As we enjoy the long weekend and spend time with family, I recognize that 3,532 of you here in Victoria are giving thanks while wondering if and when your home is going to sell. As someone who bought and sold a home in the last two years, I can understand the frustration and fear that can go alone with moving.
In its simplest form, there isn't much too it. Sell your home for as much as you can and then buy a home for the lowest price possible. Of course, the obvious point is that we need to think one way when buying, and the opposite when selling. I was just meeting with some clients who fit quite well into the role of buyers. They looked at the asking price for the home that they wanted and wrote an offer well below the asking price, with the full expectation that the seller should take it. It all seemed perfectly logical to them. Of course, then it was time to list their home and, as you would expect, in their mind, their home was the best available in the neighbourhood should attract top dollar. They also made it very clear that there wasn't going to be much negotiation on their asking price and that a buyer didn't like it, they could just go buy another inferior home.
The paradox here is obvious! This couple is thinking completely differently when they are a buyer vs a seller - hence why most people have trouble finding a buyer for their home. Yes, it is important to negotiate as best as you can and you should be aggressive to protect your interests. But, and there is a big but here, at the same time it is important to see the reality of your home when you are the seller. The best negotiators find a way to take a step back and see their home as buyers do.
Be realistic with your asking price, be realistic with the strengths and weaknesses of your home, and do all that you can to see your home through the eyes of a buyer. The better you can be at being detached and realistic, the better you will be at pricing your home correctly in the first place. Faulty pricing is the #1 reason that homes don't sell. Period! Make sure that your home is priced well and you won't have to wonder any further why your home is not selling. Instead, your home will be sold, and you get on with the rest of your life in your new home.
Here are the raw stats from the last 30 days:
Over the last 30 days, 260 single family houses were sold, down by 8 houses from last week. The median price is down $6,250 to $533,750. The average house was on the market for 49 days. In the last 30 days, 109 condos were sold, up by 4 condos from last week. The median price is unchanged $275,000. The average condo was on the market for 43 days.
There are now 1,955 houses for sale, down by 25 from last week. Condo inventory has risen by 7 to 945 suites.
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