Tips

Bank of Canada’s Big Rate Cut: What It Means for Vancouver’s Housing Market

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Opinion, Statistics, Tips, Videos


The Bank of Canada recently announced a significant rate cut of 50 basis points, or half a percent, marking a major shift in the country’s interest rate environment. This “jumbo cut” has lowered borrowing costs substantially, prompting questions about what may lie ahead for the Vancouver real estate market.

While it’s easy to speculate on the future, my approach is to base predictions on past data, providing a more solid foundation than simply guessing. Here’s an overview of what happened the last time the Bank of Canada made a similar rate cut, followed by practical advice on what to consider if you’re thinking about entering the market now.

Historical Insight: The 2009 Rate Cut

The last major cut of this magnitude occurred in March 2009, during the global financial crisis. At that time, Canada’s economy felt the shockwaves of the U.S. housing market crash, with impacts in Vancouver’s housing market as well.

  • February 2009: Before the rate cut, interest rates were set at 1%, and market activity was already on the rise. Total sales in Greater Vancouver stood at 1,480—a 94% increase over January.
  • March 2009: Following the cut to 0.5%, sales jumped to 2,269 units, indicating a quick response to the lowered rates.
  • April–June 2009: Activity continued to surge, with April sales reaching 4,649 and remaining robust into the summer months.

However, the rising sales volume didn’t immediately translate into price increases. It wasn’t until May 2009 to May 2010 that prices began climbing significantly, illustrating a lag between rate cuts and price growth.

What This Means for Today’s Market

While there are clear similarities between 2009 and today, there are also some critical differences. Current interest rates are still much higher than they were in 2009, and we’re entering a seasonally slow period for real estate. Typically, activity tapers off in December and January, so the Bank of Canada’s rate cut may not drive a quick market surge.

Nonetheless, this cut signals the start of a potential trend, with more rate reductions anticipated over the next year. This forecast, supported by various economic reports, suggests that lower interest rates could boost the real estate market as we move into 2025.

Questions to Consider if You’re Thinking About Buying or Selling

If you’re on the fence about entering the market, here are some points to reflect on:

  1. Has the Market Bottomed Out? – Trying to “time” the market is notoriously difficult, but examining past patterns may give you an edge. Do you believe prices have reached their lowest, or do you expect further drops? Consider factors like ongoing rate cuts, immigration rates, and inventory levels.
  2. Is Now the Right Time to Buy? – With rates potentially declining further, purchasing now could lock in favorable financing options, but keep in mind that the market could still shift depending on broader economic conditions.
  3. Are You Prepared for Market Changes? – If you’re a seller, spring 2025 might see a busier market as buyers re-enter due to lower rates, potentially driving prices up. If you can afford to wait, holding off until rates stabilize further may be beneficial.

Key Takeaways for Vancouver’s Market

Lower rates tend to stimulate activity, but the pace of change varies. Sales volume might increase before prices do, as we saw in 2009. This means that if you’re aiming to purchase at a lower price, acting sooner could work in your favor before prices potentially climb. However, if your goal is to sell, waiting for rates to stabilize or drop further could lead to better offers.

For more specific guidance, consider consulting economic forecasts or staying tuned to market updates. And if you’re a first-time home buyer unsure about the process, I’ve prepared a free guide to help you understand the steps to buy in Greater Vancouver.

If you’d like tailored advice, don’t hesitate to reach out. As a Vancouver real estate agent, I’m here to help you make informed decisions in a changing market.

What You NEED To Do Before You Buy Start Looking For A Home In Vancouver!

Oleg First time buyers, For Buyers, Opinion, Tips, Videos

Navigating the Real Estate Market: A Comprehensive Guide for First-Time Home Buyers

 

Entering the real estate market for the first time can be daunting, especially with the abundance of information and the significant financial commitment involved. As a seasoned real estate agent with over a decade of experience, I’ve encountered countless first-time buyers who believe that the right time to involve a real estate agent is when they’re “ready” to buy. However, the reality is that preparation should start much earlier. This guide aims to equip you with the knowledge and strategies necessary to navigate the market effectively and make informed decisions.

