Vancouver real estate and its market trends shift time to time just like any other part of the world and other metro cities. In our other article and topic, we discussed how a “seller” and or “Buyer” market creates, but let’s do a quick review.
In general, when the inventory of houses is low and the demand to purchase homes are high, a seller market is created. The reverse is when inventory is high and the demand falls, it creates a buyer’s market.
There are other third party influences that can affect the market and make an impact in real estate directly.
- Government taxes and announcement
- Financial banking interest, rules and changes in lending.
- Local and global politics.
- Local and global Economy.
When we phrase “demand” the demand is the consumer or in other words, buyer’s confidence to spend money. Any of the factor above can change consumer confidence and their affordability rate.
In our current Vancouver market, the buyers were affected by Financial rule and interest change, and in addition, government implemented variety of taxes for all kind of scenarios. These changes affected the buyer’s confidence in spending and also their affordability shifted.
Despite of many government interferences to lower the metro Vancouver pricing, it only affected luxury properties and yet the home values in Vancouver surges and rising.
In this paranoid market, where a buyers have a big hope of grabbing a “deal” how a seller can benefit and gain a value for their property they work hard to accumulate the equity and its investment?
The answer is the depiction of the buyer market where “all” buyers are in search of a bargain and deal and the sellers must liquidate the property to a buyer, is wrong and not accurate. In every market there are yet buyers that appreciate the value of the property they view and truly connect to it.
In our other article, we discussed about the first impression and when a buyer sees and images his/her family playing around the living room of the house for sale, is a big connection and no matter what they feel the need for that Vancouver house on MLS® listing.
In a Buyer’s market, a home seller needs to be super familiar with the market trend and changes and prepare for any negotiation and changes. This is important for the seller not just to post their home on MLS and hoping to get a good price. This is a market where there are competing inventories and other selections for a buyer to choose.
- Make your home the one the fall in love
You listed the Vancouver condo for sale and now random buyers dropping in, viewing and make variety of comments. Positive, negative and so on. Some bargain hunters, and some genuinely are seeking their family future home. You only need one interested buyer to fall in love. So make your property suitable for that buyer to see his/her family in it. Prepare and get your home ready for sale. There are many articles previously I wrote on this subject for how to prepare your property for sale.
- Price, Price, Price
The most important factor in selling your home is the price. Read, analyze, compare, know the dollar per square foot, days on market, sales ratio, and all trends. This is super important as grabbing a number of the air is not helping with selling your home to the targeted market.
Analyze the approval rate and in what category rate most shoppers are active, which value your Vancouver home for sale falls in? Some sellers are not being told by changing another ten or few thousand dollars up and down in their price, they literally can change the traffic that comes to view their home. Sales Ratio is super important and not many know how to use it.
As an expert Vancouver Realtor, I have been analyzing sales and numbers in certain market that I’m expert and can help with your need.
Price your Vancouver Home for sale perfectly suitable before it goes on MLS® listing.
- Marketing and ads
Power of marketing is super important in a buyer’s market. In a seller market, it is easier to move a product as there is no other inventory to choose so buyers compete for it. Therefore, anyone with a little or no experience can sell a property in a hot market.
Buyer’s market requires sophistication, experience, knowledge and ability to maneuver in the correct direction. Axel Ziba Vancouver REALTOR® is there to provide essential information and knowledge required for such sensitive market.
As a seller you need someone strong behind you to expose your home for sale in every direction, locally and globally. Marketing and advertising is super important and at our office and brand with Engel & Völkers we are determined.