Why Some Homes Sell and Some Don’t

Why Some Homes Sell and Some Don't

I was asked a question along these lines just last week. Yes, I know what you’re about to say….“I bet he’ll talk about supply and demand”. Well…obviously – yes, but I do think that this needs some clarification.

I was asked a question along these lines just last week. Yes, I know what you’re about to say….“I bet he’ll talk about supply and demand”. Well…obviously – yes, but I do think that this needs some clarification. Clearly, when there are lots of buyers ready, willing and able to make the decision to do so … many sales will take place. Those units unable to sell under this scenario are, very likely, overpriced relative to their location, condition etc – read “the seller has unrealistic expectations” (or just isn’t that committed to selling). Remember: willing seller, willing buyer.

What can the serious (and I’m not implying desperate) seller do to ensure a successful marketing of their property? A check-list would include the following: (i) employing the services of an experienced Realtor; someone who has been the “tough sell” times as well as the “boom periods”. The ‘sister’s son/daughter who is “learning the ropes” with a 4 month old license may be a mistake – the success of this venture is serious business. Intelligent exposure of the property for sale and its unique selling features is imperative – [again, ‘experienced Realtor] (ii) making sure the property really shows well. I have heard the analogy of the ‘beauty pageant’ – where it is necessary to be well presented and, for example, the “prettiest $875,000 home in the specific geographic location” to be chosen for negotiations to commence. (iii) based on your research, and, tempered with the advice you receive [see (i)] the asking price is the single most important factor in this exercise. With increased competition from a possibly swelling inventory of properties for sale, it is imperative to be correctly priced. (iv) [this may seem an unusual checklist item, but I believe it has serious ‘consideration’ value here] if time is passing and you are not having to sell; with the flexibility to defer your “rehousing” plans, you may be well advised to cease marketing and return to the exercise at a future time. Bear in mind, no one knows what the market in six months (or a year or so) will be, but if you have some faith [not just hope ;)] that it will be better, deferral could be your best strategy.

Note: an important corollary here is the message that the buyer can take from the “slower market”. That is to seriously consider the “rightness” of the time for acquiring a home. Higher supply – lower demand and clearly an opportunity for advantageous negotiation. Again, the need for the experienced and skilled negotiator.

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North Shore Real Estate Radio

This year I pledge to continue my personalized service and further reduce my business ecological “footprint”. A new initiative is the radio (podcast) library which I am creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368

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North Vancouver Real Estate

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August 2011 Numbers

August 2011 Numbers

Now to our North Shore 2011 first 7 month picture. North Van detached homes sold are up by 33% from the previous year, attached (t/hses) sold – no change and apartments now up 3% from 2010. Detached – average price is 7% higher than this time ’10 and inventory July 31st ’11, down by 21%. Average prices up 3% (t/hses) and down 1% (apts). Inventory (t/hse) 13% lower than July 31st ’10 and (apt) up 6% from 2010. N/Van overall inventory at July 31st ’11 is rising, but still lower (-8%) than 2010 and again N/Van, 16% higher in total number of sales ’10 to ’11(1392 vs. 1615).

In West Van, detached number of sales for 2011 is up by 88% from last year. Average price up by 19% and inventory July 31st ’11 down by 14% from last year. On the condo side – sales of attached (t/hses) are lower at 43 vs. 50 units; average price down 21%. Active listings down from July 31st ’11 (27 vs. 43). Apartments sold are up 46% over 2010; with average price 17% higher than ’10 and active listings down 25% from July 31st ’11. Overall markedly lower inventory and strong demand remains, at the upper end price-wise.

Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join those wishing to get the e-mail version of this “update” – send a request now to alanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca