Position Yourself & Your Listing For Maximum Return
There are many steps you can take when Selling in a buyers market to increase awareness, viewings and hopefully offers. By working closely with your professional Realtor, researching your local market, and knowing what is currently available you can increase awareness from potential buyers by taking these few steps.
- Price your home competitively, by being slightly below similar listings you can attract more inquiries.
- Attend open houses of nearby listings to get a sense of price, value and amenities. Knowledge is power, especially in the Vancouver real estate market.
- React accordingly to the market. If the market is beginning to lower average prices and houses are on the market longer then its key to adapt and make sure you adjust your asking price as well. Being slow to react will only discourage potential buyers.
When is The Right Time To Put My Property On The Vancouver Market?
The Lower Mainland is notorious for bad weather. Gloomy, rainy days aren’t ideal for showcasing your beautiful home or condo. Impact and presentation counts for a lot in Open Houses as well as listing photos and videos. The mood captured on a clear sunny day versus a typical Vancouver November morning will seem literally like day and night.
When a seller is trying to sell their property in a buyers market they must take advantage of all elements at their disposal and choosing the right season is key. Spring and Fall are the best seasons to list your property as it tends to be better weather and people are excited by the seasonal change. In spring there are Cherry Blossoms in bloom and in early fall the shift to fall colours is aesthetically pleasing and can make properties with landscaping very attractive.
Selling In A Buyers Market: Presentation
Selling a Vancouver-area home in a buyers market can be challenging. Buyers typically have some leverage and can use that to lower the asking price. Don’t give them a chance to devalue your listing.
- Repair any damage, deficiencies, drywall chips, peeling paint, exterior steps.
- Do an in-depth clean before any showings
- Ensure the entrance is clutter free
- As much natural light as possible
- Enticing scents, citrus, baked goods, vanilla
- Make it an empty space, send the kids and dog out for a walk or lunch while the property is being shown
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Make It Inviting & Accessible
When real estate shifts to a buyers market you cannot be picky with who and when people want to see your listing. You must be accommodating, available and accessible. Remember there are plenty of options available in the Vancouver market and it is extremely easy to simply go to the next property on the list.
Talk to your realtor and discuss offering viewings outside of typical hours to accommodate buyers that wish to see your property. Commuting in a large city like Vancouver is difficult, if buyers have to go from Burnaby to Kitsilano, to Downtown and then West Vancouver in a single day to see properties it can be stressful. Offering them flexible viewing times can instantly create a good rapport and facilitate a more organic exchange.
Market Feedback
Your Realtor is a valuable asset. They understand the market, trends and the expectations from potential buyers. They also get a direct line of feedback from potential buyers regarding asking price and condition of the property in relation to that price.
If your Realtor is noticing a consistent and repeated comments regarding the asking price then adjusting the price can be a smart move to solicit more bids.
Incentives
With so many options on the market its difficult to stand out amongst the heard. Offering incentives is a great tool to attract more inquiries for your property.
If your are selling a condominium you could include 1-year of paid strata fees, which would be a noticeable advantage over similar listings in your neighbourhood.
You can also add incentives to the buyers Agent/Realtor by offering bonus commission. This makes them more inclined to show your property to their clients and encourage offers.
You could also provide a credit to the buyer for an expedited closing.
Professional Realtors Are In Your Corner
When trying to sell a home in Vancouver in a buyers market listening to your Realtor’s advice can facilitate a smooth and profitable transaction. We are immersed in the local market, aware of trends and when you succeed, we succeed. If you would like to learn more about Jacob + Jacky, who we are and how we help people like you sell their property, book a consultation by clicking the link below.
