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Selling Your Home in Victoria: How to Get the Best Price in Today’s Market

If you’re considering selling your home, here’s what you can expect throughout the process and what we do to get you the best price possible for your home, including: 

– Pricing your home effectively 

– Marketing and communication from pre-listing to closing day 

– Evaluating offers 

– Closing day and after

Pricing your home effectively 

We crunch a lot of numbers to determine the optimal price range for your home relative to the market, including: 

– Average days on market

– Average sale price

– Average list to sale price (%)

– Number of homes on the market month to month 

– Number of competitors

It is so important to price your home accurately for the market. That means a lot of sales that happened at the height of the highly competitive “COVID” market, mainly throughout 2021, just aren’t proper comparables in today’s market; however, there are two things to keep in mind here: 

First, housing prices in Victoria have a trend of going up, we live in a highly desirable location in Canada, and because of this, the value of property is relatively protected, especially when you look at real estate as a long-term investment. 

Second, if you’re buying in the same market you’re selling in, which is very often the case for sellers, an important number to consider is what you want to net between the sale price of your home and the purchase price of your new home.

A super generalized example to help conceptualize this –

Highly competitive market: You sell your house for 1.2 million and buy a new house for 1.4 million, or, 

More balanced market: You sell your house for 1 million and buy that same new house for 1.2 million.

You’re still netting $200,000 in either market. 

AND you might actually prefer the second option if it means the market was less stressful for you to navigate as a buyer.

Of course, there’s a lot of variables to consider outside of this simplified example, but we find that considering net value is a helpful mindset shift for sellers feeling badly thinking that they have missed out on a “better” time to sell.

We completely understand the concern about getting the best price for your home, and that is why we put honest emphasis on pricing your house accurately for the market, because overpricing your home doesn’t do you any favours. 

All that being said, we are your advisors, our job is to provide you with a clear breakdown of all the market information you need to make decisions with confidence and peace of mind. 

Seller consultations are provided with no obligation on you to sell: book here

Our selling system 

Which brings us into marketing! 

Our marketing starts before your property is listed for sale, beginning with: 

Research to ground our marketing strategy;

Gathering of the assets we use to present your property which includes photo, video, and a 3D virtual tour (AKA ‘doll house’); and, 

Connecting with buyer’s agents to build anticipation for your property coming to market. 

Once your listing is live, we use targeted digital marketing, open houses, ‘circle prospecting’ (connecting with people in adjacent neighbourhoods), and communication with buyer’s agents  to get your property in front of as many prospective buyers as possible. 

Communication is key at every stage of the process, but it especially matters during this time, when proactive, intentional, and timely follow-up with agents and unrepresented buyers can make all the difference in whether they decide to write an offer, and what the terms of that offer look like. 

And it’s not just communication with buyers, outside of our time-sensitive updates, we like to pre-book check-in calls with you, that work with your schedule, which gives us an opportunity to review showing feedback and market factors. This way, you know exactly what’s going on with the sale of your home and have all the information you need to make decisions should we need to make any changes. 

Ultimately, our goal is to get your home sold for the best possible price, with as little stress as possible. 

When we evaluate offers, we consider all the variables in depth, including what to expect through the conditional period. We pride ourselves on being skilled and respectful negotiators.  

Closing day 

Once subjects are removed, the sale is official, and we can celebrate! A few days before the closing date, your chosen lawyer will have you come to their office to sign all the paperwork. 

On the closing date, we’ll wait to hear that title has transferred out of your name, and the funds have transferred into your account, and then we’ll hand over the keys to the new owners! 

Every home is different, but this is the home selling process in a nutshell. We hope this post has given you a better understanding of what to expect when selling your home. We encourage you to ask any questions you may have. 

Our goal is to help you make this move with all the success possible, and we appreciate the opportunity to be a part of making this next chapter happen.

We know it’s a big decision. Your home is your largest asset – and we take our role very seriously. 

Contact us at 250-634-2141 (call or text) or [email protected]

For more information on our step-by-step selling system, please check out our Seller’s Guide or visit our blog at www.NorthPacificHomes.ca/Guides.

Thank you for being here,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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