Selling your home in Richmond in a buyer’s market
In a buyer's market, selling your home in Richmond can be very challenging. Home sales for Richmond real estate market over the past 2 months were just around quarter of the average monthly sales for 2007. As a home seller, you have to be realistic with your expectation and adapt to the current buyer's market.
Find out from your realtor the sales and inventory in the market place for homes similar to yours. Secondly, ask your realtor for info on the past 60 days sales, and find out how the market prices for homes sold compared with their city assessment values. When you know your market, you can price your home accordingly.
If there are 2,500 properties on the market and 250 are selling, only 10% of the properties are selling for the month. There is a 1 in 10 chance of a home selling. Your home has to be at the top 10% to attract buyers' interest.
Why set an average price and hope to sell you home in 10 months?
In a buyer's market, your home has to be priced lower than comparable homes listed on the market. A lower priced home get sold more quickly.
If you are a home buyer, you need to know whether the home you are buying is a good buy. In a buyer's market like today, sellers are more motivated to sell and they are opened to look at all offers. Find out how the current market values for home sold compared with their city assessment values.
Home prices have dropped some 12% to 15% in general. As a buyer, you want to find out how the selling prices relate to the city assessment values.
For more information on the real estate market in Greater Vancouver, Richmond, Vancouver and Burnaby in particular, you can follow my blog postings here.
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