with Condo Metropolis LLC

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  • Ready to Sell?

  • How Do I Know When It's Time To Sell?

    The answer is that it all depends. It depends on whether you need the cash for something urgent that came up, or if you simply timing the market to make your best return.

    In most cases, it's the latter. In which case, you'll need to keep an eye on the market. And for many of you, the exchange rate could be just as important, or more important. We've seen cases in which the exchange rate alone, was a good enough reason to buy. Or sell.

    It also depends on what you paid. For those that were lucky enough to enter the market at rock bottom, it might make sense to exit earlier, while those who paid more, might have to wait a little longer to see the same return on investment.

    It also depends on what your expectations are with respect to your return. Expectations are not always grounded in reality. One investor's weak return, might be more than another ever expected. 

    The best way to find out what your property is worth, is to see what others have sold for, and what new listings are asking. You can see the latter by using our free sales search engine at: http://condometropolis.com/buyers.

    If your property is currently tenanted, then tying to sell could be a challenge. Tenants don't typically co-operate very well with the prospect of losing their home. We strongly recommend waiting until the unit is vacant before attempting to sell. This way, the home can be refurbished so that it looks its best and secondly, Realtors can view at their leisure using one of our secure lockboxes.

    If you feel like it might be time, feel free to chat with one of our agents. We'd be happy to talk through the issues with you and see what strategy makes the most sense.

    FIRPTA - tax implications for foreign investors: 

    If you're an international owner, you will likely have an IRS "witholding" at the point of sale, unless you have an exemption certificate. This is basically taxes on the sale of your investment. These are withheld at closing by the title company and forwarded to the IRS. However, you can often claim these back at a later date when you submit your tax return. Again, ask your accountant about this.

    For more information, check out this IRS link.