How do you sell your Vancouver property when the supply of listings is up?
There are more listings on the market and fewer buyers. It seems to me that some of the buyers are confused by having so much choice, so they keep looking at more listings rather than view the ones which meet their criteria, shortlist one or three, view them for a second time and make a decision.
If you are a buyer you should always have a priority list and number it one to ten. If you are a couple, you should have two lists, then amalgamate them into one. This way you will be focused on what is of most importance to you in selecting a property.
At the end of the day, after we’ve marketed the Vancouver property by way of a virtual tour, 10 professional photos on the MLS, commissioned a company to do a professional floorplan, uploaded the listing to our website and blog, distributed Just Listed flyers, held numerous Open Houses, advertised it in TheRealEstateBook, accommodate showings, there is only one thing left that makes the property stand out above its competition and that is The Price.
In this market I suggest motivated sellers should price the property at what it is worth, not to inflate the list price. In fact, pricing it at what the last comparable suite in the building sold for (be that earlier in the year or at the end of last year) rather than inflating the price, will attract a buyer in a quicker time. Not all sellers are motivated to act in this manner.
There are a lot of properties on the Vancouver market that are not priced right and they will not sell, as the buyers will offer on the ones that are priced the lowest. I also turn down listings in this market, if the seller is not realistic, but i notice rookie Realtors take the listing at the wrong price. These overpriced listings will eventually come off the market and things will settle down but I think it will be the Fall before we see that happen.
I recently sold my listing in the Star of Kitsilano. We had an offer right after we listed it, from an owner in the building but they got cold feet and we didn’t reach an agreement. Then the suite was viewed for a second time but the buyer decided the den was too small. So a week later the owner agreed we should adjust the price to $449,000 and capture the buyers who are at the $450K price point.
About ten days later we had 3 buyers who all viewed the suite for a second time in the week running up to the long weekend and none of them wrote an offer. Frustrating! After the long weekend we got two offers. The first had already been accepted before the second one wrote, so it went in back up position. I wasn’t sure if the first offer was going to remove subjects, she was a little hesitant, but she did.
It was six weeks from when the suite was listed til the subjects were removed. In all we had 3 offers.
Another listing at 907 Beach Avenue sold within a week. The seller priced it at what the same suite two floors up had sold for last Fall. The buyer recognized the value.
Another listing at 1010 Burnaby in Vancouver’s West End was well priced at $648,00 two weeks ago. We almost got an offer but the elderly couple didn’t have the energy to do some required updates. Then we had three showings from another buyer and he’s out looking at more suites. The seller reduced the price today to $625,000 and is open to an offer. My seller is in Seattle, he says the market there is picking up.
Another listing at 1415 West Georgia, Coal Harbour was priced at $838,000 but we haven’t had much activity, so after three weeks on the market we have reduced the price to $808,800. Make an offer!
Another listing at 1650 Bayshore Drive, Coal Harbour, was priced at $1,488,000 which is what the suite underneath it sold for a year ago. After lots of traffic at the open houses, lots of showings and a number of second showings we aggressively reduced the price to $1,398,000. The assessed value is $1,469,000. We almost got an offer! The buyer is busy and will be back to us. Then we got an offer from another buyer but it’s too low. In my opinion this is the BEST deal in Coal Harbour. A 5 year old building and the suite is in perfect condition and has stunning views of the water and mountians. BUY THIS!
If you’re wishing more info on any of the above listings please fill out my contact form.
Wishing to sell your Vancouver property and looking for a realistic evaluation? Please fill out my contact form.
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{ 3 comments… read them below or add one }
“How do you sell your Vancouver property when the supply of listings is up?”
You drop your price quickly before every one else beats you to the punch.
Seems pretty logical… Price sharply and throw in that plasma… You may need a little incentive with so much on the market
good idea! or a dinner for two at Umbertos!
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