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Selling your Home in a Buyer's Market: Tips from O’Keefe 3% Realty

November 14 2023 at 9:00 am
By: Okeefe 3%

Buyers are now taking their time to identify homes that are priced aggressively for the current Vernon real estate market conditions. In the North Okanagan region, encompassing areas such as Vernon, Coldstream, Armstrong, Enderby, Grinrod, Mabel Lake, Falkland, Silver Star, Lumby, Cherryville, and Westside Okanagan North, there were only 43 single-family homes sold in September. In stark contrast, the inventory boasts a staggering 418 single-family homes available for sale. This reveals that, at the current rate of 43 single-family home sales per month, roughly one in every ten homes is being sold, translating to nearly ten months of available inventory.

Despite this scenario, it's worth highlighting that buyers continue to be drawn from across Canada and even globally to the allure of living in our paradise. As a seller in this dynamic Vernon real estate market, you now face heightened competition from both your neighbors and other sellers, all vying to attract the discerning buyer's attention.

To ensure your home stands out and remains at the forefront of buyers' considerations, here are some essential strategies:

1. Price Your Home Accurately: In this market, pricing your home correctly is paramount & O’Keefe 3% Realty can help you achieve this. When your home is not receiving showings, in 94% of cases, it can be attributed to its pricing. Okanagan properties that sell the quickest are those that are priced aggressively. Avoid the temptation to leave substantial negotiating room, as this could deter potential buyers from showing interest or even viewing your Okanagan home. If your property has been on the market for an extended period, consult your  Vernon agent for an updated home evaluation and pricing guidance.


2. Facilitate Easy Home Showings: It's surprising how often sellers request buyers to accommodate their schedules for home viewings. For a more favorable outcome, especially with out-of-town buyers, strive to accommodate their availability. Rigidity in scheduling can result in frustrated buyers and agents opting to explore other listings. Flexibility, even if it means a slightly untidy home, can make a significant difference. Many buyers possess the ability to envision a property's potential beyond its immediate state. A missed showing opportunity could mean missing out on a potential offer.


3. Obtain a Pre-Listing Home Inspection and Appraisal: Prior to listing, consider investing in a home inspection and third-party appraisal. Sharing these reports with prospective buyers showcases transparency and addresses one of the most significant hurdles buyers face – financing. A home inspection can alleviate many buyer concerns and provide a solid basis for negotiating the sale of your home, enabling you to confidently highlight your property's construction and maintenance strengths.


4. Offer Incentives: Consider sweetening the deal by providing incentives such as seller financing or lease-to-own options, include furniture, offer to cover the cost of yard maintenance for a set period of time after the purchase, or even home cleaning services. These incentives can make your property stand out and appeal to potential buyers. We’re here to guide you through the best options to enhance the sale of your home!


5. Vacate the Property Initially: To maximize showings, consider temporarily vacating the property during the first two weeks after listing, especially when it's priced correctly. The initial weeks of a listing are crucial for setting a positive tone. A well-presented, vacant property can make a strong first impression on potential buyers.


6. Home Staging: Staging your home can significantly enhance its appeal to potential buyers to make it more appealing and help buyers visualize themselves living there. First impressions matter. Ensure the exterior of your home is well-maintained. Trim bushes, mow the lawn, consider adding plants or flowers at the front entrance or even a seasonal wreath. Declutter and depersonalize your space, allowing potential buyers to envision their own belongings in the home, increasing the likelihood of a successful sale.


7. Maintain Show-Readiness: Always ensure your home is well-lit, clean, and show-ready to make a lasting impression on potential buyers. Depersonalize where you can by removing highly personalized décor to help potential buyers imagine themselves living in the space. Take care of any necessary and very visible repairs or touch-ups before listing your property to ensure your home shows at its best and doesn’t give buyers a reason to quickly rule out an offer.


9. Choose the Right Real Estate Agent: Partnering with a reputable real estate agent is crucial for a successful home sale. Look for an agent with a proven track record, local market expertise, and excellent negotiation skills. They will guide you through the selling process, provide valuable insights, and help you secure the best price for your home.


In the ever-evolving landscape of Vernon's real estate market, adaptability and a well-executed strategy can set your property apart and increase your chances of a successful sale. By following these essential tips and embracing the challenges of a buyer's market, you can position your Vernon home for a successful sale. The team at O'Keefe 3% Realty is here to provide expert guidance and support, ensuring that your journey to selling your Vernon property is a smooth and rewarding one.

Contact O'Keefe 3% Realty today for personalized guidance to achieve the sale of your Vernon property in this dynamic market.