Several factors influence the East Van homes market, including inflation, investment, construction, employment mortgage interest rates, immigration, etc. Each of these affect the supply and demand of real estate properties in one way or another, and in so doing, affects prices as well. There are three classifications that real estate experts use to describe the supply and demand situation in a particular housing market.
- Seller’s market—when there are more potential homebuyers than there are properties available.
- Buyer’s market—when there are more properties available than there are interested buyers.
- Balanced market—when supply and demand are just about the same.
Currently, East Vancouver, along with the rest of the Hollywood North is experiencing a buyer’s market. According to CTV News, while a single family detached home in Metro Vancouver cost $1.5 million last month, the same properties today are selling for below $1 million, with one that sold for $560,000 below the initial asking price.
As a home seller, selling your property in a buyer’s market can be pretty daunting. No matter how much you spruce up your property, it can still end up largely ignored for lengthy periods. If you’re having trouble selling your real estate, your East Van homes agent offers you these four useful tips to speed up your home sale.
Offer to pay for closing costs
Instead of slashing your price, offer to cover the closing costs instead. This can be extremely helpful if your buyer doesn’t have the budgetary leeway you were hoping for.
Let them stay the night
Have interested buyers stay at the house so they can experience for themselves what it’s like to live in your home. This can address any misgivings the buyers may have about the house or neighborhood.
Get to know the buyer
It can help to understand more about the buyer and know what he is interested in. You can then use the info you gather to your advantage. For instance, if he’s a first-time buyer, consider giving a freebie that new homeowners often need, such as a fridge, oven, TV, and other major appliances.
Work with an East Van real estate agent
An East Van homes agent will know all the best possible channels to use to market your home. He will also possess a wide range of specific real estate knowledge that can be useful to your individual case, ensuring that you will have the best chances to reach your home selling goals.
Prices plunging: Houses selling well below asking, some under $1M, CTVNews.ca
How to Survive a Buyer’s Market: The Ultimate Cheat Sheet, Realtor.com