Why Are Homeowners Selling Their Homes In Less Than A Week?
The Greater Vancouver area real estate market is in a ‘Sellers Market’. A seller’s market has more buyers than homes for sale. Local and offshore buyers face stiff competition for new and used houses, condos, townhomes, duplex, and land available for sale. So why are homeowners allowing their homes to be sold in less than a week?
Why are homeowners selling in a few days instead of using the stiff competition between buyers to create a Bidding War? Wouldn’t a longer marketing time attract more buyers and offers? Is it reasonable to believe a home marketed for 30 days will attract more buyers than a home marketed for 3 to 7 days? Maybe homes sold in under a week are not marketed at all.
We are concerned about the price a homeowner receives when their home sells fast in a ‘Sellers Market’. Selling a home fast is what a Realtor wants to achieve, selling a home for the maximum price is what the homeowner wants. Are homeowners getting what they want with a quick sale? Did the home sell for the ‘Asking Price’, ‘Realtors Price’, ‘Sellers Price’ or the ‘Buyers Price’? We think a home should sell for the ‘Buyers Price’ in a seller’s market. Here is why . . . .
In a seller’s market, buyers know they have to pay at or close to the ‘Asking Price’. Should a homeowner be glad to sell the asking price? Should a Realtor brag when they sell your home fast for the asking price? The ‘Realtors Price’ is no mystery, it is a known price based on a previous home sale in your area. A homeowners price or ‘Sellers Price’ is their attempt to sell for the most money possible or greed. The price that cannot be calculated is the ‘Buyers Price’. A buyer’s price in a seller’s market is based on fear they will be left without a home or have to pay more if they take too long. According to psychology Fear of being left out is what causes buyer Bidding Wars. Buyers want to win at buying, their fear pushes their maximum price higher, and they are under pressure from their own family to buy a home.
According to psychology Fear of being left out is what causes buyer Bidding Wars. Buyers want to win at buying, their fear pushes their maximum price higher, and they are under pressure from their own family to buy a home.
We believe homeowners would be surprised at the selling price if they let multiple buyers fear push the price higher. We think you will be very happy you did.
There is an ocean of all types of buyers looking to buy a home in Coquitlam for example. It isn’t possible to know which buyer is the most fearful of being left out of the market. Or what buyer wants to buy quickly before home prices go higher. And we don’t know what family has made multiple offers only to come up short again and again. From our experience in Coquitlam, this is the short list of buyers who will pay the most for your home. Now how do we find them?
We don’t advocate selling your Coquitlam home in a few days because it takes time to find the buyers we want. You cannot find the right buyer in less that a week on the market but the wrong buyer can find you. We hunt, chase and pursue the most the qualified buyers. We don’t suggest accepting an offer until our 30-day ‘PRE-MLS’ marketing is complete. That means no offers, no showings, no Realtors during the 30-day ‘Pre-MLS’ marketing period.
We are experts at creating buzz and anticipation for your home whether it is in Coquitlam, Surrey, or Vancouver. We keep the buyer’s interest with a steady drip of information buyers want like professional color photographs and video, property disclosure document, a pre-sale home inspection, land title documents, home staging, and even a certified appraisal if appropriate all at our expense. We market on social media like facebook, twitter, youtube, LinkedIn and Instagram for example. Our marketing has created a competitive environment for your home. Ideally, we create a ‘Bidding War’.
The last step is inviting all the buyers together to a catered open house we call ‘Opening Night’. We anticipate multiple offers but the most fearful and competitive buyer will probably surprise all of us with the generosity of their offer.
Do you see how this is a much better way for you to sell your home? If this sounds like the way you want to sell your home please give Harvey McCallum a call or text at 604-722-0002. Don’t say yes to anyone until you say no to us.