What happened in 2016 with the Vancouver Real Estate market?
Everyone says it was supply and demand. I agree! Money was very easy and cheap to borrow, people had made so much profit when they sold their homes they had no problems paying top dollar for the next one as it was probably hundreds of thousands dollars less.
The biggest issue was Realtors! Not protecting their clients, not having solid contracts and in essence not doing their jobs. Many many new agents jumped into the Real Estate business and there will be a huge reality check for them now and also a huge correction in the number of agents. Making it in Vancouver Real Estate is very difficult and with more competition out there then ever, people will go back to their regular jobs. See my video on hiring the right Realtor to sell your home! If your agent has a full time job elsewhere, be careful! You would be surprised how much Real Estate activity happens in the day time and when your agent can’t show us your home – we may buy a different one that day.
At this time, The market is now getting closer to a balanced one! Traditionally homes and condos do not sell in one month in Vancouver. Days on market are growing. You cannot get away with poor marketing unprofessional and frankly inexperience in selling Real Estate. I feel bad for agents who came into the market last year as they will have no sense of Reality when it comes to marketing and selling homes.
*This is an example of a good quality photo! If your agent did not spend the money on a professional photographer and expects to be paid full commission that should end the relationship at that moment .
As a Vancouver Realtor for over 10 years now I was fortunate to start my career in a down market (if you can even call it one ever in Vancouver). I learned the value of unique marketing to sell homes, that it takes a lot of work and going to the extra mile and that experience is a must when selling homes. There are so many unique scenarios that arise you have to be ready to shift at any moment. It was so disheartening seeing how homes and condos were marketed and how agents were acting on these sales.
Pricing homes will become so much more important now and so many Realtors got away with random pricing as the “market will tell us the price” when offers came in. Yes, this was true. However; would you not want to price it to its absolute max? That way when offers came in and were over asking you knew, without a doubt that was the best price for the home?
I could go on and on about this topic for hours but I won’t. All I am saying is that 2016 had record prices, record days on market, record sales heights and soon – there will be record lawsuits! Buyers are already worried they have over paid, bought a home that is not in great condition or stretched themselves too much. As a Realtor, our job is to protect and advise. Hopefully your agent did that for you!
For further information about the real estate market in Vancouver and current trends, contact Top Vancouver Realtor Leo Wilk.