At any one time, anywhere from a few to hundreds of potential buyers are waiting for a particular type of property to come to the market. Perhaps it's a single-family home in North Vancouver, or a downtown condo with water and city views. Regardless, most home buyers today are well aware of what's new to market. They may receive automatic alerts from MLS systems, scan mls.ca or other realty websites, or have their Realtor alert them. Auto alerts are especially prevalent these days. If 100 buyers are on alert for a home in a particular neighbourhood, price range, size range, etc., every one of those buyers will receive an email alert (as will their Realtor) as soon as the home is listed.
The key is building up demand to ensure as many of those 100 people see the home as possible. The more people that view the home, the higher the chance that more will want to bid for the home, and the higher the offer price will go. This is where my "semi-auction" process comes in.
Once a home is initially listed I hold off all offers for a week or so. Holding off on offers for a week gives as many of those initially-interested 100 people as possible an opportunity to view the home. In that first week, showings are booked, open houses conducted, perhaps advance inspections are done or strata docs reviewed. That first week is a busy time for all involved!
Ideally, the home sells at the end of that first week when the actual offer process opens up. And ideally, it sells with more than one buyer wanting it, resulting in the highest sales price for the home seller. If the home does not sell in that first week that immediate pool of potential buyers has just been exhausted. After the week has passed, we only have people new to the market to work with. The original pool of 100 buyers may dwindle to 5 or 10 buyers in the second, and subsequent, weeks. Less potential buyers, less upward pressure on the sales price.
Of course, many variables affect the selling price. In this time of intense demand - particularly for single-family homes - a buyer may bid much higher than the comparables indicate. Conversely, a tenanted home, for example, may bring a lower sales price due to access issues or lack of staging preparation, for example.
As this is written in mid-January, more listings are coming onto the market than is usual for this time of year. With the ongoing uncertainty in the world-wide political arena and financial markets, no doubt at least some homeowners - especially those with single-family homes - have decided this is the time to take their gains and move on.
Feel free to contact me anytime to discuss your real estate options and possibilities, and how we can work together to maximize the sales price of your home.