The answer, in general terms, likely follows this argument – to obtain advice as to the current market value, advice as to timing, and advice as to how best to position the property (market it) to achieve a sale at the best price in a realistic period of time.

Now consider this actual case of a property which was marketed during the last two weeks of March this year. This West Van home is located in Gleneagles and has an Assessed Value of just over $3,900,000. The listing price agreed upon was $2,995,000 (almost $1,000,000 below the tax assessment). 

After 9 days and more than one offer, the property was sold for $3,050,000. The goal of achieving a sale and achieving current market value was met. The two Realtors concerned provided excellent advice and successfully delivered the desired outcome for their client. These are North Shore colleagues I respect and certainly “get it right” in advising the appropriate strategy in this current market.

Following this train of thought, please humour me as I dwell for a moment on a few of my favourite concepts – supply and demand and market value. Not too ‘Mary Poppins’, I hope.  Most accept as fair comment that a sale occurs when a willing buyer agrees upon a contract price and certain conditions (dates, deposit amount etc) with a willing seller. This constitutes the notion of market value. 

 I know that I am not alone when I say that I find it intensely annoying when I hear of claims of property being offered for sale at terms such as “below market value” or, as a recent marketing campaign appearing in various publications including a number of full page ads in the Vancouver Sun, claims that you can “own a brand new home in Greater Vancouver for far less than market value”. 

This is a fallacy as the foregoing (dare I say) “definition” clearly points out.  If a group of buyers were able to negotiate prices “far less” than other willing buyers would pay, why would that seller ignore those willing buyers? Only, I propose, because those “other willing buyers” do not exist. Please don’t get me wrong, I do applaud the developer who is clearly realistic enough to be offering those properties for sale at current market value (yes, at prices which may well be “far less” than another period’s ‘market value’).

Next month we’ll discuss our historically low mortgage interest rates!

Thank you to the folk who have contacted me of  late with comments, suggestions and input on the Update.  This is truly appreciated. I estimate that we are up over double the communications occurring this time last year. A special thank you to Frank for his input and astute observations.

Again, visit my website to see and “hear” the new developments.  Continue my commitment to keep you... www.OnTopOfTheMarket.ca - the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

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