1. The Importance of Early Market Research:

Many first-time buyers delay engaging with the market, often because they feel overwhelmed or believe that market conditions are unfavorable. However, one of the most crucial steps in your home-buying journey is to understand the market well before you’re ready to purchase. This involves more than just casually browsing listings; it requires a proactive approach to gathering and analyzing data.

Start by familiarizing yourself with market trends and statistics. Websites like realtor.ca or rew.ca are excellent resources for keeping track of current listings and price movements. Additionally, watching educational videos, reading articles, and staying updated on market news will give you a broader understanding of the factors influencing property prices.

2. Understanding Specific Market Conditions:

The real estate market is not monolithic; it varies significantly depending on the location, type of property, and current economic conditions. For example, buying a one-bedroom condo in Port Coquitlam is a completely different experience than purchasing a detached house in Richmond. Each area has its own market dynamics, influenced by factors such as supply and demand, local amenities, and economic developments.

To make an informed decision, it’s essential to research the specific market conditions for the type of property and location you’re interested in. Look at recent sales data, compare prices across different neighborhoods, and consider the potential for future growth in the area. By understanding these nuances, you’ll be better equipped to identify a good deal and avoid overpaying for a property.

3. Financial Preparation: Laying the Groundwork for Success

Financial readiness is a critical component of the home-buying process. While most people know they need to save for a down payment, there are several other financial considerations that can significantly impact your ability to purchase a home.

– Pay Off Debt: High levels of debt, such as credit card balances or personal loans, can negatively affect your mortgage application. Lenders assess your debt-to-income ratio to determine your borrowing capacity. Paying down your debts before applying for a mortgage not only improves your chances of approval but also may help you secure a lower interest rate.

– Avoid Major Purchases: Large purchases, especially on credit, can reduce your borrowing power. For instance, taking on a new car loan can lower the amount you’re eligible to borrow for a mortgage by tens of thousands of dollars. It’s advisable to postpone any major purchases until after you’ve secured your home.

– Improve Your Credit Score: Your credit score plays a crucial role in determining the interest rate on your mortgage and the types of loans you qualify for. Take steps to improve your credit score by paying bills on time, reducing outstanding debt, and avoiding new credit inquiries. A higher credit score can open up more favorable loan options and save you thousands in interest over the life of your mortgage.

– Get Your Taxes in Order: Up-to-date tax filings are often required when applying for a mortgage. Ensure that your taxes are filed and any outstanding tax debts are settled well before you start the home-buying process. This will prevent delays and complications when you’re ready to make an offer on a property.

4. Building a Solid Savings Plan:

In addition to saving for a down payment, it’s important to have additional funds set aside for other expenses that come with buying a home. Moving costs, new furniture, home repairs, and unforeseen expenses can add up quickly. Establishing a rainy-day fund or a dedicated moving fund can provide a financial cushion and reduce stress during the transition to your new home.

Even if you already have enough saved for a down payment, continue to build your savings in the months leading up to your purchase. This extra financial padding will not only help cover unexpected costs but also give you more flexibility in choosing the right property.

5. Timing Your Entry into the Market:

Understanding market timing can be challenging, but being informed and prepared allows you to move quickly when the right opportunity arises. Real estate markets can change rapidly due to various factors such as economic shifts, interest rate changes, and local developments. By staying informed and financially prepared, you’ll be able to take advantage of favorable conditions when they occur.

Consider working with a real estate agent early in your process, even if you’re not ready to buy immediately. An experienced agent can provide valuable insights into market trends, help you identify emerging opportunities, and guide you through the complexities of the home-buying process.

The journey to homeownership is filled with challenges, but with the right preparation, you can navigate the market with confidence. Start by educating yourself about the market, improving your financial position, and saving diligently. By taking these proactive steps, you’ll be in a strong position to make informed decisions and secure the home that’s right for you.

If you found this guide helpful, consider sharing it with others who might benefit from this advice. For more insights and tips, subscribe to my YouTube channel or reach out directly for personalized advice tailored to your specific needs.

 

3 strategies smart investors use to win in a slower real estate market in Vancouver

Oleg Articles, For Buyers, For Sellers, Opinion, Tips


The Greater Vancouver real estate market has been experiencing a slowdown in recent times. However, experienced investors understand that a slower market presents unique opportunities that can be harnessed for greater returns. Here are three ways smart real estate investors take advantage of a slower real estate market in Greater Vancouver:

  1. Upsizing:

One way smart real estate investors take advantage of a slower market is by upsizing their real estate portfolio. In a slow market, the more expensive properties tend to drop in price more, which presents a perfect opportunity for investors to acquire larger and more valuable properties. For instance, an investor who wants to move from a condo to a single-family home can leverage the slowdown to acquire a bigger and more luxurious property at a lower price than would be possible in a hot market.

The key is to identify properties that are likely to retain their value in the long term. This means focusing on properties with excellent location, good amenities, and good resale potential. An experienced real estate agent can help investors identify such properties and guide them through the upsizing process.

  1. Buying pre-sale properties from developers:

Another way smart real estate investors take advantage of a slower market is by buying pre-sale properties from developers. During a slow market, developers are often eager to move their inventory and may offer attractive incentives to buyers. In addition, interest rates are expected to go down in the future, which makes buying pre-sale properties an even more attractive option.

Investors can leverage this opportunity by identifying pre-sale properties with excellent potential for capital appreciation. This means focusing on properties in areas with good growth potential, excellent amenities, and strong demand. Additionally, investors should work with reputable developers with a track record of delivering quality properties on time.

  1. Buying long-term investment properties:

A slower real estate market presents a perfect opportunity for investors to acquire long-term investment properties. The rental market in Greater Vancouver is still very strong, which means that investors can acquire properties and generate steady rental income over the long term.

Smart investors focus on properties that have good rental potential, such as those in areas with high demand, excellent amenities, and good transportation links. Additionally, investors should focus on properties with good long-term growth potential, such as those in areas with strong job growth and population growth.

Investors should also consider the potential for future development, such as adding additional rental units to the property or converting the property to other uses. This can help to increase the property’s value over time and generate even greater returns.

In conclusion, a slower real estate market in Greater Vancouver presents unique opportunities for smart real estate investors. By upsizing their portfolio, buying pre-sale properties from developers, and acquiring long-term investment properties, investors can take advantage of the slowdown to generate greater returns over the long term. However, it’s important to work with experienced real estate professionals who can help identify the best opportunities and guide investors through the process of acquiring and managing real estate assets.

3 ways to make money in the current slow real estate market in Vancouver.

Oleg Articles, For Buyers, For Sellers, Tips

The Vancouver real estate market has been experiencing a slowdown in recent years due to high interest rates. However, smart investors are taking advantage of these conditions to make strategic investments and maximize their returns. In this article, we’ll explore three ways that smart investors are taking advantage of the slow Vancouver real estate market conditions due to high interest rates.

  1. Buying pre-sale properties

One way smart investors can take advantage of the slow Vancouver real estate market conditions due to high interest rates is by purchasing pre-sale properties. Developers are often willing to offer pre-sale properties at a discounted rate during slow market conditions, which can provide an opportunity for investors to secure a property at a lower price.

By purchasing a pre-sale property, investors are also hopping for a lower interest rate in future. This can be particularly advantageous during a slow market when interest rates are high, making it difficult to qualify for a mortgage or afford a mortgage payment.

Investors should be aware of the risks associated with pre-sale properties, including potential delays in construction or changes in the real estate market. Thorough research and due diligence are essential before making a pre-sale property investment.

  1. Upsizing

Another strategy smart investors are using in the slow Vancouver real estate market conditions. By purchasing a larger property and selling their smaller one, investors can take advantage of the equity built in the current property as well as lower prices on the bigger property.

For example, you own a townhouse and would like to upgrade to a house. On average detached properties in Vancouver have seen a bigger depreciation as opposed to townhomes. If you were thinking of upsizing already then upsizing in the slow market can be a great opportunity to do so.

Investors should carefully consider the costs associated with upsizing, such as higher property taxes, property transfer taxes, maintenance costs, and potential renovation expenses. Thorough research and due diligence are essential before making an upsizing investment.

  1. Rental properties for long-term investment

Finally, smart investors are taking advantage of the slow Vancouver real estate market conditions due to high interest rates by investing in rental properties for long-term investment. High interest rates can make it difficult for some people to qualify for a mortgage, leading to increased demand for rental properties.

By purchasing a rental property in a slow market, investors can take advantage of lower property prices and potentially higher rental income. Over time, as interest rates decrease and property values increase, investors can realize significant profits from their rental property investment.

Investors should be aware of the risks associated with rental properties, including maintenance costs, tenant turnover, and potential vacancies. Hiring a property manager to handle day-to-day management tasks can help to mitigate some of these risks.

In conclusion, the slow Vancouver real estate market conditions due to high interest rates are providing opportunities for smart investors to make strategic investments and maximize their returns. By purchasing pre-sale properties, upsizing their properties, or investing in rental properties for long-term investment, investors can build long-term wealth. However, as with any investment, thorough research and due diligence are essential to avoid potential pitfalls. Working with a knowledgeable investment advisor can help to ensure that investors make informed decisions and maximize their returns in the slow Vancouver real estate market conditions.

Burnaby BC Condo Market Update – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics, Tips

Here is a detailed breakdown of Burnaby BC condo market for February 2017. We will look at both 1 and 2 bedroom units. Townhouses and detached properties are not included in the statistics. Only resale properties are accounted for; no new construction.

Average Sales Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $373,057 | +17.3% (change since February 2017)

Average Sales Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $571,335 | +20.6% (change since February 2017)

Average Percent of Original Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.8% | +1.8% (change since February 2017)


Average Percent of Original Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.9% | +0.9% (change since February 2017)

 

 

Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $582 | +13.9% (change since February 2017)

Average Price Per Square Foot for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $576 | +13.8% (change since February 2017)

 

 

Total Inventory of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 61 | -46.0% (change since February 2017)

Total Inventory of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 136 | -40.4% (change since February 2017)

 

 

New listings of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 55 | -20.3% (change since February 2017)

New listings of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $388,204 | +25.5% (change since February 2017)

 

 

Total Sales of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 40 | -42.0% (change since February 2017)

Total Sales of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 72 | -36.8% (change since February 2017)

 

 

Sales to Active Listings Ratio of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.656 | +7.4% (change since February 2017)

Sales to Active Listings Ratio of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.529 | +5.8% (change since February 2017)

 

In conclusion, Burnaby condo market is still a very strong sellers market. We see a very strong buyer demand for both 1 and 2 bedroom units. Low inventory demand and hight buyer demand are driving the market. Many condos are still selling with multiple offers and over the asking price.

3 things you NEED to know about your 2017 B.C. property assessment

Oleg For Buyers, For Sellers, News, Tips

 

A few days ago homeowners all over Lower Mainland have received their 2017 Property Assessments. Single-family homeowners have seen an increase of 30 to 50 per cent in one year. Most condo owners in Metro Vancouver have also seen major increases of 15 to 30 per cent.

Every year B.C. Property Assessment come out I get a ton of questions from my clients. I thought I’d be easier to write a blog post about it.

Here are things you need to know about your 2017 property assessments.

  1. Even though Property Tax Assessment are sent out in January of the new year the assessed value is as of July 1 of the previous year. Your 2017 tax assessment roughly estimates how much you could have sold your property for on July 1, 2016. Whatever market changes happen after July 1, 2016 will be factored into your 2018 tax assessment. Unfortunately, most of the Metro Vancouver home prices have decreased since July (See my Vancouver Housing Breakdown for Dec 2016 here).
  2. Assessments and tax increases are not a linear relationship. Your property increasing in value by 40% based on the tax assessment doesn’t mean that your property taxes will be 40% higher. There is something called mil rate.  The mill rate is a factor which goes up and down to even out the price fluctuations.  The mill rate (factor) is multiplied by the value of the home to achieve the taxes that the city deems it needs.    The City uses this factor to achieve the rate increases to pay for their budget.  Usually 3-5% per year.  Your taxes will be very close to the amount that the city has earmarked.
  3.  Typically your tax assessments are 10-15% lower than the actual value of the property. That’s done for a reason. City Halls all over Lower Mainland don’t want to have angry homeowners at their footsteps demanding their property assessments to be lowered. However, due to the decrease in home prices in recent months your 2017 tax assessment might be very accurate.

