Blog

Cancel & Relist Listing Strategy

This one is for the real estate keeners….

When to use it:

It’s common for sellers to want to “test” the market by listing their property above market value. While this rarely leads to a successful sale, it’s all a part of their process.

Depending on the specific market conditions, if the property doesn’t sell within 3 – 4 weeks and showing requests have stopped, I typically recommend cancelling the existing listing and relisting at a more attractive price. The process takes place within a few hours with minimal delay on MLS.

The new listing will likely be at a lower price, and may include reorganized photos and a refreshed description. The goal is to take all the valuable feedback from the past showings and proactively address them in the new listing.

Why not just do a price reduction?

A price reduction is visible to the buyers, and a buyer might wonder why the property hasn’t sold. Have you ever seen what appears to be a perfectly nice property for sale on MLS for 120 days and wondered, what’s wrong with it? Is the seller difficult? Are the photos fake?

For the average property, being listed for too long just doesn’t feel right for buyers, and brings up unnecessary doubts that are easily avoidable.

A cancel and relist, however, looks like a fresh and new listing. The “days on market” is reset back to zero, and the average buyer will not see the MLS history unless their agent shows it to them.

Tips:

While I always recommend pricing slightly lower as opposed to higher than market value, if you’re a seller who wants to test the market, have a conversation about potential next steps and what a “cancel and relist” might look like. Being flexible and receptive to feedback usually leads to the optimal outcome and most favourable experience.

Contact me for more listing strategy tips & tricks.

Vassi Balatico / 778-688-4948 / vassi@vassibalatico.com

For the love of corner stores…

Some of my fondest childhood memories include local corner stores.

Small stores in residential neighbourhoods are historic and cherished assets in our communities, and the City of Vancouver is launching a public engagement program to explore ways to support and possibly expand these kinds of businesses. 

Vancouver used to have lots of shops and services sprinkled throughout its neighbourhoods. At their peak, in the 1920s, there were approximately 260 active corner stores. However, when the first zoning bylaw was introduced, these stores were seen as less desirable, and planning regulations made them hard to build. The number of stores has been declining ever since.

Over the last few decades, there has been a renewed interest in supporting corner stores. Some small changes to zoning regulations have been made, but there is the opportunity to do more.

More recently, in 2022, Council approved the Vancouver Plan – a long-range strategy to guide growth and change in the city. One of the core objectives of the Plan is the creation of more complete neighbourhoods, where people have easy access to daily and weekly needs. Corner stores could play a role in helping to achieve that goal.

Open until October 10th, the city is looking for feedback on how to support corner stores in Vancouver.

Multiplex – Vancouver’s Newest Housing Type

On September 14, 2023, Vancouver Council unanimously approved a series of bylaw changes to the RS zones throughout Vancouver, including the introduction of Multiplexes. These changes will be enacted into bylaw in October.

RS zones 1 through 9 will now be replaced with R1-1, providing 1 consistent zoning policy. This removes biased design guidelines previously observed throughout the RS bylaw. Note, RT and RM zones will remain as is.

To learn more, visit my Multiplex Page

What is a Multiplex?

Instead of a standard single family house or duplex, a Multiplex is Vancouver’s newest form of housing offering 3 to 6 stratified units, or up to 8 rental units per lot, depending on the size and orientation of the property. For the most part, units will be individually stratified, meaning they will each have their own Parcel IDs and can be owned and sold individually as desired. This provides for optimal flexibility and a variety of cost effective options for development and ownership.

How Can Multiplexes Benefit Me?

If you live in Vancouver, this is one of many measures aimed at improving affordability by providing much needed housing for the “Missing Middle”. We now live in a time where the average middle class professional cannot afford a home and baby boomers are significantly over-housed. Their kids are struggling to find a decent size home to raise their grandkids and they are ready to downsize. It’s a policy that will help multiple generations remain together in one community and re-think how we live as a collective. Gone are the days of tiny bungalows on large lots.

  1. If you currently own an older home on an RS zoned lot that is ready to be demolished, you have the opportunity to benefit from the higher land value. You also have the benefit of potentially moving into a newly built unit in a nearby Multiplex and remain in your desired neighbourhood, close to your family and community.
  2. If you’ve wanted to live with your family but maintain separate units, Multiplex units might be the perfect option providing the convenience without the compromise.
  3. If you have wanted to buy a property with friends, 3 to 6 friend groups can now co-invest in a new Multiplex and live together, but separately, each owning their own units.
  4. As an investment, because each unit is stratified, they can be passed down to individual children or family members.
  5. Increased home ownership and rental opportunities in traditionally single family areas.

What is the Timeline for Implementation?

To learn more, visit my Multiplex Page

The Broadway Plan

The Broadway Plan is part of an ambitious process providing opportunities for new housing through Land Assemblies. 

