for a good price.

It is very important to try to distance yourself from your home. You should look at it as an investment or a piece of real estate not as a place where you and your family have spent happy years. You should also attempt to showcase your property very neutrally. What I mean by that is that you should remove all your personal mementos and photographs and apply a fresh coat of paint in light neutral colors. You want potential buyers to imagine themselves living there.

Remember to trust the advice of your real estate agent. He or she can look at your condo objectively and they will help you stage and then price your unit for fast action. It is in their best interest to generate lots of interest for a fast sale. You should also keep in mind that listing that are more than 30 days old are considered stale and agents and buyers alike have a tendency to discard them. So the tactic of pricing your condo high with the intention of lowering the price later can backfire. You are much better off pricing your property aggressively and who knows, you might even end up with multiple offers.

Author Bio: Todd Black is a full time real estate professional who specializes in Toronto condos and lofts. Feel free to visit the site to search for available condos and lofts as well as updates on market information an real estate related articles.

Category: Real Estate
Keywords: real estate, condos, home selling