In conclusion, huge increases in B.C. property assessments don’t necessarily mean huge property tax increases for the homeowners. No need to panic. Based on the changes in the real estate market most property assessments are outdated.

New BC Government Downpayment Program for the First-Time Buyers; Here is WHAT you NEED to KNOW

Oleg Articles, First time buyers, For Buyers, News, Tips

 

On December 15th 2016 Premier Christy Clark unveiled a new loan program to help first-time home buyers come up with their down payment. This program is designed to make it easier for the first-time home buyers to into the Real Estate Market.

The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying first-time home buyers loans of up to $37,500, interest and payment free, for up to five years. It’s basically a second mortgage on the property that you don’t have to make any payments on for the first 5 years.

The province will begin accepting applications from qualified first-time buyers on January 16, 2017.

To qualify, buyers must:

1. Be buying their first home

The buyers who previously owned real estate anywhere in the world DO NOT qualify for this program.

2. Obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price

The buyers can not have a downpayment on the property larger than 20% of it’s value. They must obtain CMHC insurance.

3. Have a combined gross household income not exceeding $150,000

The buyers who will have their names on the tittle must collectively earn less than $150,000/year.

4. Have saved a down payment amount at least equal to the loan amount

The BC government will only land the buyers 50% of the total downpayment. The other half of the downpayment will have to come from the buyers themselves. In other words first-time buyers will still have to contribute at least 2.5% downpayment.

5. Be a Canadian citizen or permanent resident for at least five years

Foreign buyers will not be eligible to take advantage of this program.

6. Have lived in BC for at least the full year preceding their application

In other words potential buyers will have to have lived in British Columbia for at least 1 year before applying for this program.

The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.

Key facts:

• The BC government loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price. 

• The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).

• After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.

• Loans through the program are due after 25 years. The same as standard mortgage. 

“This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.

The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.

One simple way to protect yourself agains “Shadow Flipping” in Vancouver

Oleg Articles, For Sellers, Tips

Turn on the TV or go online and you will see countless news stories about “Shadow Flipping” in Vancouver BC. It is a scary thing for some homeowners. Nobody want’s to have their property flipped for profit before the sale even completes. In some cases the “flipper” can make hundreds of thousands of dollars in a matter of days. So how do you protect yourself from the “shadow flipping” as a seller?

By default every Contract of Purchase and Sale has an “assignment clause” in it. The “assignment clause” is the clause investors abuse to assign/sell contracts for profit. The general rule, in the absence of wording in the contract to the contrary, is that BUYERS MAY ASSIGN their rights under the contract as long as they do not prejudice the rights of the sellers. For example, if the sellers are carrying the mortgage, they may not want the contract to be assigned to another party.

If you are concern about “shadow flipping” and want to protect yourself just add a simple clause in your Contract of Purchase and Sale. This will eliminate the assignment clause and thus eliminate the ability of anyone to assign (or sell) the contract to a third party.

Here is an example of the no assignment option clause:

 

“No Assignment Option Clause

The Buyer agrees not to assign this contract in whole or in part to any third party.”

 

That’s it! Now you can sell your property without worrying about anyone trying to flip it before the completion date. Feel free to contact me with questions about selling your property (house or a condo) in the Greater Vancouver area.

 

DISCLAIMER: Seek independent legal advice before implementing any of the idea discussed in this article.

Should you hire an inspector for a walk-through of your new property?

Oleg Articles, For Buyers, Opinion, Tips

Inspection-Passed

As real estate professional I get asked a lot of questions. “Should I get an inspection done, when I buy a property?” is among the most frequently asked questions. Here is a simple answer – YES! YOU SHOULD GET AN INPECTION DONE WHEN BUYING  REAL ESTATE! But what about brand new properties? Should you still get an inspection for brand new properties? If so, when should you do it?

