If you’re thinking of selling a condo in Burnaby, there are many factors to consider.  From marketing, timing, preparation, and pricing, making a sale that works for you is not always as straightforward as you may think.  Here’s what you need to know about selling a condo in Burnaby.

 

Marketing Matters

 

Condos today are as unique as the neighbourhoods they’re found in, so marketing your condo effectively is an important component of selling your condo.  Know your building, know your neighbourhood, and know your audience – these are all critical aspects of marketing, even as important as pricing your condo properly.  Then obviously, you need to display your Burnaby condo attractively.  You needn’t throw a bunch of money into renovations, but a new coat of paint and a clean, clutter-free appearance can make a world of difference.  And finally, you need to have quality photos of your condo for marketing purposes.  If you’re not confident in your photography skills, consider hiring a professional so that your condo attracts more potential buyers.

 

Timing is Everything

 

When you’re selling a condo in Burnaby, carefully consider the seasonal changes in the real estate market.  Each seller is going to have different reasons including financial reasons, job changes, or other personal motivators.  That being said, there are seasonal fluctuations in the market.  From January to March, the market tends to be slower and the spring market is when sellers get the most value for their properties.  As the weather heats up and people are on vacation, we tend to see dips in the market – prices come down and sales slow.  The second busiest time for the real estate market tends to be the end of summer to early fall.  So, if you can afford to wait for the spring season, you’re likely to get a great price for your condo.

 

Preparation and Pricing

 

Preparing and pricing your condo are also major factors in selling your home.  When it comes to preparation, you have to think of making a good first impression – clean, tidy, spacious, and attractive condos sell faster.  Consider hiring professional cleaners to ensure your property is immaculate.  Also, keep your space organized – beds should be made, clutter should be stored out of view, and you should also remove all unnecessary furniture and knickknacks to give the impression of more space.  Finally, ensure your condo is in good repair so that potential buyers won’t try to negotiate the price based on even minor problems they find in the home.

 

Speaking of price, how do you accurately price your Burnaby condo?  Clearly, you have to consider the average market price to determine the value of your property.  Your sales goals are also important – you might want to get the best possible price for your home or you might need to sell by a particular date.  Once you understand your goals, you can consider your pricing strategy.  Ultimately, getting top dollar means you’ll sell your home when the market is hottest, and this takes patience.  On the other hand, if you’re in a hurry to sell your home, you probably want to price at or just above market value to attract more potential buyers.

 

Need more information? Call me 604-499-1996 today!

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Tips for buyers


Secrets for buyer's direct from the horse's mouth!


1. Location.

First-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. If your an investor, a condo near public transit or a university is always good.


2. Know your credit rating.

Do not just assume your credit is in order. Before proceeding with a lender check your credit and make sure there are no outstanding issues that may hold you back after finding your dream property. In addition if there is a mistake with your credit from an old bill for example this can be easily rectified in most cases. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166 to check.

 

3. Don't rule out heading out of the city.

Young families are heading out to buy affordable and newer resale homes. Sometimes it pays to go further depending on what you're looking for. If you value the space more and have a strict budget then buying downtown Vancouver most likely wont do.


4. Know your true price range.

Meet with one or more mortgage lenders to get pre-approved and understand what your true price range is. Often times in this market especially under 1 million dollars Condos/Townhomes in the lower mainland, if you go to make an offer the odds are you will be in a competing scenario. A good tip with this market is if your budget is 500k for example then its not a bad idea to also look at properties priced around 50-100k under that budget. The harsh reality right now is that the majority of attached properties are all selling over asking & in some cases well over. Otherwise In a more traditional market it would be normal to look at properties above your budget and try to negotiate lower against no competition.

Also a good tip is when you are in that multiple offer scenario and trying to determine how much your offer should be, I tell all my clients to offer as high as your comfortable with and then use this exercise. Imagine the property sold for 10 thousand more then your highest offer price, Would you be upset and feeling afterward you would have paid that? If the answer is no then you have found your maximum offer for that particular property.


5. Get the best representation.

A home for most people is the biggest investment you'll make so you want to feel comfortable when you go to buy it or sell it. A good starting point is find an agent you feel you can trust and who operates in a sales manner that your comfortable with. Some prefer a more high intensity pressure type sales agent to represent them where as others prefer to work with someone a little more laid back. Regardless find an agent who has a solid marketing plan plus a proven track record of successful negotiated sales.

 

Need more information? Call me 604-499-1996 today! 

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Monthly Statistical Reports - July 2017

 

Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

 


There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

 

 

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

 

 

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

 

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

 

 

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

 

Click here to download the July 2017 stats package

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