The news is telling you one thing & your Realtor is telling you another… What are you going to do? Who are you going to trust? Well first and foremost you can trust the data!
The data allows both your Realtor & the news to be correct in their own rabbit holes of information.
I would like to disclaimer this by saying that you should be selling based on your personal circumstance & not the noise you are hearing about in the market. I am Mainly speaking with regards to your principal residence. If you are trying to crystal ball the market regarding your investment properties so be it. But always keep in mind that is exactly what you are doing, trying to look into a crystal ball. Is the writing on the wall? Possibly, but not definitely.
All that aside, the market is currently at best buoyant. What does this mean for Vancouver Real Estate Sellers? It means that you no longer have the security when going to market that all buyers are thinking ”well I’ll pay this price today because it will be more expensive tomorrow”. So with that undertone in the market evaporated over night as it seems, what is a seller to do? These are the three things you need to now focus on if you want to stay ahead of the game & sell in this new Vancouver Real Estate Market.
Look at the data. There are not a lot of sales that are truly bench mark differences between the peak of the markets activity & today’s numbers. This is what your Realtor will tell you and they would be correct in saying so (in most cases). The news will tell you that sales numbers are down 20, 30, 50 percent from this time last year to now. They would also be correct. The velocity of the market is substantially diminished from last year. But be clear, they are speaking about the number of sales taking place, not the value of the homes being sold. But all of this does not mean that Sellers will just sell you a home unjustifiably cheaper, there are no true tangible (or not many) facts outlining that the market value of homes has actually dropped in most cases.
The market is buoyant in most segments & neighbourhoods. Just because its no longer going up doesn’t mean that its going down. Could this happen though? Of course. Is it yet, in some areas its starting. But new benchmark pricing needs to be achieved to prove this & those benchmark numbers are not that easy to find, yet.
Listen to your selected Real Estate professional & use the data that is currently available for the comparables to your home. Decide on a fair market price for your home and select a listing price range directly under that number. The name of the game now is to keep Buyers interested in the possibility of your home. This always starts & ends with the price. Give them no excuse but to pay attention to your home because its priced so well. Keep in mind, the current alternative is possibly months on the market… You need to motivate the market now & not chase it down month over month like your competition.
Homes now more than ever need to be presented perfectly! Don’t give your potential buyers an excuse to wait to make a move on your property. Keep them out of the “lets see if anything else comes up” mind set when it comes to your address. You need to paint the perfect picture of life in your home when you list your home for sale in this market.
Buyers believe they have time on their side, and for the most part they currently do. Its your job together with your Realtor to remove all potential excuses for buyers not to make a decision to purchase your home. You need to have your home presented perfectly, accessible as soon as possible for showings & be flexible with the terms on the offers that you receive. A balanced market provides an even playing field for both buyer & seller. So how are you going to convince the buyers in your price range to spend their money on your property & not the next?
Give buyers no excuses, keep your home magazine ready and showing as if a TV crew could walk in any minute to film it for the next big HGTV show. It’s the little things that count and if you can not build an emotional connection between the buyers & your home in under 30 seconds of video, first three photos online or first 60 seconds of a walk through then you have lost the game.
The most proactive step I believe sellers can make in the current state of the market is to get a pre-inspection ahead of time on their own property. Getting a pre-inspection from a reputable local inspector will alleviate any potential issues that a buyer may find on their own later on into your deal. Any issue found by a buyer is a point of leverage for that buyer to adjust the price or terms of the contract. If you find issues & present them to the buyers first or better yet, repair those issues you are not giving your buyers the leverage of this situation.
This is not a message to sellers not to sell in the current market. This is a message to educate seller on what to expect in the current market environment that they are entering.
For any further information on selling your Vancouver Home in this changed Real Estate Market please don’t hesitate to contact us today at 604-771-4606 / firstname.lastname@example.org.