Here is some news from the Ozzie Jurock facts by email.
"A perusal of the popular Craigslist.org shows that for-sale-by-owner condo sellers are quietly dropping their asking prices.
A persistent Craigslist reader found examples from February to April 1 of this year where prices were lowered by as much as $45,000 on a $345,000 unit, and posted examples of prices being reduced the past two months by from $5,000 to $10,000."
The trend is establishing itself. The drops in pricing is the juice leaving the market. No reason to panic, losses will not present themselves until price drops become public knowledge and then the sharks come out.
Duncan Seward is an experienced mortgage broker with expertise in home mortgage refinancing and second mortgage loan originator and second mortgage loan refinancing.
2 comments:
i am a 27 year veteran realtor, been licenced since 1981 and specialize in vancouver west condos. have ridden all the roller coasters of BC real estate, the ups and downs but mostly the downs. we are in a terrific market, definitely not as hot as the past 3 years but it had to ease out from its all time highs, didn't it? i remember having listings for 6 months and getting 6 showings and the listing expired. as for fsbo's, they usually list high and most end up hiring a realtor. do you have any stats on the number of successful fsbo's sold sold their home last year vs this year? so now prices aren't soaring and catching up to the overpriced listings and now the fsbo's need us!
It is easy to sell when deals are dropping off the table. I remember the market in Toronto in the eighties boom. FSBO reflects a consumer who does not perceive any value of the realtor in the transaction.
An atitude that reflects an ignorance of the complexities of a real estate transaction. A good realtor brings accurate data, knowledge of how to market a property and negotiation skills.
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