Real Estate Pricing Strategies for Vancouver Real Estate Market
Be Sharp & List for Less to Sell for More!
In today's market, I believe the key factor in selling your home within the Real Estate Boards average sale period of 45 days, is to be priced sharp.
Other things help too, such as Home Staging, Manicured Landscaping, Open Houses, Professional Photography & Video, and the ability to show on short notice to motivated Buyers.
But if your price is too high, Realtors and the educated public will "drive-by" or "click-past" your listing. The tricky reality is that homeowners have emotional attachments to their home and value it higher than the market value.
An over-priced listing becomes a dead listing that ends up being reduced multiple times and ultimately selling for less than if it were priced sharp.
In many parts of Europe, real estate is sold in an Auction, with a bidding process. A property is listed, the open house is advertised, and the highest bid come Sunday buys the property.
The Seller still has right to refuse offers, and while this may be unsuccessful in a down market, it is smart in stable or hot markets.
In Vancouver, we see some Realtors and Sellers implement this strategy by pricing well below appraised value and holding all offers until Sunday evening or Monday after Opens on sat & sun, and it often works very well as a lot of people inevitably turn up for the showings.
A house in North Van just listed for $699,000 when the tax value was $760,000....4 days later the house received multiple offers and sold to a no subjects offer of $825,000.
For Sellers who need to sell fast, this an excellent strategy and interestingly enough in Real Estate a lower asking price can equate to a higher Sale Price!
If you have any questions please call me at 604.562.0532!
Thank You and Happy Home Hunting:)