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!