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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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Low Balling Season Is Over In Downtown Vancouver

Vancouver Condo Real Estate Video Blog #345 - June 22, 2009

Low Balling Season Is Over In Downtown Vancouver

Ian Watt video blogs about how the market has changed and the days of bringing people offers 20% below market is over. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt : Hi good afternoon. It's Ian Watt in Downtown Vancouver. About 4 or 5 months ago, a client of mine and I put an offer in on a place. It was $500,000 dollars totally low-ball and we got it in a low 400s. It was , I was shocked. But nonetheless, nothing was moving that time. So its a good time to low-ball people. Well, for some reasons I can understand, my client spoke with her friends and her friends told her the prices were gonna go down further so she walked away from this incredible deal. So what did happen was the seller picked it off the market and rented it out short-termed for a little while. What happened was they brought it out last week my client wanted to write it on again. She wanted to try an even lower offer I said those days are gone. But nonetheless, she wanted to write it and I said " Well, I can't write it. I'm too emabarassed to write it. I'm too professional to wirte it that low. I'm not gonna do it. Market is changed it's not like that anymore." So she said she'll find another person. What happen was the property went into a multiple offers. I think she wrote an offer with another realtor and what it happened was it was sold for over-asking. It was awesome. It was a good deal. And I wanted to bring this up for 2 points. The market is changed for any property in Downtown Vancouver under $500,000. There's no lowballing anymore. And another thing is if you don't trust your realtor, find a realtor you can trust. Find somebody you do believe in. When they tell you to write on something that you like and you can afford you should write on it. Not because they are pushing you but because you trust them and they have data to prove it. If your friends know more work with your friends. Don't work with that realtor. If you wanna discuss the Downtown market, you can always email me at ianwatt@ianwatt.ca. Thank you very much and have great day!