Speaking with sellers recently, they seem to fall into a few categories:

  • hanging on to those early 2022 prices because "their home is worth it"
  • waiting for "the market to pick up"
  • watching what's going on in their neighbourhoo with similar types of homes before making decision to sell
  • listening to their experienced realtor's anaylis & recommendations

The change in the market is recent but there aren't any signs that we're going back that busy Sellers' market any time soon so the first couple of choices aren't based on any facts.

Watching the market for a while is helpful to some as Buyers figure out realistic expectations for themselves but of course, sitting with an experienced realtor will provide facts, actual recent sales & listings, days on market to sell, & more &...answer questions.  Sellers have different levels of experience & concerns so having that 1 on 1 time is very helpful.

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Real estate can be stressful for both Buyers & Sellers.  My goal is always to reduce that stress & I do that through my experience & access to other experienced professionals.  Sometimes I just have to listen.

It's important that Buyers & Sellers get accurate information to help them make decisions & the best source for that is from the professionals, often third party such as an building inspector, or if needed, a lawyer or accountant.

Relatives & friends are rarely a great source of real estate information so no, your sister in Regina doesn't know Vancouver real estate & a friend or relative who's never bought a condo, isn't the best source for advice on Depreciation reports. They are great for emotional support if you need it though.

Be smart-get advice from the professionals & extra support from family & friends who want you to be happy.

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I did an Instagram Post about 3 things that both Buyers & Sellers should keep in mind when they come back to real estate after a summer break.

  • EXPERTISE-work with an experienced agent, 1 who has worked in more than just a Sellers' market.  Many realtors haven't so may not have the expertise to know how to craft a deal or negotiate with agents they've never met before.  Negotiating with multiple offers is very different than working in our current market.
  • LOCAL-get information that applies to the area in which you want to buy or sell.  Headlines in the media are general as they are providing information to a wide range of people but you need specific information to help you make decisionsIt might be the same OR it may be very different.  
  • MANAGE YOUR RISK-for both this could mean trying to "time the market" which is high risk as very few have ever done it successfully with too many factors beyond our control.  For Buyers the risk could be losing out on a home because they thought the price would come down.  What's more important-price or home?  Vancouver always has a low supply of good homes so it could be a while before another comes on market & who knows where prices will be then?  For Sellers the risk could be around when to sell.  We know approximately what a home might sell for now but don't know what that price will be in in 3 or 6 months or even next year.  How much risk do you want to take?

Get smart Buyers & Sellers!  Start with these 3 ideas as your foundation & go from there.  

Contact me with any questions.

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Time the Market??  I've been in business for 18 years so I've seen Buyers in particular, try to do just that.  About 15 years ago I heard Buyers say that prices were too high & couldn't go any higher so they were going to wait.  I think we know how that turned out. Cry

Then there were those who thought they could spreadsheet their way to success but the only logic in the market is supply & demand.  Eventually they threw their hands in the air & jumped in.

If someone has ever "timed"it, I would bet money it was pure luck.  None of us have a crystal ball & there are too many external forces that influence our market.

Here's what I would tell a Buyer now. Supply is notoriously low in Vancouver so you must decide which is most important-finding a home you want to buy or waiting to see if the price will come down & possibly missing out.  I'm finding currently that Sellers are pricing sharply & sales are then fairly close to list price.

For Sellers I would tell them that all we know to be true is what's happening right now. The risk is prices going up or down in the future. If you're selling to buy, you're staying in the same market.  Why are you selling?  Those reasons could dictate whether you sell now or wait a while.

Speak with an experienced realtor who can provide you with the facts to guide your decision.

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