Is your home not selling? Maybe its priced too high? Thats what I am going to talk about right now.
As you know the Vancouver market has just shifted from a sellers market to a buyers market. In a sellers market you would price your home at or above the most recent sold. But when we are in a buyers market the opposite should be in effect. When the markets shift so should your pricing strategy. Pricing your home is pivotal to your home selling success. In this video I talk about the strategy I would use to reduce your homes price.
First Ask yourself the following 4 questions.
#1. How long have your been on the market? You should be getting your most amount of viewing activity within the first 2 weeks of your property being available. In most cases if it is priced properly it would have already been sold. If your home has been on the market for over 3 months without any changes you will be risking that your property will look stale in the eyes of the buyers.
#2. How many viewings are you currently getting per week? On a well priced property on average your realtor should be showing your property about 3 times minimum per week. The realtor should also be getting about 10 inquiries per week.
#3 How does your homes price really compare to your competition? Did you price your home based on recently sold comparable properties, or what the current active properties are sitting at? Remember, buying in addition to selling is competitive. Especially when down the street there is a similar home on the market for much less. Your neighbourhood and home type may only yield a few buyers per month. So its essential to price your home to beat out your competition.
#4 How bad do you really need to sell? Markets are always up or down. Only you will know if its truly the right time in your life to sell. Remember you can never time the real estate market. When markets begin to fall they can fall really fast.
So now what?? whats the prescription to your home pricing headache? If your home is priced under $1 million I would recommend that you do price reduction increments of $50,000 per week until you get 3-5 viewings per week. On homes over 1 million the price reduction would be $100k per week. Remember during a falling market you need to beat out your neighbours and sell fast.
There you have it the price reduction strategy I would use if you decided it was time to finally sell your home . If you have any questions please reach out to me. If you are thinking of selling view my playlist of videos here or reach out to my for a home evaluation.
Question of the day, would you consider using your reducing the price of your home? Yes or No Please leave it in the comments below. I will try my best to personally answer all comments myself.
As always please like, share and subscribe and become smart savvy consumer. I make educational videos every Tuesday and videos every Friday. This is Alex from Vancouver and Thank you so much for watching this video eh?
We’ve got a lot to cover with you today. As we head toward the end of the year, I wanted to make sure you were aware of what’s going on in the Vancouver real estate market right now. I took a look at the numbers for both detached homes and condos and broke them down for you. I also have a few predictions about what we’ll be seeing in the market in 2018. To learn more, watch this short video.
Now that fall is upon us, I’d like to take a look back at how our Central Vancouver real estate market fared over the month of September.
To start off, the detached housing market had a 14% sales-to-actives ratio. This is about 1% less than last month.
The reason this market hasn’t seen any increase in prices or activity is that total listing inventory has increased 36% since August. These factors are a strong indicator that we’re in a buyer’s market.
Let’s turn our attention to the condominium market. In that market, there was a 59% sales-to-actives ratio. This is about 11% less than last month.
What Do Changing Interest Rates Mean for You? The central bank recently raised the benchmark interest rate for the first time in seven years. What does this mean to you? For one, the rate increase reflects consumer confidence in our economy. Plus, if you’ve been thinking about making a move, you may want to get in the market sooner rather than later. To find out why, watch this short video.
During the process of selling your home, there are certain things you should absolutely avoid. Today, I’d like to share four major seller mistakes that could negatively impact your home sale.
Selling your home by yourself. Doing this is a big risk. Certain data, such as the Multiple Listing Service’s sold information, isn’t available to you without the help of a professional. Additionally, when you sell your home without an agent, you are doing so without the kind of marketing leverage a professional can provide. Most homebuyers begin their search online. This means that you will need strong marketing to set your listing apart. Even if you do get your home sold, how can you be sure you did so for the highest price and with the best possible terms? Using an agent is always preferable.
Pricing your home incorrectly. It’s difficult to know exactly how to price your home. In order to do so correctly, you’ll need to strike a balance between what is too low and what is too high. A home with a high price will bring buyers with higher expectations. Your home should ideally be priced to what the average potential buyer will be willing to pay.
Using poor photography. With the majority of people turning to the internet when they begin looking at homes, the first impression your home will give off will be through photographs. Hiring a quality, professional photographer will be absolutely essential to ensuring that your home is put forward in the best possible light. Having attractive photos of your home will always help you attract more buyers.
Ignoring your backyard. While curb appeal tips tend to focus on the front of your home, you should never neglect the state of your backyard. Remember to remove weeds and trim your hedges. If you need or would like help with completing this, I have a great list of professional landscapers who I would be happy to recommend to you.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.