So you've heard the Vancouver real estate market is hot, and decided that it's time to put your home or condo on the market? But how can you be sure that your Vancouver home is in one of Vancouver's real estate hot-spots and, more importantly, what are the most important factors to take into account when selling Vancouver real estate? In this post we'll guide you through the top tips to selling your home in Vancouver.
First things first, how to decide if your home or condo is in one of Vancouver's best selling areas? Well, we would say this, but ask your Vancouver Realtor! Realtors are naturally ideally placed to advise you on what is selling, for the best price and in quickest time possible. However, if you'd like to back up this advice with a little of your own research then visit the Real Estate Board of Greater Vancouver. The organization's website contains a very valuable set of resources for both those searching for homes to buy in Vancouver and those looking to sell Vancouver real estate – for the latter the monthly statistical reports are likely to be especially useful.
Having taken the advice of your Realtor and checked the monthly stats for your area, if you've decided your home or condo is as hot as it's likely to get, then it's time to go to market. There are three important tips you should consider at this stage, to ensure you get the best price going and in the fastest time possible.
The bottom line is, of course, likely to be one of the defining factors in marketing your home. Again, your Realtor should provide you with an accurate, fair and realistic price at which to market your property. However, further checks on sold prices and competing properties in your area can be a good plan – check MLS listings and even ask around in the neighborhood. For the hottest properties in the hottest areas discounting that best price by up to five per cent is an excellent strategy. Counter-intuitive as this may seem it's a strategy that is almost guaranteed to generate an off-the-scale amount of interest and will, hopefully, push up the final sale price you achieve beyond that best price threshold!
When the offers come flooding in – and with the top Realtors they will – don't accept the first offer that comes your way. In a sellers' market your Realtor is likely to advise you to hold the property for at least a week. Accepting the first offer may well lose you several thousand dollars but keeping the property listed and visible should bring in increasingly good offers. Once you have a healthy set of offers set a date for final offers and, if your home or condo is truly desirable, expect a bidding war!
Timing is Everything
When it comes to viewings or open houses schedule these for the weekends where possible and try to include Friday's in this schedule. Ideally also ensure that the property for sale is listed on MLS listings early in the week, allowing time for people to plan their viewing. Friday viewings or open houses may be best attended by agents but the weekend open house is the one that is most likely to find your perfect purchasers. If you've priced your home or condo low (as discussed above) you should expect a very busy weekend!