From Vancouver Realtor Larry Yatkowsky’s post at yattermatters.com 18 Apr 2010 -
“Every so often a number of associates [realtors] meet up for a coffee session. The coffee conversation is stimulating as it covers a wide range of topics real estate related, from tech talk and legal issues, to market manifestations and of course the required amount of gossip. Discerning the coffee stained scribbles from my crumpled napkin here are some snippets of which some are founded in reality and some on rambling rumor.
* phone calls slowing or have stopped
* the market is tipping
* change to a buyer’s market
* still multiples but only on the best of the best product
* fewer buyers prepared to pay asking price
* limited last minute buying due to rate increase
* rate increase versus lower selling price = same dollars out of pocket
* sellers unrealistic about change
* scanning versus faxing – best practice
* last minute sellers
* don’t get competition bureau as it’s been that way for years
* some agents refuse over priced listings
* some see a 10% – 30% drop in prices in the months ahead
* hopes for less frenzy, more realism”
“hopes for less frenzy, more realism”
I doubt most of us are truly prepared for what “realism” means.
Yatkowsky is a total permabull….things must be a-changin’ for him to post stuff like that….
He is on record very recently [9 Apr 2010] saying that he himself doesn’t see ‘a double-digit crash.’
Yatkowsky – “It’s not going to go there.. I have no reason to believe it would drop anywhere near that.” He says “don’t expect too much of a fall back from that million dollar milestone”.
only 10-30%? with the new rules, at least 1/2 of the buyers can’t qualify. more like 50%+ drop within a year at least!