We’ve all seen the headlines about how tough the real estate market has been: sales at lows not seen in decades, prices drifting downward, investors unable to exit, developers going bankrupt. It’s all true.
However.
What the media rarely acknowledges is that every trade has two sides and what’s bad for one party in a sale is good for the other.
As a result, these stories about the “tough real estate market” matter even less for the people who are both buying and selling in the same market because losses on one side of their transaction can be counter-balanced or even outweighed by gains on the other. But that narrative does not generate the clicks news platforms want.
So, those of us actually working in the industry will give you the whole picture. We have helped dozens of clients navigate what they’ve been told is a terrible market and achieve outcomes they are genuinely happy with.
Not only are prices becoming more reasonable for people looking to move to a larger home or buy their first one, but inventory levels are higher than usual, meaning you can find the type of home you really want. As a buyer, you can insist on financing and inspection clauses that allow you to confirm the property meets your expectations and your cost of ownership is satisfactory.
While the headlines are not incorrect, they do mislead buyers and sellers because prices on the North Shore have generally been more stable than in the broader Greater Vancouver region. In addition, when average prices are reported in the press, they are influenced by the property types most affected by the slowdown. These are typically properties purchased by investors and developers, such as renovation projects, rental condos, and development lots. A typical home that does not require major renovation will still sell quickly at a reasonable price, even in this market.
As we head into the fall selling season, traditionally the second busiest period for North Shore real estate, keep a few things in mind:
- Preparation matters: Your home does not need to be perfect, but making it presentable and staging it for prospective buyers goes a long way in a market where buyers have plenty of choice.
- Address major defects before listing: Buyers today are easily deterred by
large potential expenses. For example, a home needing a new roof might cost $40,000. If you can do it prior to listing, it might be beneficial. The unquantified cost in a buyer’s mind may lead them to discount your property’s value by two or three times that amount.
- Nothing to Sell: If you are a buyer without a home to sell first, you are in a strong position. Patience and the ability to take quick possession can allow you to secure a property at a significant discount.
In the news, the saying has always been “if it bleeds, it leads,” so the bad news always rises to the top. In reality, though, there are two sides to every story and two parties to every transaction.
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