Happy February, we hope you have had a great month so far and were able to treat that special someone on Valentine’s Day!
What an awesome year it has been so far for us. We have been busy with predicting the future of West Vancouver (well… almost) as Sean is on the Gleneagles Advisory board and Kim is on the Horseshoe Bay Local Area Plan advisory board, so there have been lots of exciting talks about future development and opportunity for both communities!
As far as real estate goes, we have been the busiest we have ever been as the market continues its upward surge. Spring is just over a month away, but if you are Buying or Selling, we hate to say it, but Spring might be too late to get the results you are looking for! We know, we had to reread that again too; but it’s true, the movement right now has been well above year-over-year averages, something we have not seen since the 2016 boom here in Metro Vancouver.
So it begs the first question; if I am Selling, how long will it take until it is sold?
Great question. Your home can Sell in a week, month, or even days depending on the market, which is why you need to be strategic on when you list (hint hint nudge nudge).Yes, Selling is not as easy as it may seem because there are many factors to it; listing price, competition, market conditions, and external factors you cannot control, such as competitive pricing and even showing flexibility. Let’s dive into these points a bit more.
Assess the Market
Your home needs to be priced for the current market conditions, not the ones from a year ago, because Buyers will not take you seriously otherwise. There is TONS of competition right now for Buying homes, which means more multiple offer scenarios, so pricing your house competitively will be very attractive.
Two words, comparative analysis. Let us say that there was a house similar to yours (size, location, and condition), then it was priced $25,000 lower than yours; a Buyer would typically gravitate to the one that’s cheaper. Keep an eye out for new listings and activity; that way, you can adjust your strategy accordingly.
A simple but important point, be flexible! Buyers will be looking to view multiple properties, so the more you can fit their schedule, the better chance you will have to Sell!
Great tips if you are Selling. But what if I am looking to Buy? How long will it usually take?
Another great question, and there is really no definitive answer because every Buyer is different! A vast majority of it comes down to organization and knowing what you want. The quicker those are covered, then typically the faster the process, but there are factors that are out of your control when it comes to the closing process and negotiations.
Consider these points!
Make sure you know what you want! (1-2 weeks)
Seems pretty straightforward, right? The biggest challenge we see is the “list” not matching what one can afford or having too many wants. Wants are what makes the home more attractive, but it is important to make sure your needs are covered first before anything. Make a list that includes location, type of home preferred, what you would be willing to compromise on, and of course, budget.
Get Pre-approved and lock-in an interest rate (5-7 business days)
There are a lot of Sellers nowadays who WILL NOT work with a Buyer that is not pre-approved because there is way too much risk on their end. Getting pre-approved means you are good to go financially and actually will bump you to the front of the line if there is competition for the property you are looking to purchase.
Negotiations (6-72 hours)
This is where we have bolstered our reputation as the go-to real estate team for so many, negotiating the tightest terms possible with the Seller. They have three options when presented with an offer; accept, counter, reject. We have all heard stories where counter-offers start to become a tennis match, which is why YOU NEED experienced realtors in your corner. Factors such as the Seller being on vacation can delay the process, but that is why it is important to chat “time frame” with your representation, so you have a better idea of what to expect based on past experiences, market, etc.
So there you have it, what it takes when you are looking to Buy or Sell a property, which is why so many rely on THE WHITTALL TEAM to be their representation.
Now is the time to talk to us to explore your options and what the best approach would be moving forward because the market is, as Buster Poindexter would say, HOT HOT HOT!
We look forward to chatting with you soon!
Have a great February!
KIM WHITTALL: (604) 720-3659 | WHITTALLREALESTATE@GMAIL.COM
SEAN WHITTALL: (604) 880-9400 | WHITTALLREALESTATE@GMAIL.COM