The answer is YES! Even for the brand new house or a condo you should still hire an inspector. I am not some crazy “inspector employment advocate”. Experienced inspectors will be able to find hidden issues that might need attention, even in the brand new properties. If they don’t find anything, at least you will sleep better at night. That’s a scientific fact.

The question of “IF you should get an inspection?”, becomes “WHEN should you get an inspection?”.  Brand new properties can be either move-in ready, under construction or in the development stages. 

If the house or a condo is under construction or in the development stages the only time you will be able to hire an inspector is for the final deficiency report (also referred to as “walk-through”).

The deficiency report or the final walk-through is 1-3 hours inspection booked off for you and the developer to walk through the property and look for deficiencies. This date is usually set about a month prior to the completion date. All of the deficiencies found should be fixed before the completion date at the expense of the builder/developer. Ask your real estate agent about appropriate subjects to include in your contract. Feel free to contact me as well.

The walk-through is a great time to hire an inspector. He or she will be able to point out hidden deficiencies and save you time and money in the long run. As a curtesy let the developer (or selling agent) know that you will be hiring an inspector for a final walk through.

If the new property is move-in ready, I suggest adding an inspection clause into your offer, if possible. This way you will have 5-10 days to schedule the inspection and make sure that there are no hidden problems with the property before committing to the purchase. Ask your real estate agent about “the inspection subject”.

If the inspection is not possible before subjects’ removal (or you don’t inspection subject in your offer), you can still hire an inspector for the final walk-through. The same rules apply as before.

When buying real estate, it is always better to be safe than sorry. Always hire a professional inspector even when buying brand new construction.

3 Tips for selling your home or a condo in a “HOT” Vancouver market

Oleg Articles, For Sellers, Opinion, Tips

Miniature house with sold sign

Greater Vancouver market continues to be very active late into the fall of 2015. Metro Vancouver has a very strong sellers market, for the most part . That’s great news if you are planning to sell your house or a condo.

To find out if your neighbourhood and a property are in a sellers’ market you can contact me (or your real estate agent) directly or check the statistics here – the latest real estate market statistics for September 2015 from the Greater Vancouver Real Estate Board. If your home is in fact in a “HOT” sellers’ market what is the best way of selling it and making sure that you don’t leave any money on the table?

  1. Price is everything.  One of the main services that your real estate agent provides is figuring out the exact value of your property. To figure out the value (price) of the property recent sales, available inventory and even tax assessments are all taken into account. Every agent has a different strategy to find the value of the property. I will share mine in another blog post. After the value of your property is established; take away 3-5% and that should be your listing price.  Listing your property 3-5% below market value is very important step. This will generate a lot of buyer interest.
  2. “Hold” your property for at least 5-7 days on the market. In a hot sellers’ market you will be receiving offers on the very first day your property is being listed. Accepting an offer on the first or second day of your property being listed is a mistake and will most likely cost you thousands of dollars. It is very important to hold off all offers for at least 5-7 days. This way your property will get appropriate market exposure.  Set a date for the offer presentation. More often than not your will have a bidding war. Buyers will be lining up to present their offers.
  3.  Do Friday showings and an open house on the weekend. There are circumstances where open houses are not an option. For example it’s against the strata bylaws. In these instances regular showings should be scheduled for the weekend.  Assuming you are able to host an open house you should definitely do it.  Friday showings will be mostly for the agents and for the buyers who can’t make it to the open houses on the weekend. The weekend open houses are what really sells the property. If you followed tip #1. You will have people lining up outside of your front door to view the property. More people = urgency = higher offers.

Ideally, you would want to follow this timeline in listing and selling your property for best results in a sellers’ market. Monday or Tuesday your property is live on MLS (with pictures and full description). Make sure that it’s priced 3-5% under the “market value”. No showings throughout the week until Friday. Friday, Saturday and Sunday showings and an open house. Create urgency and drive as many people to the open house as possible. Monday or Tuesday evening offers presentation. Have at least 3 offers and accept the most favorable one. Sounds easy right? The whole process is of course a little bit more complicated but this should give you a pretty good idea.

Make sure to consult with your real estate professional or call me directly 604-565-7052 before implementing any of the steps. Happy selling:)