That’s what Kade would have said if you told him how this story ended; No f***ing way!
In a shifting Vancouver real estate market where detached homes are finally seeing more negotiating room, stories like this one prove that smart strategy and patience can pay off big time. Here’s how my clients landed a detached home in East Vancouver for over $200,000 below asking and why this market might hold more opportunities like it.
Kade’s long term client first focus has paid off well for him in his first 5 years; so well that his business is already over 50% client referrals and this story is about one of those referrals. This couple was referred to Kade by his mortgage partner Emma Gray founder at Julo Mortgages.
By the time Kade was brought in in March, they already had their eye on a house in East Van so they met on site for their second showing of the property. Their budget was very low for a detached (under 1.2 million must have suite or suite potential) which means there were very few in their price range. One of them is in trades so they had big potential to add equity via sweat equity.
We are so grateful for the referral, for business of course but even better, the fit was perfect a couple of sweetheart brits with sharp humour and I’m as sarcastic as it gets so they hit it off like wildfire. Kade was immediately endeared by their passion and belief that they could find a detached that was worthy of their renovation instead of a teardown but he knew how tall of a task that would be. They were first time home buyers trying to skip the condo/townhouse all together; this was a big swing. He knew most likely we’d go through the motions and get educated but he would need to slowly guide them towards a smarter play.
Over the last year, the Vancouver market has tilted in favour of buyers. Fewer competing offers, more days on market, and motivated sellers have created windows of opportunity. This deal is the perfect example of how buyers can take advantage of that shift.
So the first place they saw together and one that got their hopes up was a home built in 1912 in Cedar Cottage; a sweet pocket of Vancouver that is just South East of Mount Pleasant in East Vancouver. Great location.
Unfortunately it was less than 1600sqft lot with the house basically setback directly against the back alley, a small yard in the front and the suite wasn’t even 6ft high in some spots.
Easy no right? Well, you’d be surprised. At this time, no other homes matched their criteria so it wasn’t easy to let it go and they spent a while considering it until the seller received an offer and their interest was not strong enough to compete. *sometimes a place you like getting an offer is the best thing that could happen*
Because the next day on April 1st, a listing popped up in their ideal neighbourhood, Hastings sunrise. Listed at $1,199,000 and with a date for offers; Kade knew the listing agent was expecting attention and maybe even over asking when this group would need to get it for below ask to make this reno work and he stated just that; “Go check it out but don’t get too excited about it.”
They went and checked it out and really liked it but based on the upcoming date for offers and the renos needed; their current offer price “would be an insult at this point” so Kade coached them to wait, see how offer day goes and watch the market. Sellers are much more likely to consider a lower offer after some time on the market.
Taking Advantage of Motivated Sellers
Cut to 6 weeks later; nothing was popping up in their price range and this house was still on the market. Kade reached out, scheduled a second showing and got to see it myself for the first time. The listing photos did not do this place justice; it’s a beautiful character home with so much potential and the listing agent made sure to let them know the seller was now motivated since the attention was much lower than anticipated thanks to the shift in Vancouver’s market.
So they went for it with a low ball and a beautiful letter. The out of town seller who had inherited it a few years prior but had an emotional connection to the home was ready to move on but liked that my clients intended on making it their home instead of taking advantage of its industrial zoning. She signed their first offer.
After multiple inspections for the homes older systems and negotiating, my clients were firm at under 1 million on a detached home in East Vancouver. 3 months of waiting for the tenants to move on and they’ve now closed. Already hard at work putting their stamp on it. We can't wait to see what they do with it!
They later said:
“Kade was so patient and so calm with us. No stress at all, he was honest and stuck with us and our unrealistic expectations! Kade was very easy to get along with and we feel as though we’ll be friends for a long time. If you’re looking for someone who isn’t pushy or salesy, then Kade is your realtor.”
This is another reminder that;
•Buyers that are in the market now will be the winners of 2025
•Education beats FOMO
•You never know a seller’s motivation
•Sometimes the big swing is the right swing
If you’re curious about opportunities like this in today’s market, or just want an honest take on where buyers are winning right now, let’s connect.
Kade Lacasse
604-401-9199
kadelacasse@gmail.com