What Does The Seller's Market Mean For Kamloops Buyers & Sellers?

Posted by Vince Cavaliere on Wednesday, April 5th, 2017 at 6:32pm.

Low Housing Inventory Graphic

While Kamloops has an ideal variety of property types, one of the biggest buyer challenges is the city's current seller's market. Those who want to move to the city may be concerned about high buyer competition and limited opportunity to find the exact home they set their sights on. While you should never have to settle on a home that is anything but your dream come true, as a buyer you do have some challenges to navigate. On the other hand, those planning on selling their homes may be able to enjoy the benefits of high demand from buyers, competing bids, and the opportunity to have more control over the price their home sells for. If you're a Kamloops homeowner or you want to become one, here's what Team Cavaliere - River City Realty recommends when it comes to handling your home purchase or sale in the current conditions.

Buyers

Work with a Qualified Agent

Of course we always recommend working with a qualified agent, but doing so is even more beneficial in a location like Kamloops where there are more buyers than listed homes. We'll still keep your real estate goals and buying prerequisites in mind, and while you may not get to be as choosy and bold as you would in a buyer's market, we can help you secure a fair price. Remember that agents are professional negotiators, so working with one you trust will give you an advantage that you won't regret.

Get Personal

It's time to look beyond home buying as a business transaction. It, of course, is — but it's also so much more. Buying a home is one of the biggest decisions and purchases in most people's lives; it shapes your lives in ways that other purchases can't. A home is where lifelong memories are made, where children grow up, and where neighbors become steadfast friends. So why not look at this as the personal decision it is? Many encourage making your case to the owner of the home you want: craft them a personal letter, get to know them, and send a photo of your family. Let them know why you think the home should be yours. Of course, this method is in no way guaranteed, but it has worked on occasion — and if you've already made a pretty good offer, this could give it that "edge" and set it apart.

Consider Your Offer More Carefully

Team Cavaliere—River City Realty are experts on navigating a tight seller's market. We can help you put together an offer that's strategic and fair, while still giving seller's the value they know they can get. This isn't the right time to lowball, even if you notice flaws with the home. That said, crafting an offer is something of a science, so make sure you don't come to a decision after just a few minutes of thinking.

Make Sure You're Pre-Approved

Even if you're confident in your ability to be approved for a mortgage loan, remember that a seller's market is all about standing out. When other buyers are prequalified or approved, they stand out as a better prospect — and more efficient and on-the-ball than you.

Stay Positive

Having offers declined is completely normal, and something that you may need to get used to. However, repeated declined offers can take a toll on a buyer. Don't let the stress get to you; stay cool and collected, and know that you'll get where you need to be with time. Rely on your agent where you can and remember that the wait will be worth it.


Sellers

Be Choosy, But Not Too Choosy

Just because you have a nice amount of offers and the ability to take your sweet time accepting one doesn't mean you should prolong the process too much. Things always have the ability to slow down and you might miss out on the perfect offer. Plus, you won't want to delay your move based solely on the fact that you think there's always a better offer on its way.

Work With A Qualified Agent

It's easy to fall for the notion that sellers don't need to work with an agent as much as buyers do when there's low inventory. Just because negotiation may not be as big of a factor as it is for sellers in a buyer's market doesn't mean you should get complacent. You'll still likely be able to secure a fairer price with an agent who can help you make the right decision about an offer. Plus, keeping track of everything can be overwhelming and having a professional to lean on when things get busy will help you avoid missing crucial steps.

Make Sure Your Home Is At Its Best

Even though you may have the proverbial upper hand, you should still make sure your home is prepped and primed to look its best. Curb appeal, staging, and streamlined interiors are still important. It's still critical to keep homes well maintained, remove excessive personal items, and present the best version of your property to buyers. Not only is this the fair thing to do, it'll benefit you in terms of the offers you get, the type of buyer that's interested, and the overall smoothness of the sale.

At the end of the day...

The real estate market in Kamloops and across the country has fluctuated from favouring buyers to favouring sellers for decades. At the end of the day, every market, even a buyers' market, has the same foundation building its success: properly priced homes sell. While in Kamloops we are certainly working in a sellers' market, not all properties are selling. Homes that aren't quite the right product or that are overpriced are not selling in this market, and will not sell in any market, regardless of its nature. Selling your home in the current Kamloops market can absolutely be successful - with the right help! If you are wondering how you can learn more about how to make this market work for you whether you are a seller OR a buyer, contact our team today!

Contact our team of experts at Team Cavaliere—River City Realty if you have any questions about buying or selling in the current market. Our agents can draw on unmatched expertise to help you secure a home that meets your needs (and dreams!) or assist you in making a satisfying and streamlined sale that keeps your financial best interests at top of mind.

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