Why now might be the right time to sell in Vancouver
If you own a home in Vancouver and you’ve been considering making a move to a seniors’ community like Tapestry, now is a very good time to think about selling.
Trina Quan of Oakwyn Realty Ltd., who has 12 years of experience as a Vancouver realtor, says the inventory of desirable detached homes is low right now, making it a good time to put your home on the market.
The data tells the story. After peaking last March, sales for Vancouver’s Westside dipped in July and then again, as expected, in December 2022 and January 2023. While sales started to move upwards in the new year, as of the end of March 2023 sales of detached homes were still down 46% from March 2022.
Also, at the end of March, new listings remained below long-term historical averages. However, according to a news release from the Real Estate Board of Greater Vancouver, “Home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.” Getting your home on the market earlier in a recovery period means there will be fewer listings and more eager buyers.
When it comes to real estate timing is everything and Trina encourages both sellers and buyers to consult the experts and get the right information to make an informed decision about when to sell their home. “For detached homes on Vancouver’s Westside, the most active price range is $2.5 to $2.9 million, and three and four-bedroom homes in Arbutus and Kitsilano are the most popular with buyers right now,” Trina says.
Another key to having a successful home sale is to listen to your realtor’s advice about how to make your property more appealing to buyers. “Real estate marketing has changed, and buyer expectations have also changed. Be open to suggestions to help make your home more marketable,” says Trina. “Things like decluttering and staging can maximize return on investment. You can actually double your return on what you spend to make your home more marketable.”
A lot may have changed since you last bought or sold a home. Not to worry – Trina and realtors like her are here to help. “I understand that seniors want the sale of their home and their move to be as easy and seamless as possible,” she says. “If there are things to be done in terms of handyman work, cleaning before a move, etc., I take care of that. I try to make the whole experience as easy as possible for my clients.”
“I am starting to see more multiple offers in certain neighbourhoods and at certain price points,” Trina says. “It does depend though on how well the home shows, and how it is marketed.” Creative pricing can also play a role in helping to sell a home over the listing price, she adds.
At Tapestry, we want all of our residents to have a smooth move-in experience and to feel comfortably at home as soon as possible, which is why our move-in advisors are here to help. When it comes time for your move, our move-in advisors can assist you with downsizing, creating floorplans and coordinating your move. Read more in a recent blog about the many benefits offered by working with Tapestry and our unique move-in support services.
If you are a senior considering lifestyle options, you likely receive a lot of advice about the “best time” to move into a seniors’ community like Tapestry. While it’s prudent to consider different factors, we believe the most important consideration is when it makes the most sense for you based on your personal circumstances, preferences and expectations.
Now has never been a better time to explore how wonderful your life can be at Tapestry. We are currently offering a $5,000 move-in incentive available until May 31. Please contact us and we would be pleased to host you for lunch and a tour.