Falling Asking Prices And Rising Pressure To Sell – “He’s VERY Motivated”

This update from the frontlines from exx at Rob Chipman’s Blog July 6 2008 at 9:44 pm

“I went to 6 open houses in Port Moody & Coquitlam today, some in the same buildings that I looked at last month. The prices just keep tumbling down. The best one being a unit we looked at last month going for $379,800. Today? $345,900 (10% haircut). The realtor’s reason for the big drop? The ‘local’ investor is nervous about the market. I asked her if she thought he’d consider an offer 10% below the asking price (~$310,000) and her response, as expected, was “Yes, make an offer, he’s VERY motivated.” I don’t blame him, nearly 20% of the units are for sale.”

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