How Long Should It Take To Sell Your Property?

Thinking about selling your home in Vancouver? It's an exciting time! Maybe the kids are out of the house and you've decided to downsize to condo? Or maybe you or your partner has recently received a promotion at work and you've decided it's time to go from condo living to owning a house. Or perhaps there is another bundle of joy on its way and you need an extra bedroom. Whatever the reason is, it can be a very exciting time and one that you'll want to make sure to navigate correctly.


Time Frame

It's very important to have a firm grasp on when you need to have the property sold for. Ten days? One year? If you've put an offer on another home you'll generally want to have your home sold and possession to transfer to the new owner around the same time you take possession of your new property. This can be a very difficult objective to achieve, but it should be the ultimate goal. There are a lot of variables that are outside of anyone's control, but a good real estate agent will try and mitigate these variables and steer them in the right direction for their client. The ideal would be to take possession of your new property one week before you give up the keys to the old home. How can this be achieved?

I do find it pretty amazing how many people choose to list their home with an agent and don't ask any pertinent questions. If I had to take a guess at it, I'd suggest most Vancouverites will spend more time shopping for fruits and vegetables than they will put into finding a reputable REALTOR®. Go into each meeting with an agent with a long list of relevant questions. Is your agent familiar with the area that your home is in? Do they have a strong marketing presence in the city, what sets them apart from other agents? Do you get a good feeling about the agent and their customer service skills? Is the priority your home being sold for the most amount of money in the least amount of time, or is the priority the agents portfolio? A lot of people come to us and say they've had a bad experience with REALTORS®, that's a pretty common occurrence. But if you didn't take much time to shop and research your agent you need to accept some blame yourself.

Factors To Consider

Let's look at a hypothetical scenario. Let's pretend you are selling a condo in Mount Pleasant. We look at the relevant data from the real estate board and decifer that over the last two years it has taken on average 100 days to sell a condo in the neighbourhood. Are there strategies that can reduce this time frame? Absolutely! There are three primary considerations that will affect how long your property is on the market. They are : 1) the price that you are asking 2) the terms you are seeking and 3) the condition of your home.

If your condo unit or home is in pristine condition compared to a similar property in the building or neighbourhood, it would be safe to assume that will work in your favour. If their is a similar unit nearby it might be a smart idea to chat with your neighbours to see what kind of terms they are seeking from their sale. If anything the knowledge would be helpful. If you can bring a superior product to the market with favourable terms when compared against similar units, you might be able to increase your asking price.

Creative Thinking May Be Required

There are a lot of talented creative people in the city, the real estate process isn't generally what we think of when think of creative people. It's a different type of creativity, one related towards business fundamentals and negotiating prowess. I'm a fan of common sense in the negotiating process, and navigating it fairly and ethically. But don't let that statement fool you into thinking there aren't creative ways to get what you want from the selling process. This is where business acumen and savvy come into the equation.

There are many tried and tested methods on attracting buyers to your home. If you have the financial wherewithal, look at offering a potential seller financing at the current interest rates but for a long term. If you can provide someone the financial stability they crave, this can end up putting more money in your pocket over the long term. Even if you can offer financing on a portion of the purchase price, this will make your property stand out from the others that are currently available for sale.

Renovate Don't Procrastinate

If there are any major issues with your house, it's important to have them looked after before you list the home for sale. A property inspection will uncover them and can either ruin the sale or put the buyer in a position of power in the negotiating process. With disclosure statements the norm in British Columbia it's often worth your time to get everything up to code before listing.

Is renovating your property a good investment? Often it is, especially if it's something that can be done for a small amount of money. The one that often comes to mind is a fresh paint job, especially in condos. Using neutral colours can make sure you don't put off any perspective buyers, having a fresh coat of paint often makes a property appear brighter and more inviting. A condo that feels like home will bring out an emotional response in your buyer, it can't be emphasized enough how many real estate transactions close this way.

Having a look at these factors and others will make the selling process as easy as possible for you and your family.

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