Article of Interest - Real Estate Rebalances
Real Estate Rebalances
June 08, 2010
The total number of properties listed for sale in Greater Vancouver continued to rise 10% in May compared to last month and is 28% higher compared to this time last year (see link below for stats in your area). At the same time, May sales declined 10% vs. April 2010.
Sales are still reasonably brisk and this little breather is no surprise when you consider the type of year we just had. Over the past 12 months prices are up nearly 17%!
In some market segments, it appears that the pendulum has swung to favor buyers with a greater selection of homes to choose from and prices flat. This is a much needed relief for buyers and many savvy shoppers are out there now taking advantage of this environment.
Thinking of selling in this market?
Here are a few essential steps that should be taken to ensure a successful outcome:
Set a competitive list price.
In many cases you must at least meet (or beat) your local competition.
Make sure the home shows as well as possible.
Spend the extra time and a bit of money (it will pay-off) repairing, painting, cleaning and tidying-up.
Make the property as accessible as possible.
It is important to make the property available for showings when required.
A bit difficult for a rental property but it’s important not to miss out on any opportunities to showcase the property.
Sellers should not be discouraged if the property does not sell within the first few weeks but be prepared for a longer listing period. Further, if a seller is lucky enough to receive multiple offers, they can no longer assume that it means a sale over the asking price!
Perhaps once the HST (Harmonized Sales Tax) has been implemented and all those “wait and see” buyers realize that the “sky will not fall” (post HST); we could be in for another busy fall market. Vancouver’s economic climate seems better today than the last time we experienced a brief (May 08-March 09) market hiatus.
Considering your first home, upsizing or investing?
There are some great opportunities out there now!