Are You Planning to Sell Your Home in 2020?

Dated: 02/13/2020

Views: 167

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The busy Spring market has arrived! We’re facing a shortage of inventory as we deal with the pent up demand from buyers that were sitting on the sidelines through most of 2019. The last quarter of 2019 saw big increases to sales volumes across the region, and that increased activity has carried over into 2020. If you’re planning to sell your home in 2020, contact me to schedule a consultation.

 

  • 2,858 home sold in October 2019, a 45.4% increase compared to October 2018

  • 2,498 homes sold in November 2019, a 55.3% increase compared to November 2018

  • 2,016 homes sold in December 2019, an 88.1% increase compared to December 2018

  • 1,571 homes sold in January 2020, a 42.4% increase compared January 2019

 

*Statistics are courtesy of the Real Estate Board of Greater Vancouver (REBGV)

 

What does all of this increased activity mean for buyers and sellers in today’s market? 

 

Competition between buyers is high right now, especially for properties priced under $1,000,000 and on entry level single family homes. We’ve seen an increase in scheduled offers, which is a marketing strategy used by listing agents to maximize the sale price of a property in a bidding war. Prices are beginning to rise again and multiple offer scenarios are becoming more common on well priced and well marketed properties. 

 

Tips for Buyers

 

  • Be quick, and be prepared!

  • Hire a Realtor that understands the current market (hello!)

  • You must have a valid mortgage pre-approval in place

  • You need to view a new listing as soon as possible after it hits the market

  • Request strata documents early so you have plenty of time to review them

  • Consider performing a pre-inspection on the property so you can remove the inspection subject from your offer

 

Tips for Sellers

 

  • Hire a Realtor that understands the current market (hello!)

  • Prepare your home for sale - clean, declutter, re-paint, and hire a staging consultant

  • Hire a home inspector and address any issues that could derail a potential sale

  • Professional photos, videos, floorplans, and marketing materials are a must have

  • Do not list your home until it’s ready - all marketing materials must be ready and your Realtor must have all of the documents that will be required by buyers

  • Price your home appropriately - your Realtor will present you with pricing strategies

  • Keep your home looking immaculate - it’s a beauty contest and a pricing contest

  • Make your home available to buyers - agent tours, sneak peeks, open houses, and private showings must be accomodated

  • Consider a Realtor that has taken formal negotiation training, such as the Certified Negotiation Expert (CNE) designation that I hold. 

 

Are you planning to sell your home in 2020?

 

Contact me and we can schedule a consultation. I’ve included some infographics below and highlighted some segments of the market that are starved for new listings. If you own a property in one of these areas, Spring 2020 is the time to take advantage of increased buyer activity and maximize the return on your home!

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Do you know anyone planning to sell their home in 2020?

 

Please consider connecting me - your recommendations are welcome and appreciated!

 

Chris Lambert, REALTORⓇ, CNE

Macdonald Realty Ltd.

1050 Howe Street

Vancouver, BC 

V6Z 1P5

 

604-340-6457

chris@chrislambert.ca

www.chrislambert.ca

 

Blog author image

Chris Lambert

Hi, I’m Chris. I help people like you to buy, sell, and invest in real estate throughout beautiful British Columbia. I love what I do, and I’d love to help you too. I'm an experienced and hard w....

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