As spring turns into summer and HST is looming in our wings, the Greater Vancouver residential market is changing. There are more listings on the market now than I have seen in my 8 year real estate career. There is a lot of speculation around what is driving the abundance of listings but one thing is clear, the market is not what it was a few months ago. What does this mean for Sellers? It means that if you want to sell, your list price has to be very competitive and your home needs to be very appealing to the decreasing number of qualified buyers in the market place. Mortgage rates remain low and some would-be buyers who are qualified for a low interest mortage rate have yet to purchase. It is possible to sell but it may take longer and the sale price may not be as high one might expect.
The key element to attracting a willing Buyer/s with a reasonable offer is to ensure that the original List price is attractive to potential Buyers. Home buyers are savvy. They have access to a lot of information and often, they are very familiar with current market values. Over-pricing in this marketplace will likely lead to a lot frustration for the Seller. Most over-priced listings ultimately result in a price reduction so why not price the property sharply from day one of the listing and hopefully, sell your home earlier in the selling cycle rather than later? The best offer usually comes in the first 2-3 weeks of listing your property for sale. Why miss that opportunity? If I can assist you with establishing current market value of your home for the purposes of listing and selling, please phone me!
Call Susan J. Weeks at 604-761-4859 or email susanjweeks@telus.net