A lot of people ask me when I talk to them about selling their home, “Jeremy, what is the most important things that I need to do to get the most money for my home?” Undoubtedly, there are numerous things that every homeowner thinks they “should” do, like attempt to turn back the clock and make their home brand new again. The problem with this is that we are all busy, we have jobs, we have kids, we have kids with lives and we need to sleep – sleep…. Yes you need to sleep!!!
In my opinion, it is important to look at number of different factors that will influence both the price your home will sell for and amount of time it will take to sell your home.
Like the common question I mentioned above indicates, there are some things that the homeowner has control over both before they list their home and during the time that their home is on the market – Home Condition, Easy Property Access, Market Exposure and dare I say it, “Agent Choice”
There are other factors, though, that are out of the control of individual homeowners when selling – Market Conditions, the Location of Your Home, Your Lot Size and (drum roll please…..) Asking Price.
So let’s take a moment to discuss these “Critical Factors” and we will start with those factors that you, the homeowner, CAN NOT control.
Market Conditions in Greater Vancouver, which includes of course the Coquitlam, Port Moody and Port Coquitlam Municipalities, are created by the whirlwind of international/global, national and local events and factors. As we saw in the recent, economic crisis, just how the global financial markets when crunched affect local markets like ours. The good news is that Greater Vancouver recovered in approximately 2 years to the price levels that were observed just before the economic crisis took full effect. So is Vancouver insulated from catastrophic events and financial meltdowns? No – Period. But there are a number of interesting aspects of Vancouver that make it more resilient than other markets.
Greater Vancouver is a beautiful place that attracts many people from around the world. Its location on the Pacific Rim, the clean air and the fact that Canada is an unbelievable place to live and fulfill dreams make the destination of choice for people from around the world. As we saw through the lens of the 2011 Olympics, Greater Vancouver has a lot to offer for lifestyle. But here is the catch – there always is one, right? – Vancouver has a LIMITED amount of land, which can be developed. Here in Vancouver, we are surrounded by the Coastal and Rocky Mountains, the Pacific Ocean and our American Friends to the South (Border) as well as a little something called the Agricultural Land Reserve (ALR) all, which affect the supply and demand of Real Estate. Let’s be clear here, most cities don’t even have one of these factors affecting it. So in a nutshell, the supply is fixed in terms of current available land and the clock is ticking.
So what does this mean for our local markets? What does it mean for the Coquitlam, Port Coquitlam and Port Moody Markets? It has a huge impact overall as demand continues to stay relatively steady for homes. In 2011, initial sales in Vancouver West, Richmond and the North Shore of Vancouver spiked due to outside demand, which pushed local demand further away from the downtown core in a sort of ripple effect. As this outside influence has slowed into this fall of 2011, the number of listed properties have continued to increase while the number of sales, which is an indicator of buyer demand, has diminished. Now is this the way it will stay? Absolutely not, the market is always changing and it has peaks and lows sort of like the ocean tide. The most important thing for you as homeowner wanting to sell is to get a good “snapshot” of what is going on in your community both in terms of your immediate area and the surrounding municipality. Enter the Realtor – this is where I come in and help you out. It is a partnership after all and I want to make sure that you maximize your sales price and sell in the least amount of days as possible.
If you would like more information feel free to call me @ 604.561.4371 or e-mail me @ jkyle@remax.net
Cheers,
Jeremy
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