There were 4770 detached homes listed for sale in the Greater Vancouver area last month (February) and only 13% (621 homes) sold! The market seems to be entering buyers' territory, giving buyers a chance to buy their dream home. But what does this mean for sellers? What if you need to sell your home right away? You very likely loved your home and want to see it do well. To ensure a transaction and maximize your profit from the sale, here are a few pointers for today's Vancouver market.
PRICING IS EVERYTHING
The most common pitfall of a home lingering on the market is overpricing. It's important to price your home just right - there's a fine line between undervaluing your home and pricing it above buyers' expectations. Find out from your realtor what average home prices were selling for in your neighbourhood. Avoid estimating your sale price based on the asking price of other listings - this can be highly unreliable. Work with your realtor on finding an agreeable list price and go from there. If your home is overpriced and it lingers on the market, the more wary buyers become.
The pricing of your home is not the only thing turning buyers off. Two other factors affecting the sale of a home are rising interest rates and stricter mortgage rules. High interest rates have really magnified the amount buyers pay for a home. Buyers will take into consideration how much they will be paying after all is said and done.
KNOW YOUR COMPETITION
If only 13% of all detached homes sold on the market, a whopping 87% are still available. There is a lot of inventory, making the market more favourable to buyers. Besides finding out what other homes are listing for, check out some of the opens of homes in your area. Buyers will always compare your home with other homes in the neighbourhood - find out what features other homes have that you don't, or! the other way around - find out what gives your home an advantage and price accordingly. Upgrades and amenities really make a difference in this market.
Buyers want to see themselves living in the home they are going to buy when they see the home. Most buyers don't have much imagination. Although you may love having a bright-coloured feature wall, doesn't mean your potential buyers will. Personal touches are fine as long as they are subtle. Some cosmetic changes can help as well. For example, updating cabinet hardware is a quick and easy way to give your kitchen a new look. A fresh coat of paint on your walls can also make your home look brighter and more inviting.
ARE YOU READY TO SELL YOUR HOME? Contact us anytime with questions, we're happy to help out!