How to WIN in a Seller's Real Estate Market
A “Seller’s Market” in Whistler doesn’t always equal higher sale prices for the seller or disadvantage for the buyer.
Here are a few tips from The Linnell Group to make the most of a the market situation.
1. Know the recent sales of Whistler properties similar to yours.
What were the sale prices, how long were they on the market? What was the interest level?
2. Take a critical look at the property you want to sell.
Are their any drawbacks that will jump out at potential buyers? Are repairs required? Are the kitchen and bathrooms up to date? Is it bright and welcoming? Some buyers can’t see past minor repairs while others are keen to renovate. Who are priced for? Many buyers will include a subject to a satisfactory building inspection in their offer. You don’t want any surprises that could jeopardize the deal.
3. Have realistic expectations.
A sellers market increases the chances of you getting a favourable offer that is close to your asking price but it doesn’t make miracles happen.
4. Start at the sweet spot with your pricing.
Priced well from the start, your property will sell faster. If you price too high right off the top, your property will take longer to attract an offer. In a market that is moving quickly, you don’t want to give buyers any cause to think there is something wrong with it. With an attractive and fair price, you will attract the best buyers and may even find your self in a position with competing offers!
1. Know what the negotiating factors are.
Of course, price is a big one however, there are other terms in a contract to be aware of such as viewing, inspection, financing, dates. Two offers at the same price point will be compared on other factors. The offer with fewer conditions will be seen as better.
2. Have your ducks in a row.
Do you need financing in order to make your purchase? If so, ensure that you have a current pre-approval so you can move ahead with confidence. Are you a foreign purchaser? Know what the buying power of your home currency is? Are their any legal or tax implications to consider?
3. Know your budget and your upper limit.
This will help you to avoid getting into a situation where you are tempted to spend just a bit more than you planned. Also it's a good idea to look at properties that are priced below this upper limit. If your budget is $500,000 don’t bother looking at properties $501,000 and above. In a competitive market, if properties are selling at or above asking price, you will be disappointed if it's above your budget to buy them.
4. Be ready to ACT FAST when you see what you want.
When your Whistler Realtor tells you that it will be gone by Monday. They are probably right.
5. Come in strong with a strong, fair offer.
This type of market is not the time to “low ball” and see what happens. The seller may feel insulted and decide to wait for a better offer rather than negotiate with you.
6. Work with a knowledgeable LOCAL WHISTLER Realtor.
Your Vancouver realtor has no idea what's going on in the Whistler market and has no business working in such a specialized resort market like Whistler. Always use a local real estate agent who's got plenty of experience in this market. If you don't you'll likely end up overpaying.