Buyers lined up to view Coquitlam home that sold $500,000 over asking

Photo: Zealty

The cooling housing market has prompted real estate agents to employ varying tactics to get buyers in the door.

Daniel Yang, a 20-year veteran of the real estate business, takes issue with those who expect huge price gains and multiple offers that occurred earlier in 2022.

Yang says sellers have to be flexible and realtors need to be savvy to be able to get the best price for their client.

A case in point is a Coquitlam home that was listed for $999,000 and eventually sold for $1.5 million.

Yang says there was a lot going for the home, including a tile roof, new furnace and a hot water tank, as well as kitchen and bath renovations that made the home attractive.

But he needed to get buyers in the door to see for themselves, hence the $999,000 listed price that Yang said he knew would pique people's interest.

"When I see the market is cooling off, I have to use a different strategy. That’s what I was doing with the $999,000 listing."

So many people showed up to view the home, they were lined up down the street, said Yang, who said he was careful to keep the numbers down in the home for viewing, which might have slowed the line a bit.

"With 58 people going through the open house for two hours, naturally there’s a lineup," he said.

In the end, there were 16 offers and the highest bid was $1.5 million.

But, in recent weeks, the market for single family homes in Coquitlam has cooled somewhat, he said, noting at least one home in Central Coquitlam that dropped its price by nearly 30 per cent.

Yang said each seller will face a different circumstance, which will affect the listing price, while motivated buyers who arrive with a copy of a bank draft that shows they have the necessary financing and stand a better chance at getting their dream home.

"When you present your offer along with a copy of the bank draft it shows you are determined and once the seller puts a deal on paper it shows it's sold."

However, the BC government has tabled legislation called a Home Buyers Protection Period that would give buyers more time to consider their offers, conduct home inspections and ensure they have financing.

The intent is to protect buyers and possibly cool the market.