How To Be Successful in the Vancouver Housing Market

  • In order to be successful in the Vancouver housing market, you need to know the four elements that must be present when you are selling your home: how your home shows, accessibility for showings, market exposure, and pricing. In this article, we will go over each one of the four success factors in depth. First, how your property shows is essential to finally clenching that sale. Lets think logically here: if you walked into a house or condo that looked like a mess, or was stuck in the 90s, would you want to buy it? Sure the thought “it’s a fixer-upper” may come to mind; however, we all know that first impressions are actually very important in decision making. For starters, you are probably not going to have a great first impression of a messy house: clothes all over the floor, dishes in the sink, toys laying around, broken glass or damaged furniture, carpet that desperately needs to be vacuumed… Your first thought will probably be “Get me out of here!” Moreover, flowery wallpaper, outdated carpet, and unsightly curtains wouldn’t make your decision any easier. Unless you are a master at on-the-spot creativity, the thought of fixing such a place up could give you a massive headache. It is best to give your potential buyers a sense of what their home could really look like. This could help them make an immediate connection so that they will make that offer. Moreover, you will have more potential buyers, which will result in a quicker sale. Second, make your home accessible for showings. It does not make sense to restrict viewing times as Buyers are busy people too. If they can’t view your property when they want to view it, they will often move on. This is a very important point if your property is tenanted. A good relationship with your tenants is very important in this situation. Also, if your front lawn looks like an obstacle course, or if the entrance is blocked by your dog that hates strangers, then your home will have a hard time selling. Third, market exposure is important to a quick sale. If you try to get the word out yourself, you are probably not going to reach many people. However, with help you can reach far and wide. Real estate agents can help you toss a much wider net so that you get the proper marketing and a wider variety of potential buyers. Finally, proper pricing is essential to a quick sale. It will also ensure that you don’t have to cut the price and lose out on profits. To start with, never hike the price up simply because you want to make more money. If you do, your house may stay on the market and cost you money. In the end, you might even have to bring it down further than you are willing just to get the sale over with. The longer your house is on the market the worse it looks. You want your house to sell as fast as possible. This will ensure that you get your full market value for your property. Your best bet is to sell your house within four weeks of it being on the market. However, if it stays on the market for more than 13 weeks, you could be looking at a 2-4% decrease in profit. If it is listed for more than 24 weeks then you are looking at a potential 6-9% difference, if not more. To see how significant this is, take a $1 Million house: if it stays on the market for more than 24 weeks then you could be looking at a loss of $60,000 to $90,000, if not more. That’s enough to buy a high end car! Knowledge about the market is essential to a great sale, which is why hiring an agent is always a great choice. Keep these four factors in mind when you are selling your property, as they are key to making or breaking your sale. For more information on how you can optimize your home and sell it faster, contact the friendly real estate agents at Team Nickerrson. Good luck!