On August 21st I reported a new listing in North Van and said I’d track the progress so that people could get a window into the market.
I received several calls on the property. I held an agents’ open on Thursday, and a public open house Sunday. Although I never placed a sign on the property I did place an ad for it, and I dropped off flyers with builders throughout the area.
Attendance at both opens was brisk. Active buyers of many descriptions knew the property was on the market and evaluated it. We received multiple offers after the public open and the property was succesfully sold for list price last night.
I’ve been commenting on this blog now for more than a year that sharp pricing is a very important ingredient to a succesful sale. This is still the case. Buyers are well informed about value and can’t be pushed around with impunity. Overpriced inferior product will not sell.
There is a common assumption that multiple offers result in over list sales. This is not always true, and it is not uncommon for something else to occur. Real estate can be unpredictable (an earlier sale that I mentioned here sold over list with multiple offers, but under the tax assesment).
Success in a multiple offer situation improves if you, as a buyer, are present and ready to make a decision. Waiting in a car on a dark street in a strange neighbourhood late on a Sunday evening can be inconvenient, but it can be very worthwhile. If you want to buy a property, and its in a multiple offer situation, be present. If the price gets too high you can always say no, but if a minor change is required youa re available to say yes. It makes a huge difference.