Wednesday, September 9, 2009

Buyers Gone Wild

As I said in my last comment in the previous post, folks can get too excited when they are in 'buying mode' and throw caution to the wind.

Not just foreclosures which SHOULD be bought at good discounts to asking, but often ARE NOT...but even regular purchases.

They have probably looked around a lot and finally found something that both partners (and their parents) agree is suitable, they have the pre-approved mortgage in their back pocket which will soon expire, the poor realtor has taken them to dozens of showings, friends are asking.."haven't you found anything you liked yet?", implying they are being difficult and picky.

In short, there is a lot of emotional baggage tied up in the property, and it is hard to walk away if the sellers refuse to budge on price.

That's why it is critical to decide exactly how much house you can afford and stick to it. Remember to draw up a spread-sheet and plug all possible expenses in like repairs and special assessments and higher mortgage rates in a few years.

And look around. There is no need to be panicked into buying. Remember no one HAS to buy, but many people HAVE to sell.

Yaletown and Downtown

Looks to me like the going rate is now $500 +/- /foot. Anyone paying more should have a good reason to do so. Anyone paying a lot less, is probably doing well in this market.

coal harbour:

Here's your choice:

A one bedroom in the Fraser Valley or a 4 bed on an acre in Hawaii:


  1. Fish what do you think the current market price is for a SFH on the Westside/sq foot?

  2. Sorry Anon- too many variables. Age of house, location, renovations etc... Whereas the Yaletown apartments are much more comparable. Mostly have to account for view/floor.

    West Van

    15 new listings
    1 price change
    3 sales

    Gavin's numbers continue bearish:

  3. Gavin's numbers continue bearish.

    Can this be the start of a trend change?

  4. The sell/list ratio has definitely been trending down over the last 3 or 4 weeks, which is consistent with the slight increase in unsold properties I have noticed recently.

    Are there still enough buyers to keep prices at their current levels?

  5. I think sales usually dip in the fall. Spring 2010 will tell us the story.