Centered around the Broadway Subway , the plan covers Vine Street to Clark Drive and 1st Avenue to 16th Avenue.

To make way for much needed rental and multi-family housing supply, the plan provides excellent opportunities for home owners to capitalize on their improved Property Value by selling to a Developer.

In some cases this can be done individually, while most homeowners will require a Land Assembly to achieve maximum potential value for their properties.

Broadway Plan

What Areas are Covered in the Broadway Plan?

Broadway Plan Development Opportunities
  • Arbutus
  • Creative District (Great Northern Way)
  • Fairview Slopes
  • Fairview South
  • Granville Burrard Slopes
  • Kitsilano
  • Main Street
  • Mount Pleasant
  • Fraser Street
  • Clark Drive
  • Cambie
  • Broadway Business / Office Districts

Building & Housing Types

  • Multiplexes
  • Townhomes
  • Low-Rise
  • Mid-Rise
  • High-Rise
  • Social housing
  • Rental (affordable & market)
  • Office
  • Industrial
  • Retail
  • Live-Work
  • Mixed Use

Don’t Have Time to Read the 500 page Plan?

Request a Specific Outline of How your Community & Property is Benefited by the Broadway Plan

interest rates

How Interest Rates are Impacting the Market

Things have felt a little upside down lately! I get it! Many buyers are asking “when can we just catch a break?” If you wanted to buy in 2022 but refused to compete in the world of subject-free multiple offers, you’re now stuck with the dilemma of high interest rates. Here’s how interest rates are impacting the market…

Loss of Purchasing Power

Over the past six months the average buyer has lost roughly 20% of their purchasing power, meanwhile, the cost of basic necessities have also gone up due to inflation. The challenge is that real estate prices have generally not dropped by 20% (yet). This really depends on the specific community and product you’re looking at.

Delay in Price Corrections

One of the challenges with market corrections is that there is a lag time from when interest rate hikes take effect to when they impact the market. This is primarily due to fact that banks hold fixed rates for 90 days but also because many buyers were former sellers who have benefited from a relatively favourable market 30 to 60 days prior.

Disparity in Listed vs Sold Prices

So where does that leave us? Based on what I’m seeing right now, the volume of transactions are down, prices are steadily declining, and many sellers are still firm on their asking price. Simply put, if they don’t need to sell, they are more than happy to ride it out. This has led to relatively longer days on market and a distorted view of the market based on what is active vs sold . If you look at what is listed vs what has sold, there’s a pretty strong spread in the numbers.

Conclusion

There will ALWAYS be buyers and sellers, and sexy product always sells! Sellers need to come to terms with what it will take to sell their home and buyers can enjoy taking their time in this balanced market. A balanced market is quite enjoyable for many people – especially seasoned buyers and sellers who are familiar with the ebbs and flows of real estate.

You have to remember, real estate is a dual purpose. It’s your home and your asset. Enjoy it for the medium to long term until it no longer meets your needs and then PREPARE your next move in advance. Chasing the market is never fun and sellers do this very often with delayed price reductions. In a downward market such as this, seller’s need to be proactive, not reactive, with their pricing and buyers can take their time and shop with ease.

Vancouver is one of the most resilient real estate markets. Now is potentially a great time for buyers to purchase at a variable rate and ride the wave with the long-term foresight that prices will eventually increase, and rates will eventually decrease. Word of caution to buyers – don’t overleverage yourself, give yourself a cushion, and know that it might get worse before it gets better!

Land Assembly – East 8th Ave Vancouver

Exclusive Land Assembly – East 8th Ave Vancouver

This rarely available 3 – lot land assembly is the perfect opportunity to develop and build a 3 level townhouse development site in the heart of East Vancouver.

  • 99 x 122 site with alley access
  • +/- 14,500 buildable square feet
  • Quiet, tree-lined street minutes to Commercial Drive & Broadway Skytrain Station
  • Excellent walk, bike, & transit score
  • Excellent proximity to schools, parks, and amenities

What I Love Most About Real Estate

I was recently asked “what I love most about Real Estate” and I paused for a minute. So many thoughts came to mind and it was hard to dial in a precise answer. As I was driving home it was clear to me that my passion for being a Real Estate Agent is an expression of my passion for working with people.

Real Estate is about the people – it’s not about the properties. In fact, most properties are quite generic. Real Estate is about the journey and fulfilling a strong need in someone’s life. The need and the journey is unique for each person! If you think about it, Real Estate seems to intertwine with every pivotal chapter in life: marriage, first baby, second baby, downsizing, investing, the passing of parents, buying a vacation property, moving, or helping your kids buy their first home.

Being a part of that journey is what fills my bucket! During my early days in Real Estate it was important for me to understand the legal and financial side of real estate development. With those skills comfortably in check, I am confident supporting everyday people in their real estate journeys. I’m continuously humbled by my clients trust and loyalty in allowing me to be a part of each chapter of their lives.

