“There is a place in Lynn Valley for sale, asking price 860k 2 months ago. My friends made an offer for 760k, less than assessment. It was rejected back then, but seller appeared last week and said that they are now ready to sell for 760k. My friends took a look again and decided that they don’t like it anymore.”

“My friends are looking for a house in North Van and they’re lowballing all the time. There is a place in Lynn Valley for sale and asking price was 860k 2 months ago. They made an offer for 760k less than assessment. It was rejected back then, but seller appeared last week and said that they are ready to sell for 760k now. My friends took a look again and decided that they don’t like it anymore. So, 100k discount in 2 months… There are motivated sellers out there!”
Aleksey at VCI November 13th, 2012 at 5:44 pm.

5 responses to ““There is a place in Lynn Valley for sale, asking price 860k 2 months ago. My friends made an offer for 760k, less than assessment. It was rejected back then, but seller appeared last week and said that they are now ready to sell for 760k. My friends took a look again and decided that they don’t like it anymore.”

  1. Unless there is something really special about your home, you need to list at 5-10% below market value to start. Just remember, it’s “different” NOW! Get used to it, we’re going down baby!

  2. My parents purchased their house on the North Shore in the late 90’s.
    They came in with a “strong” offer at 10% below asking. Got the deal done.
    Only difference being the price was roughly a third of what houses are now listed for around here.

  3. And thus it happens. Buyers set the market and know it’s pulse. Sellers perception lags and is based on past performance. Having become market aware, the seller adjusts their price only to discover the market has already changed.

    All this talk about market value and listing below is correct in theory, but in practicality the seller is assessing the market to determine market value while matching that against their own acceptance of that price. A perhaps complex task for a human. For this one, they probably thought $760k was below market value and decided to take the hit to be done. Too bad for them it is no longer enough to do the deal.

    CanAmerican

  4. An interesting weak fall market. Remember these anecdotes for comparison come spring, when prices will look to take off once again. Remember this: prices are weakest in the fall and early winter. Most of the heavy lifting when it comes to price declines occurs then. Right now we’re in the sweet spot for price declines, and they will likely continue for another couple of months. Then the “new reality” sets in for setting market prices in the spring.

    I wouldn’t be surprised to see a few more bidding wars in the spring (but almost all for below assessed).

  5. Pingback: Real Estate: ” Too bad..Too Late..Opportunity Lost “ |

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