By Christopher Chiu PREC* and Anky Kan PREC*, LiveLowerMainland, Oakwyn Realty Ltd.
Most of what decides your sale price happens before the first buyer walks in. After more than 40 years in Vancouver real estate between the two of us, these are the six things we see move the number.
1. Price for the first two weeks
A new listing gets its most attention in the first two weeks, when every active buyer and agent sees it. A home priced in line with recent sales in the same building or block uses that attention. One that starts too high usually ends up chasing the market down with price reductions, and buyers notice how long a listing has been sitting.
2. Fix what buyers will find anyway
Buyers and their inspectors find the dripping tap, the failed window seal and the tired caulking. Small defects make people wonder what else was neglected, and they discount for it by more than the repair costs. Chris’s background in construction and renovation helps here: we walk the home with you and separate the repairs that pay for themselves from the ones that do not.
3. Have your documents ready on day one
For a condo or townhouse, serious buyers want the strata documents before they write an offer: the Form B, two years of minutes, the depreciation report, bylaws, financial statements and the insurance certificate. Ordering them before you list lets buyers move quickly and lets us address any issue in them up front, before it becomes a reason to renegotiate.
4. Present it properly
Almost every buyer sees your home online first. Decluttering, staging where it helps, professional photography, a measured floor plan and video are the minimum for a home to compete. The goal is simple: get more of the right buyers through the door in the first week.
5. Plan the launch and the offers
When you list, how showings are scheduled and how offers are handled all affect the outcome. The right approach depends on the home and the market that month. A unique property may need time and targeted exposure, while a well-priced condo in a popular building may call for a set offer date.
6. Know the rules that affect your net
Two BC rules are worth understanding before you accept an offer. Buyers of most resale homes have a Home Buyer Rescission Period of three business days after acceptance, during which they can cancel by paying 0.25% of the purchase price. It cannot be waived, so a deal is not final until it has passed. And if you have owned the property for less than two years, ask your accountant whether the BC home flipping tax applies to your sale.
Start with a conversation
Every home is different, and the plan should be too. For a home evaluation and a clear recommendation on what to do before you list, contact Christopher Chiu PREC* at 778-889-7355 or chris@livelowermainland.ca, or Anky Kan PREC* at 604-722-8613 or anky@livelowermainland.ca.
This article is general information, not legal or tax advice.