David's thoughts on anything real estate related

Asking Prices - Do They Mean Anything Anymore?

- Is it that the listing agents don’t know the value of the properties they are selling

- intentionally pricing low to create multi offers?

- or are the buyer’s agents convincing their clients to pay more than they should

- tough questions to answer

- my feeling -  market is moving very quickly & values are moving up so fast

- even established realtors with 20 - 25 years experience are having a tough time keeping up

- because inventory is so low difficult to find good comparable recent sales - hard to find market value (what the property will actually sell for)

- last couple of properties that I have made offers on for clients - my offer completed with 10 other offers

- even though the properties seemed accurately priced, they sold for 20% to 30% over the asking price.

- almost as if the listing agent priced the property for the market 6 months ago.

- believe it or not market values have moved 25% in six months in some areas and product categories.

- more than ever it is important to work with an honest agent when selling / buying that understands and can show you where the market has been and how it has changed.

- also important to price accurately because if the market changes you could undersell your home.

- where do you think the market is going?

- how are you buyers finding the market in Vancouver? - any luck successfully purchasing a home?

- looking to sell your home - give me a call.