Posted on
March 14, 2024
by
Anthony shephard
In our ever-evolving landscape of BC real estate, in the last 3 decades we have witnessed a hurricane of progress in the very approach to buying homes. We used to go through the Newspapers and drive around where each wrong turn was a chance to discover something new, now we look on our smart phones when we should be working. Home-buying in BC has been revolutionized by technological advancements and changing human behaviors and expectations.
The Era of Information (1994-2004):
Rewind to the early 1990s, people would drive around looking for signs in a neighborhood they were interested in or look through the newspaper. Eventually they would contact an Agent and start visiting properties, the agent would find a few more and when the right one came up they would buy; basically a car, a local real estate agent, print advertisements and signs. There was bad coffee at Open Houses, grainy pictures in the paper and the smell of cigarettes in the Agents car.
As the internet started too develop in the late 90s, it began to change how people searched for homes. Websites with property listings emerged, offering buyers the chance to view homes from the comfort of their own home. However, these websites were often rudimentary, with limited photos and information, not great… Yet.
The Quantum Leap (2005-2015): not the show that was 1989 -1993
2005 to 2015 redefined the digital landscape in the real estate market. Smartphones and with the proliferation of high-speed internet, real estate websites became more sophisticated. High-resolution pics, detailed property descriptions, and virtual tours started becoming the norm. Power shifted from agents to buyers, who now had unprecedented access to the market. (Incidentally this was how my wife found our home years ago not our Agent)
Buyers' expectations began to change; they wanted all the information and they wanted it now. We had online mortgage calculators popping up everywhere and digital mortgage applications made an appearance.
Today's Swipe Right Era (2016-Present):
Things have really changed, virtual reality (VR) tours allow buyers to ‘walk through’ properties without leaving their homes. Big data and AI are being used to predict (or is it push) market trends and suggest properties to prospective buyers based on their preferences and past behavior.
Agents and sellers are using social media platforms for targeted advertising and engaging with potential buyers through live videos and interactive posts. With Virtual tours and E-signatures you can buy a home without leaving the one you’re in.
Keep in mind how most people find a property to buy or why is all this stuff important
The reason all this is important is because in order to sell your home you need to understand how people look for a home to buy. Some people still drive around neighborhoods and look for signs and open houses but the overwhelming majority look online. Typically they do a search including parameters like how many bedrooms, bathrooms, square feet, etc. The most important one to remember if you are selling your home though is the price. The search can be done by individuals or as is often the case their Agent sets it up. When a search is made it almost always includes a maximum price usually in 25 thousand dollar increments. People may look a little higher hoping to negotiate a bit but if your price is too high many prospective buyers will not see your home listed. If you are just above a 25K price point (i.e. 526K) buyers looking up to 525K will not see your listing. I believe pricing it right from the start is extremely important leaving a little wiggle room can be ok if you can still keep it under the 25K thresholds. Keep in mind this doesn’t apply every time but it holds true often. I see nothing wrong with picking your price and holding firm when an offer comes in. This exposes your home to as many possible buyers and should translate into more action and hopefully a faster sale. Looking through the sold listings I see many that have sold for the list price. Remember it is your agent’s job to explain why your home is worth the asking price, make sure they are doing it.
In the end though it’s your home so minimum price on the listing or with a little room to move, it’s your choice how and for how much you sell it for.
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