You don't have to search too far to know that Vancouver's housing market is red hot. Home prices continue to edge higher towards record levels. Single family homes are seeing the most appreciation.
With prices moving higher, what's the best strategy when pricing your home?
Our advice: if your home is located in an area of strong demand and low supply, price your home on the low side to create multiple offers.
Buyers will always gravitate towards a property that is priced lower and where there is a frenzy of activity. Human nature tells us that people always want what's in high demand! If there is a frenzy of activity on your home you can bet there are always 1 or 2 buyers who have already been outbid on 1 or 2 other houses in the past. Those buyers tend to be very motivated and more emotional with their decision making process. An emotional buyer will typically pay you more than the buyer who is bidding purely based on numbers.
Multiple offers also set the seller up for more straight forward offers. The idea in a multiple offer scenario is to bring the seller "subject free" bids with dates and terms to the seller's liking .
Also critical to the process is to not allow offers to be presented until a fixed date –at least 1 week after the home hits the market. Carefully consider a buyer that offers you a price after just 2 days on the market. The seller wants to ensure that before all offers are presented, all qualified buyers would have seen the home. We want to try to attract as many bids as possible.
On Vancouver's West and Eastside we have seen many homes employ this strategy with tremendous success!
If you are contemplating the sale of your home, a well seasoned realtor who works in your neighbourhood will be able to guide you in the right direction. We would be happy to give you an assessment, just give us a call at 604-657-7936.