Are you selling a home for the first time? In BC, there are special nuances you should know about if you want to get the highest profit for your property. Here are some useful pointers to help you sell a home successfully in the area.
- Know if it’s a good time to sell
- Prepare your home for the sale
- Price your home correctly
- Work with a realtor you can trust
Timing plays an important role in selling a home. Know the current market conditions and the pros and cons of selling at this time. The figures as of October, 2018 show that the demand for housing in the BC area has been on a downward trend, with home sales and prices in Vancouver down by 35% from October, 2017. New listings are also up 42% compared to last year. Some experts are predicting the city could be entering a buyer’s market in a few months’ time.
All this should be considered in making the decision to sell your home now. It might be wise to put your home up for sale before prices drop even further. Or perhaps, you would prefer to wait until market conditions pick up once again.
Another factor to consider is the season. Typically, buyers are inactive during the winter because of the cold weather and because they’re more focused on holiday activities. However, buyers who do go home shopping in this season are often more motivated to buy, which could mean good opportunities to close a sale.
Ask your realtor for advice and keep yourself informed about the market to guide you in deciding when to sell your home.
Go over the property with your realtor to determine where repairs and improvements may be needed. Keep in mind that not all upgrades and renovations can increase the value of your home. When there’s tight competition, however, certain improvements like upgrading your kitchen and bathrooms can make your home more attractive to buyers and give you the edge over your competitors.
Regardless of the market, you should see to it that your home is in top condition and appealing to buyers. Most buyers are looking for a move-in ready home that does not need major repairs. Clean every surface, give your walls a good scrubbing or a fresh coat of paint, improve your curb appeal, and make sure the plumbing, electricity, and other home systems are in good working condition.
Regardless of the market, it’s important to set the right listing price for your home. Overpricing is the number one reason homes sit on the market longer than necessary. On the other hand, you should also watch out that you don’t price your home too low. Work with a realtor who can look at your home objectively and recommend a listing price based on market conditions, the price of recently sold homes in your area, your home’s desirability, and other factors.
Given all the factors that go into selling a home, it’s best to work with an experienced real estate professional who can guide you in making the tough decisions. Choose someone who’s experienced in the BC market. Get references from family and friends, research on potential agents’ credentials, and interview candidates to see which one would be a good fit for you.
We at Don Munro Real Estate have been in the real estate business in BC for more than 35 years. We are experts in all real estate types, including commercial, agricultural, and residential. We will be happy to hear from you and represent your home. Call us at 604-817-7338 or contact us here.