Buyers and Sellers rejoice! I’ll start this off with the positive news. There is hope for both of you. Yes, that’s correct you heard me (well, read more like) this correctly, there is hope for both of you. This is the case if you just take certain steps to assure you and your assets are working for you.
1. Understand we are in a buyers market - I know this seems as simple as ‘check you’ve plugged it in’ but it really cannot be understated. We are in a buyers market and the record high prices of 2016 are not the world we live in any more. Expect your home to take a bit longer to sell and offers for less than you wanted to come through. It’s not a personal insult, it’s just the market. Vancouver, just like all other cities follows a trend. As a buyer, expect to see more inventory on the market. Just because that condo has not sold in 14 days does not mean there is necessarily something wrong with it (of course always get the appropriate inspection/reports done to make sure.) But here is where you have a great opportunity to find your dream home at a more competitive price, without settling. Sellers, don’t you worry, as what happens when you sell? Typically you then look to buy!
2. Developers/Builders - As a seller, if your home is ripe for development or the interior is outdated, make sure your realtor is looking at developers and builders / property flippers. Especially in condos within this market. A lot of builders will come and renovate the unit either as a facelift, or they’ll strip it right back and rebuild practically from the studs. We deal with builders all the time and right now they love to invest in property. For anyone keeping an eye on the market, you may have seen the likes of Bosa, Anthem and Westbank purchasing a lot in the downtown areas. Especially Bosa in the West End looking to redevelop entire buildings.
3. Staging and Marketing - Further from point 1. There is more inventory on the market. Meaning your property needs to stand out. So if you have an empty apartment, consider getting it staged (we have a couple of recommended stagers if you need one). Although not all homes need staging, make sure you at least declutter and take professional photos. I’m going to repeat this loud and clear iPHONE PHOTOS ARE NOT GOOD…. NOT GOOD! Unless the camera on the phone is used to its maximum potential, quick snaps look cheap, which makes your home look cheap. Unless it’s a builder or investor buying your home, emotional connection is what sells your home in this market. Make sure you are painting a picture for them when they walk through that door.
4. Buyer Requests - As a buyer, with the slow down, you are more likely to getting away with asking for small DIY projects to be completed as a subject to your offer. At the height of the market, it was a race to get in the door, view the place and present your offer. It was only after this you realized you needed to do some DIY to the place if you got it. Well now the market is slower and if you’re willing to put an offer in should the requests be fixed, that’s likely a huge appeal to the seller.
5. Opportunity- With average prices per Sq.ft reducing (Coal Harbour at $1,500 per Sq.ft now vs $1,800 at the end of last year and Yaletown at $1,205 vs $1,495 at the end of last year) that means you don’t necessarily have to sell your home for as much as you would have needed to two years ago. Although your home may have come down in value since then, likely so has your target home/neighbourhood. Negotiation is something your realtor should be really strong at and know the area to help you plan ahead.
Following the above steps will put you miles ahead of 90% of the current market. If you want to discuss these steps further, send me an e-mail at email@example.com . Right now we’re offering a free home consultation to those looking to find the value of their home!
Until next week!