Is buying under asking price a good deal in Vancouver?

Not necessarily. Asking prices are set by sellers and their REALTOR®, sometimes high to leave room to negotiate. A good deal means paying at or below adjusted value, which comes from recent comparable sales.

How do I find price per square foot for Vancouver duplexes?

Your REALTOR® can pull recent sold data from the MLS® for comparable duplexes by era, lot type and condition. Public assessment values from BC Assessment are a rough starting point, but they lag the market.

What is an adjusted value?

It is the price a home should command after comparing it line by line against recent sales and adjusting for differences in size, layout, condition, finishes and lot.

The Duplex Intensive

Duplex 101 / 01

How to Know if You Are Actually Getting a Good Deal on a Duplex

By Sonia Felix, REALTOR® | byfelix.

Oakwyn Realty Downtown

Why "under asking" feels like a win

You make an offer. It gets accepted at $30,000 under asking. You feel that little rush. You beat the market.

You beat a number. The asking price is set by the listing REALTOR® and the seller, based on what they think will draw the most activity. Sometimes it is priced high to leave room. Sometimes it is priced low to start a bidding war. Either way, it is a starting number someone picked for a reason that has nothing to do with what the house is worth.

What the real comparison looks like

Start with price per square foot on the last three to five homes most like this one. Same era, same lot type, same condition, sold in the last 90 days. On the West Side, that often means comparing within a few blocks, because a duplex in Dunbar and one in Kitsilano are not the same market.

Price per square foot alone still is not the answer. No two houses are built the same. A renovated kitchen, a better layout, higher quality finishes, or a flat usable lot against a sloped one all shift what a fair price per square foot is for that specific home. Two duplexes three doors apart can carry a real, defensible gap once you account for what is inside.

What a proper CMA does

That adjustment work is a comparative market analysis, or CMA. A proper one is not a number pulled off an app. It is price per square foot plus a line by line read of what premium this specific home earns or loses against each comparable.

The result is an adjusted value. That is the number your offer should be measured against.

Asking price and adjusted value are two different numbers

Sometimes the asking price and the adjusted value line up. Often they do not. Most buyers only ever see the asking price and their gut.

So the question to ask is simple. Under asking, or under adjusted value? If you do not know the second number, you do not yet know whether you have a deal.

Want the real number?

Before your next offer, ask me for an adjusted value on the duplex you are watching. It takes me a day. It can save you a year of wondering.

Common questions

Is buying under asking price a good deal in Vancouver?: Not necessarily. Asking prices are set by sellers and their REALTOR®, sometimes high to leave room to negotiate. A good deal means paying at or below adjusted value, which comes from recent comparable sales.
How do I find price per square foot for Vancouver duplexes?: Your REALTOR® can pull recent sold data from the MLS® for comparable duplexes by era, lot type and condition. Public assessment values from BC Assessment are a rough starting point, but they lag the market.
What is an adjusted value?: It is the price a home should command after comparing it line by line against recent sales and adjusting for differences in size, layout, condition, finishes and lot.