One of the many advantages to living in a condo are the amenities that are available right within your own home. Toronto condos offer no shortage of amenities to enjoy: pools, restaurants, children
How To Manage Expectations For Your Listing
Dated: June 7 2021
Many sellers I work with are first-time sellers. They have had experience buying their first home, but now a different type of home is better suited to their needs and they come to me for help. Before the process is even begun, I can be inundated with questions, “how many offers should we expect?”, “what price should we expect?”, “how many showings approximately until an offer comes in?”
These are all valid questions. If you are thinking about listing your home, or currently have your home for sale, here are some pre-emptive answers to your questions so you can manage your expectations for your listing.
How Many Showings Can I Expect?
The pandemic will naturally affect the number and type of showings that will be given during a current listing. However, I generally tell my clients to expect a few go-getters who will book showings right away. Given how intensely hot the real estate market is right now, especially if you are listing a freehold property, you will see at least two to three showings booked in the first day, often for the same day to protect against losing to a bully offer or to give themselves the opportunity to submit a bully offer.
As for actual numbers, that will vary greatly depending on the price of your property and its location. A 1 bedroom, 1 bathroom condo listing for $600,000 will get dozens more viewings than a 4 bedroom, 3 bathroom freehold listed at $2,000,000.
Also it is important to remember that booking showings is different than people coming in to see the house. Not everyone who books ends up viewing. The most accurate information I can provide is that you should expect more viewings on the second day than the first. One the first day the information is still hitting the air waves and real estate agents are still trying to connect with their clients to firm up times to see your listing. When they do reach out, they’ll book for the second day so they see it as soon as possible.
How Many Offers Can I Expect?
This entirely depends on your pricing strategy. Some people underprice in hopes of a bidding war, others have a sentimental attachment to their property and refuse to sell it for less than what they personally think it is worth.
One trick I have for condo or townhouse owners is to jot down how many showings ask for a status certificate. Conservatively, you can hope that 50% of those who ask for status certificates will return with an offer, but again, it depends on your pricing strategy.
If you are a listing a freehold property, a similar barometer to measure by are real estate agents who request a copy of a recent home inspection.
Now, sometimes there will be anomalies. One house that looks like it is doubtless that it will receive over a dozen offers might not get any, and vice versa. While the request for a status certificate or home inspection is a good barometer, it is not a scientific standard.
Do you have questions about listing a property? Please feel free to reach out! I’d love to answer any and all of your questions.