Ian Watt Vancouver Condo Real Estate Video Blog #764 - March 14, 2017
Ian Watt video blogs how realtors are partly responsible for the escalating prices of Vancouver condos as their tactic of deliberately under-pricing new listings to create a frenzy of multiple offers that sends prices through the roof.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. A lot of people want to blame off shore money for the prices of Greater Vancouver flying to the roof and that is true that did contribute to prices escalating. However there’s one group of people that should be held responsible because they are playing a part in the prices going higher and higher especially right now in Downtown Vancouver and that’s realtors not all realtors but there’s a handful of realtors in Downtown Vancouver that like to play this game. For example the last sale was $800,000 dollars in a particular building but they get this listing they convince their sellers to list the same unit that sold for $800,000 that week or two weeks before for 699 and the problem with this is that all the people that have a budget up to 699 they go and they write offers. The people that can afford more in 750 they think they’re gonna get a deal so they write offers as well and the people who know that it’s going to sell for 800 they come along and they write offers as well. And then one guy froze it through the roof and it goes for 850 and it sense the price is even higher than the last sale because what happens it causes a frenzy and everybody gets really excited like an auction and of course price is go flying to the roof so it dupes all the people that can never afford it on the first place is to actually write offers when they shouldn’t be even looking at the property that they can’t afford and then all the other people writing offers and it sets a new record price this is the game that some realtors play and it shouldn’t be allowed because what happens is it causes frenzies, people make bad judgement calls if it was listed for 800,000 they probably get one or two offers and it might sell for both price but it probably wouldn’t go so far through the roof because it’s 17 offers. The worst part about it is this guy put it on facebook hey I got 17 offers blah, blah, blah but they don’t disclose that they under listed it by a hundred thousand dollars compare to the last sale. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!