Whether you’re buying or selling, having a real estate agent helps. But knowing about some points of buying or selling can’t hurt, either. Here are some tips about the prices of East Vancouver condos.
Condos for sale in East Vancouver sell high and quickly. Unlike other regions where you might lower the price of a home or condo substantially in order to sell it quickly, many homes in East Vancouver sell over the estimated value of the property itself due to how desirable of a place East Vancouver is to live. This means that sellers are less likely to compromise, and shouldn’t unless they need an extremely quick sale.
2. There’s diminishing returns on looking for a better price
Related to the above point, when a prospective buyer looks for East Vancouver condos for sale,they’re not likely to find amazingly affordable prices. Although it’s unwise to only search for a short time, the amount you save by price hunting as weeks turn to months is very small. It’s even smaller because East Vancouver’s competitive housing markets means the cheapest visible offerings will be scooped up quickly.
3. The exact location of a property matters less for sellers
Any property in the East Vancouver region will sell high. Some neighbourhoods, such as Hastings and the southern side Mount Pleasant, will sell for less than homes in the growing Main Street region. But as that region grows and more artists and professionals come to East Vancouver, every property on the East Side will start to match those near it in price. This means that you will only save a little by picking a condo in an out-of-the-way location. Considering that deposits and mortgages make an expensive condo an investment, a buyer should generally be willing to pay a little more for an ideal location.
To ensure that you are approaching this process of buying or selling properties in the region appropriately, it’s best that you seek the professional help of a real estate agency like Real Estate Van.
Sources:
East Vancouver home sells for $500,000 over asking price. globalnews.ca
Vancouver house prices break down Main Street’s dividing line. www.theglobeandmail.com