“Sales volumes are incredibly weak with buyers looking for steep discounts and many sellers still unrealistic with their asking prices. However, sellers who need to sell for whatever reason are increasingly having to lower their prices. There is often a rhetoric that “sellers simply won’t sell” if they don’t get their price, and while this may be true the reality is there are still sellers who absolutely need to move on, such as estate sales, divorces or job relocation. These sellers are ultimately setting the benchmark lower.”
– charts and quote from Realtor Steve Saretsky
Classic dynamic for a declining market.
Will crucial technical price supports hold?
Will buyers “rush in” to “snap up ‘bargains'” ??
Fundamental supports are f-a-r below. -ed.
Vancouver Real Estate Anecdote Archive 