Well for anyone working in this industry, it has been clear
for a while that the real estate frenzy has subsided in most
neighbourhoods...although we are still getting multiple offers on the lower end
properties in the hot neighbourhoods (this means under $600k in east van in
good areas and under $1.2 in the west side). Even on properties which just
a few months ago would have sold in an instant, buyers are taking their time
deciding whether to buy or not. On one of our recent sales, it had been
on the market for months and then suddenly we had two offers on it!
Now more than ever it is critical to price sharply-some
overpriced listings aren't getting a single call.
Greater Vancouver sales volume has dropped by 31
percent!
I am currently trying to sell a view house in the Okanagan-and of course the
front page of the Sun today talks about how the hardest hit areas are the
Kootenays and the Okanagan.....and apparently these were the hottest markets in
the province last year....hmmmm...guess I should have sold it last year!
