As the Real Estate Board reports, the current market is quite competitive. There were approximately 4751 new listings in June which made a total of 14,968 listings on the market. However, there has only been 2077 sales in June, making the statistics come to 35% below a 10-year average in sales and 21% below last month’s sales. In addition, it has been evident that house prices have decreased approximately $1,000,000 since last year. Considering all these numbers, the pricing of houses does differ area to area, therefore, you should consult with your local realtor before listing your home.
When pricing your property your realtor should look at similar homes in terms of the situation, location of your home and other features, such as, property view and custom-built home features. Listing your home/custom home at a lower price than the average neighbourhood pricing can not only hurt your bank account but could hurt the house market and house pricing in that location. Therefore, it is important to appropriately price your property by consulting a professional, experienced local realtor.
Pricing strategy is the first step everyone takes because of the current “sell before you buy” type of market. While everyone is rushing to sell, there aren’t people rushing to buy. In other words, there is an expectation gap. This means, the sellers want to sell in the price that they would have in our previous fast-moving markets and our buyers are taking their time and cautiously looking at all their options before making ANY moves as they have MANY options. This results in the current slow market that we are experiencing. To successfully sell your custom home in the current market, it should be PRICED RIGHT.
By speaking to the right realtor specific to your location and home situation, you can get your property priced right. Every house has its own situation, in other words, your realtor shouldn’t compare a 20-year-old house with your newly custom build house on the same street to price your home just because they’re on the same street. Therefore, as we previously mentioned in our other blog post, the realtor of your choice is detrimental in the sale of your home considering the current unstable and difficult market.
For more information and more blogs about Vancouver’s Custom Home Development , Realtors and Market updates visit our Blog!