(October 21, 2016
We love the truth - especially in real estate. It may not be what you want to hear but it won't lie to you! If your a home owner anywhere in British Columbia but in particular the metro Vancouver and Fraser Valley regions your acutely aware of the extremely negative impacts of municipal, provincial and now federal government interventionism has had on our real estate markets for home sellers. This draconian form of social engineering has made selling one's home, property or business significantly more challenging, especially for the average realtor.
Have no fear our real estate experts are most definitely not average. We were forecasting these inverted peaks and strategically planning for these very "events" years ago so we can serve you and your communities better today.
Here are seven very basic points to keep in mind in today's real estate market for sellers:
1. ) Fair market value declines during a market shift as we are seeing in the lower mainland and other markets.
2. ) A higher than average initial price is set (or priced at market). DO NOT listen to anyone telling you to overprice your home. Chances are they either don't know what they're talking about or just want your listing.
3. ) Market interest is fragile with high inventory and nervous Buyers.
4. ) The selling price of your home is impacted by declining home values, staleness and neighbouring homes priced correctly. If your home is not completely prepared for sale you can easily frustrate a potential offer and sale.
5. ) Small price reductions only "chase" a down market.
6. ) Properties only sell when Buyers see value-priced homes.
7. ) The cost of overpricing your home is SIGNIFICANTLY amplified in our shifting market .
If your considering selling or purchasing your home don't hesitate to call our friendly BCHH real estate experts with your questions anytime, 604-767-6736. Zero pressure, no drama, just the facts.