5 Tips From Vancouver Realtor On Selling Your Property Fast In A Hot Market

Posted On Friday, 03 July 2020 19:57

Market conditions and the changing trends mainly impact businesses, especially in the real estate industry. While it can be satisfying to be a property seller, their biggest obstacle is the competitors in the market. In some regions, property selling is thriving, with more listings posted in specific locations and are sold faster than during a regular selling period.  

There are many kinds of investment, and real estate is one of them. There will be good times and bad times like any other investment, and it's the right time to buy when it's a bad time to sell. You'll hear terms like seller and buyer's market, which is another way of referring to the temperature of the market. A seller's market is "hot," and the buyer's market is commonly referred to as "cold."

Take A Closer Look on Hot Markets 

In a buyer's market, you'll see a decline in the sale prices due to a lot of available property listings and few people purchasing properties. In short, it's a situation where supply exceeds demand. There will also be advertisement everywhere that has comparable prices in it. There will likely be price wars to persuade buyers to bid offers to their homes, which can result in more" days on the market" (DOM). It's more challenging to sell a property in hot markets than to the usual ones. On the other hand, a highly competitive hot market is an excellent venue for selling properties faster at a higher price.

Most sellers underestimate the difficulties of navigating this type of market, particularly in Vancouver, where different kinds of homebuyers exist. For instance, in Vancouver, it is one of the densest cities in Canada, had more than 1,600 listings in the last 28 days. Homes are sold at an average of 56 days and speed up during peak seasons. 

If you're wondering how will you sell your property, you can take a look at these five tips from a reputable Vancouver realtor from Ron Parpara, on how to sell a property in a hot market:

1. Keep Paperworks at Bay

Sellers might have to deal with deadlines since properties sell fast in hot markets. It's best to prepare all the necessary documents that are needed for the transaction when you are about to sell your property. Most sellers overlook this factor as they are too relaxed that buyers will wait for them to prepare what is needed. 

Gather the documents needed before listing a property for sale, such as the original sales contract, appraisal when you first purchased it, mortgage statement to know the payoff amount, and insurance records. On the other hand, the documents from your homeowner’s association, past utility bills, home maintenance records, and lastly, warranties of your appliances are essential as well.

By doing this, you will be assured that the transaction will go smoothly. It will save both of your time, and it will be hassle-free. If there's such a thing as an attractive buyer, sellers should aim to be an impressive seller. Being prepared with the needed documents when a buyer inquires regarding the property will make them feel confident to continue the transaction

2. Never Disregard Real Estate Experts

As you might notice, most home sellers opt for "For Sale by Owner" (FSBO) kind of transactions in the market. This is due to the increasing numbers of prospective buyers. As sellers usually ponder if they need to market their properties and hire an agent if there's already a pool of buyers waiting to seal a deal.

No matter what the condition of the market is, it's wise to ask for help from experts. Although the market might be overflowing with interested buyers, a reliable real estate agent will know how to control the surge of buyers and utilize the right strategies to find 'the one.' 

Furthermore, keep in mind that most buyers look for a reliable real estate agent when they're not sure how or what to buy. These agents have various strategies to look for the best property fit for their client's needs, such as browsing Multiple Listing Service (MLS) platforms and coordinating with their real estate network. By working with a real estate agent, there is a higher possibility for your property to be easily picked up by buyers.  

3. Boost Your Property's Value

Having more prospective buyers doesn't mean you should lower your standards as a seller. It will be best if you take this situation to your advantage by boosting the property's value. You can increase your home's curb appeal to compete against your competitors in the market; it will guarantee that more buyers will be knocking at your door.

However, make sure that your property is presentable before conducting an open house. You can start by detaching personal connections from your property when you remove personal items such as photographs and things you value. Take note that the goal is to encourage the buyer to visualize the property as their own.

There are a lot of simple things that any property owner can do to boost their property's value. Most of it can be done without spending too much or hiring a contractor. Furthermore, before you start your renovation project, do some research first about how much your property will be worth after renovating it. 

It will allow you to avoid any unnecessary costs and permanent changes that you may regret later. Be cautious as well about over-improving your property as you don't want to spend more without seeing a return of your investment.

4. Research Trends in Your Area

The first step in determining when to sell your house is you have to understand the seasonal trends first. Next is your current condition, such as financial situation, if you have any other plans that can be a burden when you sell a house and whether the market conditions are in your favor.

Seasonality impacts the supply and demand, and the best time to sell a house is usually during spring and summer. This is when properties are sold fast. They are most likely to be sold above the listed price as well. However, It's best to research the market trend first to know if there are any price growth or if the available properties are piling up. These can help you decide if it's time to sell your property.

5. Allow Room For Negotiation

Sellers don't usually accept a potential buyer's initial offer, especially if it's lower than their asking price. Buyers often offer something lower because they expect a back and forth negotiation. You have to be flexible to close the deal. Negotiate well to get your money's worth by counter-offering with a price higher than what buyers first offered. If the buyer want's the property, they will be engaged and negotiate back with another offer to get what they feel they deserve. 

If you've priced your property well than what's being offered by the buyer, it states that you know the worth of your property, and you want to get what you deserve as well. Some buyers might be surprised, and some might get turned off by how you're upfront with what you want. Potential buyers might walkout due to this, but the good thing is, you'll be avoiding wasting time on buyers who like to make lowball offers.

Conclusion

Maneuvering through the hot market to sell your property is a smart and advantageous move. However, there are some things you need to consider first to help you sell your property in Vancouver faster. The tips mentioned above by a Vancouver realtor from a reputable real estate company will be helpful.

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