Jay Mcinnes

Mobile: 604-771-4606


Fast Sales & Multiple Offers?!

Fast Sales & Multiple Offers?! 

We had a wealth of feedback last week from a lot of you, seemingly in the same situation as Sarah, i.e. Property you are looking at has either sold fast, or you have lost out in multiple offers.

In case you missed last weeks blog/video, click here to take a read. In summary, Sarah asked the following question:

Q: You say a ‘balanced market’ yet Ii’ve lost on multiple offers 4 times now, how is this happening in a balanced market? - Sarah A, West End

It turns out Sarah is not alone in this. A lot of you out there have been caught in the changing market. The truth is, we don’t blame you at all, it can be quite a swing all of a sudden and it can come from out of nowhere, or so it may seem.

To paint a more accurate picture, we’ve put together some of the latest numbers for October (month-to-date) to show you what is happening on a larger scale in the market and WHY more property is selling faster and in multiple offers.
Let’s take a look at the market:

Vancouver Eastside & Westside October combined:

Note: ‘Previously priced higher’ percentages are not based on total sales, but based on a percentage of the properties sold in under 30 days.
What’s interesting in these figures are a few things:

1) When pricing was adjusted to the new market rates, the properties sold within 30 days, some in less than two weeks. Proving again, providing pricing is accurate, you can feel more assured about selling your property.

2) The high number of sales in the first 30 days of being on the market. To put this into perspective, if you find 3 detached homes you like, 2 of them are accurately priced, you have 30 days to pull the trigger or you will lose the opportunity on over half of your choices. In the above example, bringing your desired properties to 1 or none. If we look at the attached market, let’s say you find 4 properties you like. If you don’t pull the trigger in 2 weeks, you will be left with possibly 1 property that suits your needs, again possibly zero. That’s a FAST turnaround time. 

3) Now consider what happens when multiple groups are looking at just 1 option that suits their needs. They all place offers in order to get it, as there are not multiple other choices to fall back on. This is why people are seeing multiple offers on the rise. If you like the property, it’s highly likely others will for the same reason.

Now this may seem doom and gloom and the sounding of a sellers market, however the figures show how fast a home will sell ……… Providing it is priced correctly! The figures still clearly show a buyer is not going to overpay for a property usually. In fact, 17.2% of Attached homes sold in October have been sold for over asking price, and 22.2% for Detached Homes. Although that number is creeping up, the height of the market saw a much, much higher ratio. So be assured when buying, just because you are acting quick, does not mean you cannot take the necessary steps to protect yourself (inspection, finance subject etc.)

The moral of the story being, get your affairs in order if you are a buyer and be confident in proceeding forward once you find a home you like. Don’t be put off by having found the one right away. A lot of buyers miss out because of this and end up waiting and waiting for another ‘right one’ to come around. 

If you are a seller, it is as clear as day, market value or nothing (unless you have a really unique home.) Set yourself up for success here.
Thanks for joining this week everyone! We will catch you again next week! Please do hit subscribe on either our youtube channel, podcast or both! You can catch the recording or video of our blog subjects for easy listening on the go every week!
Until next week!

Mcinnes Marketing Out!

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523