Today we’re going to discuss what you as a ‘buyer’ can expect in the current market conditions of the Vancouver Real Estate market. First off, this is focusing on a ‘buyer’ perspective. Check out last week’s blog post if you’re looking to break this down from a ‘seller’ standpoint. https://www.mcinnesmarketing.com/blog/32849/what-are-sellers-to-do-in-this-changed-vancouver-real-estatenbspmarket.
So what does the market look like now? For those who don’t know, the market took a dip a while back in the single family homes sector. This is usually the first sign things are going to make a change to the downtown market in the next 6-12 months. Well now, as if right on time, we’re seeing the predicted slow down the informed realtors were suspecting.
Before you as a ‘buyer’ get carried away. It’s important to recognise this is still a new market condition for ‘sellers’; so if you’re asking yourself if you’ll be able to get a fire sale for a crazy low amount, the answer is most likely ‘NO’, assuming the ‘seller’ is not otherwise motivated for the sale. Will you be able to get a discount? If you are able to navigate the market correctly, very likely.
Homes are on the market for longer, ‘buyers’ are under less pressure to close quickly and the right strategy could help you find your next home at a more preferable rate. The key here is to find common ground with the ‘seller’. You can do this by finding comparable properties, having your REALTORⓇ speak to theirs and finding out recent activity such as length of time on market, offers received? Why they fell through? What has been a frustration in the process for them so far? Find out as much information as possible to help your cause. Unless you are comparing apples to apples, it’s hard to get a seller to see your point of view , so gathering information is a key step you and your REALTORⓇ should be taking in ANY market.
Try to get to the bottom of what the ‘seller’ really wants, other than price. If they have had 3 offers all subject to financing but they’ve fallen through….. Your lower offer, with no subject to financing could be an excellent opportunity for both parties! Don’t be put off by high priced offers, if they have been offered higher pricing but the offers keep falling through, they are irrelevant.
In point form, you should be doing the following instead of just slapping ink to paper and hoping for the best:
Collecting the above information is going to help you put together a compelling case for your price offering. The alternative is to offer a reduced price with no reason, wait for the buyer to not feel insulted, provide a counter offer and for you to repeat the process. A tactic which is useable, but likely not to get you the best savings, along with sapping energy from both parties.
We at Mcinnes Marketing have been navigating this industry for over a decade now so we’ve seen pretty much everything. We’re always happy to offer our services to those in need. Feel free to reach us at either jay@mcinnesmarketing.com or ben@mcinnesmarketing.com. Alternatively you can reach us at 604.771.4606 or 604.353.8523.
Until next week,
Mcinnes Marketing
So what does the market look like now? For those who don’t know, the market took a dip a while back in the single family homes sector. This is usually the first sign things are going to make a change to the downtown market in the next 6-12 months. Well now, as if right on time, we’re seeing the predicted slow down the informed realtors were suspecting.
Before you as a ‘buyer’ get carried away. It’s important to recognise this is still a new market condition for ‘sellers’; so if you’re asking yourself if you’ll be able to get a fire sale for a crazy low amount, the answer is most likely ‘NO’, assuming the ‘seller’ is not otherwise motivated for the sale. Will you be able to get a discount? If you are able to navigate the market correctly, very likely.
Homes are on the market for longer, ‘buyers’ are under less pressure to close quickly and the right strategy could help you find your next home at a more preferable rate. The key here is to find common ground with the ‘seller’. You can do this by finding comparable properties, having your REALTORⓇ speak to theirs and finding out recent activity such as length of time on market, offers received? Why they fell through? What has been a frustration in the process for them so far? Find out as much information as possible to help your cause. Unless you are comparing apples to apples, it’s hard to get a seller to see your point of view , so gathering information is a key step you and your REALTORⓇ should be taking in ANY market.
Try to get to the bottom of what the ‘seller’ really wants, other than price. If they have had 3 offers all subject to financing but they’ve fallen through….. Your lower offer, with no subject to financing could be an excellent opportunity for both parties! Don’t be put off by high priced offers, if they have been offered higher pricing but the offers keep falling through, they are irrelevant.
In point form, you should be doing the following instead of just slapping ink to paper and hoping for the best:
- Find other comparable properties that back up your proposed offer, just make sure they are apple to apple comparisons (size, bedrooms, catchment area etc.)
- See how long the home has been on the market for
- Has their REALTORⓇ received any offers? If so what happened? Why didn’t they close?
- Find as much information as possible!!
Collecting the above information is going to help you put together a compelling case for your price offering. The alternative is to offer a reduced price with no reason, wait for the buyer to not feel insulted, provide a counter offer and for you to repeat the process. A tactic which is useable, but likely not to get you the best savings, along with sapping energy from both parties.
We at Mcinnes Marketing have been navigating this industry for over a decade now so we’ve seen pretty much everything. We’re always happy to offer our services to those in need. Feel free to reach us at either jay@mcinnesmarketing.com or ben@mcinnesmarketing.com. Alternatively you can reach us at 604.771.4606 or 604.353.8523.
Until next week,
Mcinnes Marketing