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Last month I shared some interesting numbers that showed there is a market for houses in Vancouver, with several selling quickly and over the asking prices. If you missed it, here’s the January report.
This month I’ll share four specific examples of homes in Vancouver that sold for over the asking price. I can’t share the sold price with you as that would infringe on the seller’s and buyer’s privacy. If you own a home similar to one of these there’s a good chance you’ll sell quickly at a fair price.
Houses sell for over the asking price for different reasons.
The best case scenario is a desirable house in a popular neighbourhood that has been listed and marketed by a good realtor. The price is set at fair market value and is attractive to many buyers. Because of the appeal of the home someone is willing to pay over the asking price to purchase it.
The not-so-good scenario is one where a house is purposefully underpriced to attract multiple offers. This can work in a very hot market but can backfire badly in a market like ours. You should always set your price at something you are happy with, and that leaves you some room for negotiations. This gives you and your Realtor some space to work out the best price and sales conditions.
No one can promise you will get offers over the asking price when you sell your home. If it happens, consider it a wonderful bonus.
Several factors are driving the Spring market for Vancouver real estate. The primary driver as always is the economic outlook. There are signs that the interest rate hikes may have reached their peak. Inflation has dipped a bit, and unemployment remains low. Add to this that the Boomer generation is continuing to leave the workforce, which is driving up demand for skilled workers. Skilled workers will drive a segment of the real estate market as they start families or desire more space. In Vancouver this will likely result in increased demand for townhouses and larger condominiums.
Demand for detached homes is being driven by low inventory. While it’s true that overall sales number are way down, there remains an active market for detached homes simply because there are currently more prospective buyers than active listings.
I believe that the Spring of 2023 will be a good time to sell your home. As I’ve shown, the market is still giving good results for those who choose to list. The most desireable homes right now are ones that are ready to live in or require only small renovations. Builders are taking a wait-and-see approach, so homes that are being listed for land value are likely to sell more slowly. Good homes in good neighbourhoods will continue to attract buyers and well-priced homes will sell quickly.
I’m here to help you gain insight into the market and plan your home sale. I offer a comprehensive marketing strategy and years of experience in the Vancouver market. Please call me and let me help you get started.