Your Pot of Gold
Posted September 3rd, 2009 in Real Estate, Statistics | 
Last month the hunt was on for that pot of gold at the end of the rainbow. Based on August’s average price graph for Vancouver Residential Real Estate sellers definitely had a ‘bit of Irish luck’ in them.
Remaining are questions surrounding the downward turn in the number of units sold and the continuing drop in the overall number of listings.
1. Will the scarcity of quality listings continue to be a driver of quick sales and multiple offers on premium properties?
2. Are the number of listings sold an indicator that fewer buyers are prepared to pay the rarified price and or, that a greater number of homes for sale do not meet perceived lifestyle value expectations?
Recent Realtor coffee cup here-say suggests that if you are a buyer who is ready, willing and able, but delays taking action within the first few hours of a suitable listing hitting the market, your chances of being able to make an offer the next day are eliminated. The same here-say also imbued that a lot of time is spent chasing a 2 to 3 day old listing only to find that it has an offer pending.
The reason simply is that time is working against the buyer and the most ardent Realtors who rely on the MLS. It reminds this author of a past market where a property at 25th and Heather was sold as a result of multiple offers within 2 hours of putting the for sale sign in the ground. That listing appeared on the MLS as a Sold. If you weren’t driving by at that particular moment you didn’t stand a chance of making an offer. In this particular instance a couple of the buyer’s agents wrote the buyer’s offers on the hoods of their cars to wit they permanently left a copy of the agreement etched in the paint. That miscalculation on their part was the only thing that was sad and funny at the time. That time was of course prior to the laptop and portable printer.
While this type of market seems like a good thing for the Seller, it is brutal experience for the buyer. Waxing philosophic, as with all things time will eventually bring reason. In the interim, while low interest rates continue, the economy under performs, employment remains an issue and fewer listings come to market – expect that your pot of gold may not be an easy find and will cost you more.
*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.
