There has been unbelievable growth in Barrie's condo market since this time last year where condo apartments have increased 26% in price and condo townhouses by 48%. The main reason why there has been such a large increase in price is because the current supply is not satisfying the demand.
The condo market is very tight right now where properties are selling in half the time than a year ago and for new record prices. Last month the average sale price for condo apartments was $332,839 and selling for 101% of their list price. Townhouses were selling for 108% of asking and their average sale price in the month of March was $315,042.
Sellers
In order to get the most money for your condo when selling, it is important to have the right marketing plan to target as many condo buyers as possible. Online exposure is huge when selling a condo as 85% of all people start their search on the internet and you cannot rely on a for sale sign to help attract local buyers and start word of mouth advertising.
This is why it is so crucial to have professional photos and video taken of your unit and the complex grounds. These tools are then used to capitalize on as many social media and online advertising sites possible. You have one shot to make a good first impression and if you have dark photos and no video, buyers might not think it is worth physically taking a look at your unit, which could cost you thousands of dollars.
The final thing to think about is the strategy you would like to use when listing. There are a few different ways to try to get multiple offers on the table so that you can net the most money possible. When deciding on a strategy, make sure to time out the market properly and keep your eyes on the competition as prices are changing by the week.
Buyers
It is a very challenging market out there for buyers. My advice to you is to make sure you work with a local Realtor that is working full time and experiencing the market every day. Also, I would suggest not working with the listing agent and to get your own separate representation. A listing agent won't be able to give you detailed advice if they are representing both you and the seller, not to mention there could be conflict of interest if you are up against other buyers.
Inventory for condos in Barrie is currently sitting at 24 condo apartments available and 7 condo townhouses.
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