myme22 [aka Sege Merckx & Brigette Myaux; Brise Investments Ltd] at myreinspace.com (a Real Estate Investor Network forum) 29 May 2010 10:16 pm [note MAY 2010 date] – “I just had a very relevant conversation with our realtor in Squamish, who is on of the top realtors here locally, but also works with the North Van office. He currently has our house listed, and has listed his own residence as well (that should say something). In a nutshell, he expects a major (20%-30%) price adjustment over the next year or two.
As for the sale of our place in Squamish, we have now had it listed for 3 mos, and haven’t had any recent offers (the last 2 were about a month ago and fell through because they couldn’t get the financing). We did get a couple of showings, although that’s way fewer than before we dropped the price about 2 weeks ago…(!?)
I just had a really interesting strategy talk with our realtor, and he has already lowered the price on his own house twice within a month! He went on to tell me they are at the highest # of (new) listings in 7yrs in their NVan office, and the lowest # of sales in about 3yrs. A week ago, his assistant had shared with me the fact that her collegues in their team had had a bit of a jolt when they reviewed their weekly stats, which showed 37 new listings (in Squamish), with only 2 sales! Not surprisingly, he confirmed that prices have started to come down in general in Squamish.
There definitely seems to be smoke on the horizon, and I think we will now pretty soon start smelling it too… I am not looking forward to it…”
The Vancouver Mark… [aka Bruce McCoubrey, The Residential Group Realty, Vancouver] at myreinspace.com 7 Sep 2010 9.57 pm & 13 Sep 2010 6.16pm – “Sell. Price sharp. Don’t overprice or you’ll lose money everyday it sits. … The next 12 months seem like deal territory to me. I am selling my current home and planning to rent for a year or more to see what happens to prices.“
That realtor has now sold. I hope that the seller he was talking with managed to do the same.