Veteran Realtor Richard Morrison Advises Vancouver Real Estate Sellers to Price Their Homes Sharp to Sell in 2013

Veteran realtor Richard Morrison offers his advice to Vancouver real estate sellers to price their property sharp in 2013 due to slow sales and price drops. End Quote

This is why, being an especially tight market, says Morrison,

(1888PressRelease) February 27, 2013 - Vancouver, BC - On Wednesday, veteran Vancouver realtor Richard Morrison advised his clients and property sellers in general to price their property sharp in 2013. "In fact," says Morrison, "given the state of the market, any novice seller who lists property without thorough research or proper consultation is going to suffer."

Morrison asserts that while the going has been seemingly dull in Vancouver real estate, the market has not lost substance and real estate deals in Vancouver were carrying on as usual. The people or sellers who are losing out are speculators or home sellers who are pricing property without adequate research or thoughts on consequences.

"For instance," says Morrison, "today's buyer is intelligent enough to follow the track-record of a listing and to raise questions." If a buyer finds out that a property, initially priced high has been reducing its price over time, but still failing to find a sale, there is sufficient reason for a purchaser to be turned off, because buyers are avert to properties that stay a long time on the market." This is why, being an especially tight market, says Morrison, "I believe, sellers who are unable to price their property sharp in 2013, right at the time of the initial listing, may fail to find buyers later on, even if they keep reducing prices. Because, that's a bad track record for saleability. Further if Sellers keep 'chasing the market' they will end up losing a lot more money if the market drops even further. I had one Seller in the North Vancouver area which rejected an initial offer at the beginning of the listing only to drop their price 3 times later and sell for $20,000 less than the initial offer," said Morrison.

Morrison points out attention to the fact of sales falling in January 2013 and a continuing sluggish market all around. He mentions the reports out in February of both REBGV and Fraser Valley reporting an overall 14 percent drop in transactions compared to January 2012, but prices dipping only by 6 percent from peak prices. Morrison insists sellers to price their home correctly because buyers are expecting prices to keep declining in Vancouver.

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