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Six Vancouver Real Estate Tips

It's no secret that this city is unaffordable, and that's not going to change. But we've got some tips to help you dominate a soft market
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It's no secret that this city is unaffordable, and that's not going to change. But we've got some tips to help you dominate a soft market

                                                                 Illustrations: Francis Tremblay 

           

1. Unleash the Predator Within

 

Prices drop when supply exceeds demand. An easy and absurdly accurate way to assess the market is to divide total MLS inventory by total monthly sales. If the result comes in much higher than 7, falling prices are imminent. You need to be on this like a hawk. And remember to compare each month not just to its predecessor but to the same month a year earlier, as trends are seasonal. (For monthly data see the real estate board's website at Rebgv.org)

 

                  

2. Hire an Enforcer

 

Now more than ever, you need an agent-but not just any agent. You're looking for a combination of intimate market knowledge, capacity for hard work, and an instinct for blood. A fourth-liner type who understands his or her role, which is to do whatever it takes to land you a screaming bargain

 

                    

3. This May Get a Little Rough

 

The majority of sellers aren't in distress mode and won't be for some time. How can you find the few who are? By making despicable, bottom-feeder offers 10, 20, or even 30 percent below asking. If there's no counter-offer, they're not ready (not yet). If there is, negotiations begin. Walk away if they won't meet you somewhere in the middle-there are lots of places and there's little to lose by waiting

 

For more real estate insights, see Vancouver: Not as Expensive as You Think

See also: Where to Buy in B.C. Now 

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