Vancouver Real Estate – Out of Touch
Posted June 26th, 2009 in Real Estate, Sharing the Experience
“Shake it up is all that we know”
You’re Out of Touch. – I’m Out of Time. – But I’m out of my head when you are not around.
Lyrics – Hall and Oates – Out of Touch
Reflections
A lunch discussion with a Realtor® friend centered on his recent sale. The selling price seemed inordinate reflecting that yet again, buyers are paying prices that are extraordinary. As Realtors® we feel compelled to council people with facts and figures to give each buyer an indication of an approximate market value. When they, in their exuberance, pay much more than what seems reasonable, we wonder. Left we are, during markets such as this, shaking our head.
Heard it on the Radio
Returning from lunch the thoughts on this issue and Vancouver’s love for real estate persisted as an old Hall and Oates tune called ‘You’re Out of Touch’ screamed from radio. The passion of chorus and the first line of lyric evoked a perspective.
Got No Radio, No Worries
Hall and Oates’ lyrics of unrequited love seemed also, to describe the ups and downs of our Vancouver market. Beginning with “Shake it up is all that we know” seems apropos of our markets since 2000.
Time’s Reality
From January of this year to present, the fast pace, multiple offers and general market frenzy seems once again “Out of Touch.” Party to this, are unrealistic low interest rates loading pressure onto buyer’s shoulders that has caused a presumptive reaction to this new burden. The inference, act now, while you have the chance – don’t wait till there is a rate increase! The burden’s motivation is high, driven by the fear of not wanting to face the music of higher rates, they buy at any price. “I’m out of time” are not words they want to hear for they know well that if they miss this temporary advantage, they will be “out of their head when these rates are not not around.”
Your clients are lucky that you advise them about over-paying. I have seen many scenarios were the realtors have encourage the bidding and the ‘winner’ is left buying a property for much more than was necessary and that they can afford.
Frank,
Thanks for that, but the problem is that even with an appeal to be ‘conservative’, in the majority of cases the plea for reason goes unheard. Subsequently, when reality returns, as if by magic the problem manifests as the Realtor’s fault.