SITUATION
When I met my seller, she was in her late 20s, newly married, and living in her first home, a 1 bedroom plus den condo in Hintonburg. It had served her well. She could walk to the shops, patios and coffee spots along Wellington West, the den worked as a home office, and the bedroom layout gave her a bit of privacy in a smaller space.
But a condo that feels just right for one person feels different once two people are sharing it. She and her husband were ready for more room, and the plan was to sell the condo and move up to something bigger.
On paper, that sounds simple. In reality, she had never sold a home before, and the Ottawa condo market had (and has) been quiet for months.
CHALLENGE
She came into this with two sets of jitters, and she was honest with me about both from day one.
The first was the kind every first-time seller has. Will it show well? What if nobody comes? What am I missing?
The second was the slow condo market. Buyers had time to be picky, and there were plenty of other condos for them to choose from. Like a lot of condo owners right now, she had bought at a higher point in the market, and she wanted to cover her costs.
That's a completely normal feeling. You can hope for a price, or want to cover your costs because you bought when prices were higher. But the market does what it will do, and the sellers who do well in a slow market are the ones who accept that early.
STRATEGY
We started with honesty in both directions. She told me what worried her, and I told her what I was seeing in the numbers, even when it wasn't what either of us wanted to hear.
Then we did the work up front. Every repair got handled before we listed. We redid the caulking and took care of the simple things that made the condo feel new. She decluttered so thoroughly that she was half packed before the listing went live. In a slow market, buyers compare everything, and we wanted this one to stand out as the clean, cared-for option.
On pricing, we made a deliberate choice. We priced a little above market to try to cover the gap, knowing full well the market would have the final say.
When an offer came in, it wasn't full price. This is where she impressed me. Instead of taking it personally, she listened to the buyer's reasoning. Their arguments were sound, and she recognized that future buyers would likely say the same thing. Holding out would most likely have meant more time on the market and a similar offer later.
She also looked at the bigger picture. She was about to buy a larger, higher priced home in the same buyer's market. Whatever she gave up on the smaller condo sale, she stood to more than make back on the bigger purchase.
RESULT
The condo sold in less than a month, which was faster than either of us expected with the condo market as quiet as it has been.
When it was done, she told me she felt "at peace." She had made every decision based on facts, not on hope, and she was excited to move on to her next chapter.
If you own a condo in Westboro, Hintonburg, Wellington West or anywhere in Ottawa and you're wondering whether now makes sense for your move up, I'm happy to walk you through the numbers on both sides.
When I met my seller, she was in her late 20s, newly married, and living in her first home, a 1 bedroom plus den condo in Hintonburg. It had served her well. She could walk to the shops, patios and coffee spots along Wellington West, the den worked as a home office, and the bedroom layout gave her a bit of privacy in a smaller space.
But a condo that feels just right for one person feels different once two people are sharing it. She and her husband were ready for more room, and the plan was to sell the condo and move up to something bigger.
On paper, that sounds simple. In reality, she had never sold a home before, and the Ottawa condo market had (and has) been quiet for months.
CHALLENGE
She came into this with two sets of jitters, and she was honest with me about both from day one.
The first was the kind every first-time seller has. Will it show well? What if nobody comes? What am I missing?
The second was the slow condo market. Buyers had time to be picky, and there were plenty of other condos for them to choose from. Like a lot of condo owners right now, she had bought at a higher point in the market, and she wanted to cover her costs.
That's a completely normal feeling. You can hope for a price, or want to cover your costs because you bought when prices were higher. But the market does what it will do, and the sellers who do well in a slow market are the ones who accept that early.
STRATEGY
We started with honesty in both directions. She told me what worried her, and I told her what I was seeing in the numbers, even when it wasn't what either of us wanted to hear.
Then we did the work up front. Every repair got handled before we listed. We redid the caulking and took care of the simple things that made the condo feel new. She decluttered so thoroughly that she was half packed before the listing went live. In a slow market, buyers compare everything, and we wanted this one to stand out as the clean, cared-for option.
On pricing, we made a deliberate choice. We priced a little above market to try to cover the gap, knowing full well the market would have the final say.
When an offer came in, it wasn't full price. This is where she impressed me. Instead of taking it personally, she listened to the buyer's reasoning. Their arguments were sound, and she recognized that future buyers would likely say the same thing. Holding out would most likely have meant more time on the market and a similar offer later.
She also looked at the bigger picture. She was about to buy a larger, higher priced home in the same buyer's market. Whatever she gave up on the smaller condo sale, she stood to more than make back on the bigger purchase.
RESULT
The condo sold in less than a month, which was faster than either of us expected with the condo market as quiet as it has been.
When it was done, she told me she felt "at peace." She had made every decision based on facts, not on hope, and she was excited to move on to her next chapter.
KEY TAKEAWAYS
- In a slow market, preparation matters more than ever. Repairs, fresh caulking and serious decluttering are what make buyers choose your condo over the one down the hall.
- An offer under asking isn't an insult. Listen to the buyer's reasons. If they're sound, the next buyer will probably say the same thing.
- If you're selling and buying in the same market, look at both sides of the move. A soft market that costs you a little on your condo can save you more on the bigger home you buy next.
- It's okay to price a little above market to test the water, as long as you go in knowing the market gets the final say.
If you own a condo in Westboro, Hintonburg, Wellington West or anywhere in Ottawa and you're wondering whether now makes sense for your move up, I'm happy to walk you through the numbers on both sides.