PEDRO GOMES ​- ​​REALTOR®

Cell: 778.999.REAL (7325) |

 

 

Imagine finding a home you love, making an offer, and then finding out there
are other competing offers on the table. Ouch.

 

If you’re looking for a property in a competitive market, it is likely that there
will be multiple offers. Even just one can create the risk that you’ll lose the
home. So how do you make sure your offer is enticing enough to win over
the seller? Here are some ideas:

 

• Don’t make a low-ball offer. If you do, it might be dismissed and you
probably won’t get another chance to bid — especially if the other
competing offers are near the listing price.

 

• Have a pre-arranged mortgage and include that with your offer. This
reassures the seller there won’t be any money issues. (Most lenders
will provide you with a pre-arranged mortgage certificate for this
purpose.)

 

• Go in with a price high enough that the seller will be interested, but
not so high as to be leaving money on the table. This is tricky and
requires a savvy knowledge of the current market.

 

• Have a REALTOR® present the offer on your behalf. A REALTOR®
will know how to do so professionally, and in a manner that gives you
the best chance of getting the home.

 

In a competitive situation, working with a REALTOR® who is an expert on
the local market — and a skilled negotiator — is crucial.

 

Looking for a REALTOR® like that? Call 778-999-7325 today.

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Move-up buyers are in a great position to sell their current smaller home such as a condo or townhouse at a strong price, and make lower offers with subjects on detached homes, for which there is now less competition.

 

Reason is due to the newer government policy constraints such as the 15% foreign tax which are expected to slow housing demand by more than 15% due to the limited numbers of eligible buyers.

 

B.C. Real Estate Association is predicting average home sales prices will drop by as much as 8.7 per cent next year in the Vancouver area and across B.C. This drop will be mainly in the detached market while condos & townhomes should remain stable with slower price increases.

 

The supply of homes for sale, especially in the condo market, is expected to trend higher next year as moderating demand is met with added new home completions.

 

Contact Pedro at 778-999-7325 for any further questions.

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Image result for which choice is best

 

When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.

 

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.

 

For example, what conditions are in the offer? If Offer #1 is conditional upon the seller selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again.


In that circumstance, accepting the lower offer may be your best move.

 

There’s also financing to consider. Most sellers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the seller to get financing is in doubt, that’s a red flag.


The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.

 

As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, I will guide you toward making the right decision.

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Should You “High Ball” Your Listing Price?

 

One of the most important decisions you make when selling your home is setting the listing price. That can be tricky. After all, if you price your property too low, you leave money on the table — perhaps thousands of dollars. On the other hand, if you price your home too high, many buyers won’t even bother to see it, believing it is too expensive.

 

Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want some unsuspecting buyer to fall in love with the home and buy it — even though it’s overpriced.

 

That rarely, if ever, happens.

 

Instead, the listing often languishes on the market because its listing price is conspicuously much higher than its market value.

 

Think about it. If two similar homes, side-by-side, are for sale, and one is priced $40,000 higher than the other, wouldn’t you wonder what was going on? That’s exactly what the market thinks. “Why is that home priced so high?”

 

Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.

 

It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.” Yours is now an old listing struggling to get attention.

 

There’s a better way…

 

Setting your list price at or near the market value is much more likely to generate interest from qualified buyers and maximize how much you make on your home. 

 

That market value may even be higher than you think!

 

Interested in finding out how much? Call Pedro @ 778-999-7325 today.

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