Hello Clients and Friends,
In the past year, some sellers have encountered challenges due to buyers facing stringent qualifications for mortgages with elevated interest rates. Despite this, Vancouver’s housing demand has persisted.
This week, I helped a client succeed in a multiple offer scenario and January is typically the slowest period for the Vancouver real estate market. The fact that we had to compete with 2 other offers for a property that was on the market for less than a week demonstrates that there is still a strong demand for Vancouver homes.
Properties that are aesthetically appealing and marketed effectively continue to attract buyers, irrespective of prevailing market conditions. The period from May to September 2023 exemplified a robust market where numerous homes were sold, often receiving multiple offers.
If your home remains unsold, it can typically be attributed to being exposed to the market for too long at an overly ambitious price, or being presented to an unsuitable pool of buyers by an ineffective agent. Prolonged exposure without a sale can lead to a negative perception surrounding your property. The longer it remains unsold, the more potential buyers may assume underlying issues.
Here are my proposed solutions:
1. Withdraw the Property from the Market Temporarily:
• Allow some time for negative perceptions to dissipate.
• Avoid appearing desperate; properties that remain listed after several price reductions can seem unattractive.
• A temporary withdrawal can rejuvenate interest and perception.
2. Engage a New Agent:
• Ineffective initial marketing strategies are often at fault when properties remain unsold.
• Seek professional representation skilled in various real estate aspects including quality photography, effective pricing strategies, and global exposure.
3. Revise the Marketing Strategy:
• Reintroduce the property with refreshed marketing materials and narratives.
• Ensure appropriate pricing to avoid appearing overly ambitious.
• Expand exposure to reach broader audiences including international prospects.
Sotheby’s can help your home shine. We are the Tiffany’s of real estate, and our marketing will make your home stand out. We were voted the most trusted brand in real estate, and people know they are getting quality when they see our brand.
Sotheby’s can expose your property to more qualified buyers than any other brokerage in the industry. Our level of marketing and syndication is unrivalled. We are an international brokerage and when your property is presented on Sotheby’s.ca and Sotheby’s.com, it will be seen by over 1 billion visitors per year. That’s in addition to our social media platforms, YouTube, and Apple TV channels, and over 35 other syndicated real estate sites, including The Financial Times, Country Life, and Juwai. Vancouver is an international city, and people from all over the world are looking to purchase property here.
Exposing your home to the largest pool of qualified buyers ensures you will receive top dollar in a sale. Get in touch with me to leverage the Sotheby’s brand.
Wendy de Haas
Real Estate Advisor
Professional Real Estate Negotiator