We are definitely seeing a time of transition in the Vancouver real estate market right now. Although we hear people all around us saying things like "it seems like the market has really slowed down" and "there's tons of For Sale signs everywhere!" the reality is that these market truths have not quite penetrated through to the Sellers out there.
Of course this is understandable as often the reason someone has chosen to sell is because their neighbour got a really good price and because the newspapers were reporting record-breaking sales figures. The funny thing is that now, despite sobering newspaper articles and reports by the Greater Vancouver Real Estate Board showing a 3% adjustment downwards in prices, Sellers as a whole have been holding on to March 2010 pricing. Some savvy Sellers have reduced their prices and been rewarded with SOLD stickers on their signs but many others have not yet taken charge with what may be their largest investment. The longer they wait, the more and more new listings come online (creating greater competition), and often, the new listings are priced a bit more sharply.
If your house has been on the market for a couple of months, it might be the time to make a push and get it sold before prices fall even further. We have only just come off all-time high prices so chances are you will still do well - just maybe not as well as your neighbour who sold in April. If you think about the stock market, it's almost impossible to predict the exact bottom and the exact peak and real estate is really no different - it just moves a bit more slowly. This really is a blessing as it allows us to see which way the market is trending and act on it.
So how can you get YOUR home sold and move on to more exciting things in your life?
1) Look at the information on your MLS listing and make sure the data is correct. If it's not, it could mean that potential Buyers may not even know about your property as they are sent listings from specific searches (ie. it says 2 BR but you actually have 4 BR)
2) Make sure your property is well presented. This means that the home is tidy, clean and shows well. This should translate into the photos on the property. Ensure there ARE photos for the property (sometimes only 1 or 2 are posted) and that sowing requests are accommodated as much as possible. If Buyers want to see your property but they can't get int to see it, they will move on.
3) Look closely at the recent sales of similar properties, look closely at what your current competition is, and price BELOW all of them. Your realtor will help you with this. Another indicator that you are priced too high (other than the fact that it isn't selling) is if you are not getting any requests for private showings. Bring the price down significantly (not by $3000 at a time) as you want it to attract NEW attention.
I look forward to seeing your SOLD sticker out there! Call us if you have any questions.
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