Get your hankies out, the unthinkable has happened.
It’s apparently gotten so bad that some houses are now selling for under one million. Horrors! What will become of housing in Vancouver!
Sutton West Coast realtor David Hutchinson has been tracking plunging prices and found several detached homes listed below $1 million, some of which had been recently renovated.
“If you want to sell, you have to be priced sharply, and you see a lot of price drops,” Hutchinson told CTV.
And even with price drops, he added, he’s seen many sale prices lower than what sellers are asking for. He said he knew of one home in the west side of the city that was initially priced at $3.9 million, but when it didn’t sell, the owners reduced the price. They kept reducing it in small increments, but eventually they couldn’t wait any longer, and had to drop the price by nearly $1 million.
Another home on West 8th in Kitsilano was listed for $2.5 million, but could only fetch $1.6 million.
“There’s not this crazy deluge of offers coming in like before, when you could price it below the market value and wait for all the offers to come in. That’s not happening anymore,” Hutchinson said.
“Buyers are being a little more picky now and you didn’t see that before.”
You know what this means right? Deal Time!
Anybody looking for a tear-down in a bad neighborhood for just under a million?
Read the full article here.