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Don't be led down the Garden Path!
September 21, 2023
Sellers: Beware of 'Being Led Down the Garden Path'
Merriam-Webster describes this as the expression " to deceive (someone): to cause (someone) to go, think, or proceed wrongly".
What, exactly, am I referring to?
I want to be candidly open regarding SELLERS wishing to list their home for the best possible price, especially in a strange market that we are now experiencing in the Lower Mainland and in particular, West and North Vancouver.
TRUST, LOYALTY AND HONESTY: values I hold dear in every corner of my life. In Real Estate, as in any profession, there are varying degrees of those qualities.
These are unusual times and SELLERS need to be vigilant that they are NOT being 'Led down the garden path' by Agents eager to list their home by giving a higher-than-realistic price, to appease the SELLER but not advising in their best interests and raising unfair expectations.
Home Owners need to be able to TRUST the Agent that they are getting listing advice that is an asset to selling their home for the best price promptly vs the Agent's interests. Overpricing a listing gives the SELLER false expectations while the Agent is happy having the listing. This tactic is not honest or ethical, in my opinion, and the Agents that do this are well known in the Profession and they do NOT do their SELLERS any favour; balanced choices are key to successful transactions.
What happens next? There are few if any showings and the SELLER then has to lower the price repeatedly over time, to arrive at a realistic listing price. BUYERS will understand the scenario from their Agents. Ultimately, the SELLER will probably have to accept a much lower offer than what they would have received if the agent had listed the home, with the SELLER'S best interests at heart from the get-go! This is NOT the path SELLERS want to take.
Presently, the Residential Listing inventory in the Vancouver Lower Mainland is slowly increasing but with slow sales along with rising mortgage interest rates by the Bank of Canada - possibly to continue.
With mortgages being less available for BUYERS to obtain there are fewer BUYERS;
BUYERS are not going to pay for an overpriced listing, instead, they are downsizing expectations;
or cannot afford to buy the home they desire and are waiting for better circumstances hoping for rate reductions and an increased selection of Listings.
For selling a property, no matter how lovely, it is key that a List Price be evaluated properly to advise the SELLER on obtaining the best possible price promptly before prices begin to tumble with increased competition as the inventory increases.
Lower-priced condos are sometimes getting multiple offers with BUYERS downsizing and seeking affordability. However, Condos in the higher price ranges along with Detached homes are showing signs of price reductions to fit market trends and more appropriate prices if they haven't sold. Thus, it is best to sell now and price well.
I am delighted to work beside my friend and Co-Owner/Co-Founder of Angell Hasman and Assoc. Rlty. Ltd., Allan Angell. SELLERS/BUYERS can count on sound advice with integrity and we would never lead them 'down a garden path'.
On occasion, we have missed getting a listing because of our honesty and the SELLERS understanding better what we had advised - too late for their best interests. All of our Clients - who trust us and take our well-founded advice are happy and satisfied with their Real Estate Transactions. Commissions are welcome but reputations are more important.
Please don't hesitate to contact me, if you are considering Selling your home or condo. If you are seeking to purchase, I'm always at your service and have an uncanny ability to find the home you desire. Along with Allan, we promise you integrity and diligence in all your Real Estate business dealings - always with a smile!
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