Another Realtor says “SELL NOW”

Should we have some sort of index tracking Realtors making public statements that it’s time to sell?

The market is sluggish, sales are low, inventory is growing.

..And the number of agents saying it’s time to SELL NOW is growing as well.

Agent Keith Roy was in the news recently with his blog post about the sale of his personal property and now Sam Wyatt is saying something similar:

Vancouver’s real estate market is getting and is going to get hit from both ends.  So, now that you are thoroughly depressed, here is the bright light:  IF YOU SELL NOW, YOU WILL STILL BE SELLING NEAR THE TOP OF THE MARKET.  If you plan to sell, you will need to price BELOW the most recent comparable sales prices.  If you don’t do this, your listing will stagnate.  I am pleased that this methodology has produced 4 sales in the last 30 days for my clients in a market were most homes are not selling.  In one case we had a multiple offer with a significant over asking result and in another we negotiated a full asking price sale.

I guess the important part is in all caps.

So can anyone find me a Realtor saying that now is a good time to buy in Vancouver?

 

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ScubaSteve
Member
ScubaSteve

The realtors are running scared! This realtor can’t even put a proper sentence together. Sounds like he just wants more commission before things collapse. I bet he won’t have a problem telling walkthroughs, during his open house days, that it’s a “great time to buy”. Someone should go to one of his open houses and wait for him to say that, then pull out of a print out of his website. “What’s this then?”. Sleeeeeezeeeballs. Every last one of them. Everybody off the Vancouver bandwagon!!! Eventually it will just be Rennie and Muir, the two of them, alone, on a very lonely island.

HappyRenter
Guest
HappyRenter

@ScubaSteve
“Someone should go to one of his open houses…”

Great idea. Why don’t you do it yourself? Do you think other people have too much time in their hands to waste?

CanuckDownUnder
Member
CanuckDownUnder

The grammar is a dead giveaway, that’s really a realtor.

Bo Xilai
Guest
Bo Xilai

Yes, you can follow on Twitter #RatsJumpingOffShip

patsan
Guest
patsan

http://www.cbc.ca/news/business/story/2012/07/16/crea-housing-sales-june.html

“On the price side, the average price for homes sold in June 2012 was $369,339, down 0.8 per cent from the same month last year…
If Vancouver is stripped out of the national average, prices would have increased by 3.2 per cent over the past year, CREA said.”

Vancouver singlehandedly sinks RE in whole Canada. That is a brave statement. Bravo, CBC!

Little
Guest
Little

Bonus points for anyone that can find quotes from the same realtor last year stating that Vancouver will never go through a period of slow sales. Double bonus points if you can find them stating “best place on earth” or “things are different here”

Anonymous
Guest
Anonymous

10y bond trading lower. Again. Good thing those amortization rules were changed

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
patriotz
Member

@joe_blown_away_by_high_housing_costs:

The number of homes sold in June eased slightly from May, and marked the first year-over-year sales decline on a seasonally unadjusted basis in more than one year.

How can a year-over-year comparison be “seasonally unadjusted”?

Anonymous
Guest
Anonymous

“If you plan to sell, you will need to price BELOW the most recent comparable sales prices.”

Aka – the death spiral

Anonymous
Guest
Anonymous

so if you ask him, it’s aslo good time to buy. that’s why they call stupid bears!

patient renter
Guest
patient renter
Rightsizer
Guest
Rightsizer

@patriotz: “How can a year-over-year comparison be “seasonally unadjusted”?”

To be fair, June 2011 was a different season, I believe there was some sun then.

If I recall correctly June 2012 actually happened in winter, which is unusual for a summer month 😀

pricedoutfornow
Guest
pricedoutfornow

@patient renter:

I love it! “Vancouver sales collapse”. Also it points out that average prices in Vancouver are DOWN 13.3%. Yippee! None of this garbage about the HPI price being up 3.2% or whatever nonsense the real estate board came up with. How on earth will Global spin this one? Oh I know…they won’t report it. Soon, it will be hard to ignore that the crash is here.

Colt
Guest
Colt

Here is a sign of desperation on the part of mortgage brokers.Cold calls.Yup thats right on a Saturday no less.No idea how ther got my name and number.they are offering 2.90%His english was poor so he didnt understand any of my arguments.But he did understand this “im looking in my cystal ball right now as we speak and the market has a long way to go down before i ever consider buying anything is this @$#^ hole of a city”,”ok thanks for your time sir”back to heating up his instant noodles.

Harry Wang
Guest
Harry Wang

All these real estate agents are working an angle. This one is trying get listings from motivated sellers who are willing to cut their prices. He knows he won’t get high sales prices, but that’s ok, he still wants a commission. And sellers who are willing to cut their prices will lead to commissions. Stubborn sellers who chase the market down are a waste of his time.

We are seeing the nature of real estate agents work to deflate the bubble. They pump on the way up and dump on the way down. Their job is to make transactions take place, and right now that means convincing sellers to cut their price.

condo watcher
Guest
condo watcher

“first come — first served”

this has been for sale, then for rent, at alternating times for over a year–guess now they’re trying both
originally listed for 478k or 488k

http://www.realtor.ca/propertyDetails.aspx?propertyId=12209438&PidKey=-76213254

and the rental
http://vancouver.en.craigslist.ca/pml/apa/3131420575.html

French_In_Exile
Guest
French_In_Exile

@patient renter: ” Prices also fell in June, with the national average selling price down 0.8 percent to $369,339 from last year.

Again, Vancouver led the way in falling prices, with the average price slipping 13.3 percent from last year to $808,867. ”

Sweet music to my ears …

JR
Guest
JR

Does anyone know what kind of information/metrics is out there for small business debt? I can imagine it’s at an all time high if people are leveraging their home equity. I don’t know much about this subject but it seems relevant considering the global economy pressures.

jesse
Member

@JR: My bet more common is refinancing to support lifestyle so as to make up for lacklustre income from business ventures. Same thing, in a way.

JR
Guest
JR

I did the math on how much it costs to have a $999,999 mortgage at current rates and it’s $5k/month. If the rate goes up to 5.29% it goes up to $6k/month. You need an after tax income of approx. $200k to qualify for a loan like this with no other debt. How many houses are at this price and how many people make this kind of money looking to buy?

HFHC
Guest
HFHC

New Listings 134
Back On Market Listings 21
Price Changes 79
Sold Listings 75

AS OF 12:20PM

ALL LOWER MAINLAND

Best place on meth
Member
Best place on meth

Random check of 10 sales entered today:

First of all, it was hard to find 10 sales.

Second, all 10 showed sales dates prior to July 9.

I’m starting to suspect that post July 9 sales are going to be grim.

patriotz
Member

@JR:
“Does anyone know what kind of information/metrics is out there for small business debt?”

Debt is either personal or corporate depending on which party is holding the bag. I think most small business debt is personal, even if the business is incorporated, i.e. the owner is personally liable and as such it would be lumped together with other personal debt in the statistics.

VMD
Member

@Best place on meth:
I wonder how many days it takes for a “sale: to register as a sale on MLS.. Is it possible that sales today will only show up on MLS 1-2 weeks later?

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