Market Value vs Listing Price: What’s the Difference? | Vancouver Realtor Insights

In Vancouver’s competitive real estate market, it's important to understand that listing price and market value are not the same thing.The listing price is what the seller wants for their property, but the market value is what the property is likely to sell for, based on comparable sales in the area. As a Vancouver realtor, I always tell my clients that the listing price matters less than recent sales of similar properties nearby.

Sellers often price their homes based on their needs, market conditions and their real estate agent's advice. Some use the listing price to create demand, while others might price based on their mortgage balance or desired sale price.

Pricing Strategies:

• Below Market Value: Sellers may price below market value to generate interest, leading to multiple offers. This strategy often results in the home selling above the asking price.
• At Market Value: If demand is high, a seller may list at market value, expecting to get offers at or above the listing price.
• Above Market Value: Sellers who are in no rush may list above market value, testing the waters to see if buyers will meet their high asking price.

How to Determine What to OfferWhen deciding what to offer on a home, it’s crucial to look at comparable sales, not just the listing price. Offering above the asking price is common, especially in a hot market, but make sure your offer is aligned with the property’s true market value.

As a Vancouver realtor, I guide clients to make informed decisions by evaluating recent comparable sales and understanding the seller's pricing strategy. This approach ensures that you make a smart offer, whether you're buying a condo, townhouse, or single-family home in Vancouver.Get in touch with me today today to learn more about navigating Vancouver's real estate market and making competitive offers!