Waterfront at Harbour Side Park! Fantastic spectacular views of Coal Harbour, Marina & North Shore! If it's time to upgrade your lifestyle look no further. This fully reno'd 2 bedroom and den is every bit as spectacular as its surroundings.Upgrades include new kitchen, bathrooms and hardwood floor throughout all wrapped up by a fantastic open layout that maximizes the view from every room. The 2nd bedroom has been opened up to increase the living space but can easily be converted back into a bedroom. Stanley Park, the sea wall, community centre, restaurants & marina all at your doorstep! Bonus 2 parking stalls, 2 storage lockers and your own bike locker. Open Houses Sat/Sun April 27/28 from 2-4pm.
In our market, if a buyer is to increase their chances of success, it's important that they familiarize themselves and gain some comfort with the concept of competing offers. A good property that is sharply priced in a market segment that is at least somewhat active is bound to get multiple offers. Buyers must ‘court' the seller more than ‘negotiate'. Success will be had by the buyer with the best combination of price and commitment. Emotional deterrence to competing offers can be costly; hopefully the below helps you create a frame of reference that helps to develop an objective approach! Buying a home can be emotional; the process itself is short, however, and the reward almost always very long-lived.
The first concept to embrace here is that there are three numbers to consider when writing any offer; list price, market value, and value to the buyer.
1) The List Price; this is an ‘invitation'. If there's lots of activity, it's clearly a good invitation and likely well (or under) priced. Once it's gotten you ‘in the door', it's best to largely ignore the list price, and any emotional deterrence you may have to ‘paying over list'. It was simply an effective part of the marketing strategy the realtor/seller used to bring the property to the right buyers.
2) Market Value; currently and recently, what are very similar properties selling for? From this data, you and your realtor can come up with a clear idea of current market value. From this information, and how it relates to the list price, one usually sees a correlation to the activity and how many offers are rumoured to be coming in.
a. EG #1; if market value is between $480,000 and $500,000, and the list price is $500,000 but there's still lots of activity and many offers coming in, the market is clearly ready to move the market value up; by how much is difficult to gauge (see next bullet for more on this).
b. EG #2; assuming same market value, but a list price of $475,000 and only two offers, it's reasonable to assume market value is holding fairly steady, and the seller is either motivated, under-priced, or intentionally trying to generate multiples. It may not even take over asking to ‘win' if the market itself is a little ‘flat'. The examples could go on, but hopefully the gist is clear.
3) Value to the Buyer; the most important number. There's more to competing offers than picking a price, but it's of course the most important part of the process. In most cases it's best to expect that there will be only one chance to ‘win', so you'll need to commit to a price that is equal to, or just a bit more than, what would be the top number you'd be willing to pay for the property were you not competing.
a. EG; market value is clearly $480,000 to $500,000, list price is $499,000, and there's 4 other offers. You love the property, are comfortable ‘pushing the market up', and could spend up to $550,000 from an affordability standpoint. At $520,000, you feel a bit pressured, but would kick yourself if someone else bought it for $521,000. So, perhaps $522,000 would be the number.
To be competitive in competing offers, one must consider commitment as well as price. ‘Commitment' refers to the conditions or subjects. These are usually financing, review of documentation, and inspection. When not competing, it's usually agreed by buyer and seller that the buyer will have about a week to satisfy these conditions, within which the buyer can walk away at any point. So, the seller is committed, but the buyer isn't for a week. When competing, a buyer's ability to shorten, omit a few, or even omit all conditions greatly strengthens their offer relative to others, as the seller will be concerned that should a buyer walk away during this conditional period, they will have trouble generating the same price again. These efforts to shorten/omit subjects usually involves hustle, and a good realtor experienced in these situations will help greatly in determining the maximum ‘commitment' you can safely and comfortably provide in the shortest time possible.
There are other tools that can aid in competing offers, but the above provides a good overview. The strongest a competing offer could be is one with the highest price, no conditions, dates left up to the seller, and deposit cheque in hand at time of offer. Buyers competing need to come as close to this ‘benchmark' as they comfortably can or are willing to in order to know they've given themselves their best chance at success. You and your realtors' job will be to find this point and take your best swing.
Aftermath; if you win, you may feel you paid too much- it'll be important to remember you've ‘pushed your own market', most likely to your own benefit. If you are close to the best offer, you MAY get a second chance and be asked to pay a bit more or provide a bit more commitment. If you lose, especially by a small margin, it's common to kick yourself; this is why it's important to feel your taking your best shot when you initially submit the offer.
Bright, beautiful, updated, s. facing 1 bdrm unit in one of Kits's BEST buildings, the fully rainscreened Seagate. Not a corner unit, but feels like one, with the living room extending outwards and opening onto a sunny balcony. Very tasteful updates include matching granite in the open kitchen and in the bathroom, new stainless appliances, updated hardware, and modern light fixtures. In-floor H/W radiant heating and tons of natural light create a cozy feeling regardless of climate, there's tons of insuite storage, and the location is minutes from 4th Ave. shops, Kits Beach, UBC, and downtown. GREAT lifestyle opportunity, great value. Open Houses Sat April 20 from 2:30-4:30pm and Sun April 21 from 2-4pm.
This is a GREAT question, and the answer is NO, it is not true. The reported number in the media is actually based on research done by an entity at UBC, specifically on buildings in Coal Harbour only, which has a very high density of wealthy American and foreign ownership and is one of the most desirable city ‘pied-a-terre’ locations in Canada (or globally, for that matter). It is entirely to be expected that a large percentage of these property owners will be out of the city or country at any particular time. There are minimal stats and research to demonstrate accurately what the true overall ‘vacancy level’ is downtown. The best research available points to roughly 7%, a number which for reference is within range of many other Canadian city cores.
Most home buyers ask their friends or family to recommend a trusted real estate agent to help them purchase a home. But what do you do when you are moving to another city and you do not have a trusted network to rely on? Rely on your local realtor to find a reputable real estate professional to help with the purchase.
As real estate professionals, we have an extensive network of other agents in other cities, provinces and countries. We have attended seminars, workshops and networking events where we align ourselves with other professionals. Even if you are moving somewhere that your local agent doesn’t have an existing contact, we know what to look for, and the questions to ask realtors to ensure that you are in good hands on your home search.
Our goal is to empower you with the tools to make a decision that’s right for you. Next time you or someone you know is moving out of the city, rely on your current network to help you with that transition.
QUIET ? DUPLEX THAT FEELS LIKE A HOUSE IN ONE OF THE BEST CATCHEMENTS IN KITSILANO!Beautifully designed 3 bdrm up/2.5 bath home with 9'ceilings, crown mouldings, fresh designer paint, radiant in-floorheating, Brazilian cherry hardwood floors, granite counter tops & stainless steel appliances including a gas range.Phenomenal floor plan for families & entertaining with the kitchen open to the family room as well as to the private, fencedbackyard & the expansive living/dining area with a cozy gas fireplace. Tons of storage space in an easily accessiblecrawlspace as well as a single detached garage. All this in a great neighbourhood close to parks, schools, shops & restaurants!Open Houses Sat Apr 6 2-4pm and Sun Apr 7 1-3pm.