(November 03, 2015
The recent study that well-known local Vancouver researcher Andy Yan is a stab at tackling the question of the state of affairs in Vancouver real estate and curiosity around ethnicity of the buyers.
My own experience selling real estate has been similar because I am bilingual. I will caveat this and say I am speaking of my own experience in the markets I serve and it may not be reflective of the Greater Vancouver market. More discussions and questions can be directed to me by phone, if you wish.
In my experience, in the $1-2M price range, the buyers are fairly mixed. In the $2-3M range, my rough estimate based on my experience of the buyers is 60%-75% are Asian and speak the same language I do. In the $4-10M range, well, its 90% Asian. Of course, many other factors play into this, like the type of property being sold, etc.
Knowing how to market a property to the Asian buyer and knowing what the feedback is when buyers walk through your open house or come to an appointment is key. Recently, I got a call from an anxious local seller who had her house on the market for 6 months and the agent not knowing the language, did not really know why there were so many showings and yet there were no offers. Once I listed it, I was able to very quickly provide feedback so we were able to make a few small changes to the property and change our focus. It sold within a few weeks.
If you have a property that has decent chances of selling to an Asian buyer, you might be looking for an agent with those cross-cultural strengths. I welcome the interview!
In the meantime, enjoy this Powerpoint.