Every agent has their own vibe. Supporting authentic, wonderful people is what I love most about Real Estate!

Enjoy some of my client testimonials HERE.

Vassi Balatico 778-688-4948

How to Time the Real Estate Market

Timing the real estate market is about you, not the market. I know that’s not the answer you were looking for but it’s true. Real estate is 365 days a year – there’s no wrong or right time outside of your personal needs, but there are seasonal flows that may impact your decision making.

Winter: Most sellers avoid the market from December to February as the weather is the least favorable and buyers are nestled in their beds. This is when sellers that “must sell” hit the market and bargain buyers remain present.

Spring: From March to June the market is bountiful. This is typically the peak of good quality listings and competition is robust. If you’re a picky buyer this is a great time to get high quality properties. This is always a good time for sellers as most buyers have been trained to shop in the spring.

Summer: July and August are vacation months. Most families are focused on experiencing the beauty of BC or travelling abroad rather than the hustle and bustle of real estate. During this time you’ll often find picturesque vacation homes for sale, waterfront properties, and properties that didn’t sell during the spring market. Summer is a great time to buy as there are fewer buyers to compete with and everyone tends to operate on a more relaxed pace.

Fall: September to November is a busy real estate season. For many sellers this is the preferred time to sell as opposed to Spring. They have had the time to reflect on their needs over the summer and possibly make some improvements to their homes that can only be done over the summer months. This is also a great time for buyers looking to make a purchase before the winter kicks in.

In general, there is no wrong time to engage in real estate. Real Estate is not rocket science and I encourage my clients to feel in control of the process rather then operating on the illusion of a crystal ball.

ALWAYS operate on your terms and then decide if the current market conditions support your needs to achieve your real estate goals.

Click here to view my recently SOLD properties.

Vassi Balatico 778-688-4948

Top 10 Reasons Why You’re Afraid to Sell Your Property!

Odds are that if you’re reading this post, one of the 10 reasons listed below as to why you’re afraid to sell your property will resonate with you!

  1. Fear of being homeless or stranded
    • This was the biggest hurdle in the height of the pandemic
    • When a seller needs to become a buyer in a seller’s market, the fear was often paralyzing
  2. Your home is so messy and it will take me months to purge
  3. You’re embarrassed of how you live
  4. You feel that your home needs so many major improvements/renovations before listing
  5. You have no clue clue what your property value is
  6. You’re not sure how much will it will cost and your finances are very tight
  7. The market is changing so quickly you don’t understand what is happening
  8. The property has been in the family for generations – it’s emotional to let it go
  9. The stress of moving
  10. How it will impact your family & kids

Letting go is never easy. Fear is incredibly uncomfortable, and for a lot of people the process of selling is a daunting means to an end. Thankfully I love it and can help you through the hurdles.

If any of these reasons as to why you’re afraid to sell your property resonate with you, let’s chat and see how I can help.

You’re welcome to explore current listings HERE

Vassi Balatico 778-688-4948

Should I Buy first or Sell first?

Detached Homes

Buy first or sell first? Knowing what to do first in Vancouver’s Real Estate market depends on a few key factors.

Here’s a few questions to help you find the right answer:

  1. Are you in a Buyer’s Market or Seller’s Market?
  2. The specific housing type you’re looking to buy and sell (detached house, townhouse, condo)
  3. The condition of the property you’re looking to sell
  4. Your timeline
  5. Your finances

Are you in a Buyer’s Market or Seller’s Market?

In real estate we look to the Sales – to – Listing Ratio to know if we are in a Buyer’s Market or Seller’s Market. This is a ratio of the number of homes sold vs the number of homes listed. While we often look to Average Sale Price to assess how the market is performing, inventory is actually the best indicator of the overall market conditions.

Seller’s Market = above 20%

Balanced Market = 12% – 20%

Buyer’s Market = less than 11%

If you’re in a Buyer’s Market you’re likely to sell first then buy. If you’re in a Seller’s Market you’re likely to buy first then sell. If you’re in a Balanced Market this depends on a number of factors primarily based on your personal financial circumstances and the type of product you’re looking to sell and buy (detached house, townhouse, condo, duplex).

It’s important to look at the stats of the specific neighbourhoods you’re buying or selling in and ensure that you have an accurate understanding of each specific real estate market before making an informed decision.

Using SnapStats, I can guide you through the decision making process and ensure you feel comfortable in a best and worst case scenario.

Lastly, you may also want to consider a Subject to Sale offer. This is when the purchase of your next property is conditional on the sale of your current property. This type of transaction is seen in a Balanced or Buyer’s Market or in niche & luxury markets.

Know that in real estate, it’s never clear cut. Every client is different, every transaction is different, and my goal is to provide you with the tools and information to make an informed decision that works best for you.

Vassi Balatico: 778-688-4948