Wednesday Numbers

There were 233 new listings today and 296 sales, for a sell/list of 127.04%. Of the sales 44, or 14.86%, went over list. 9 of those were on the Westside. 6 were in East Van, 2 were in Richmond, 1 was in Port Coquitlam, 2 in Port Moody, 1 in New West, 7 in North Van, 4 in Maple Ridge, 2 in Coquitlam, 9 in Burnaby, and 1 in Surrey.

Average list price of the sales was $564,876: average sales price was $555,689, a difference of $9,187, meaning the average sale went for 1.36% under list price. 46 properties went for list price. One property went for 12%($230,000) under list while the highest over list was 17% ($167,000) over. There were 23 million dollar plus properties sold, with 6 over $2 million. Average days on market to sale was 32.

There were 72 price changes, of which 8, or 11.11%, were increases. The average original list price of price changes was $594,755; the average new price was $577,708, a difference of $17,047, meaning the average price change was -2.39%.

Inventory in my target area dropped to 11,903, while over 90s rose, reaching 2,274, a percentage of 19.10%.

0.54% of all active listings in my target area had their prices reduced today.

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68 Comments

Filed under Daily Numbers

68 responses to “Wednesday Numbers

  1. Skeptic

    Will be interesting to see what happens to inventory at the end of the month…

  2. Strataman

    Quote: “One property went for 12%($230,000) under list while the highest over list was 17% ($167,000) over.”
    Rob:Just once to satisfy my curiousity how long were each of these two on the market? I would assume the one under was close to 90 days and the one over was not on very long. That would make sense, but I would like to know that happened! If it didn’t perhaps you might enlighten us!

  3. robchipman

    43 and 11 days, respectively.

    One sale, after 1 day, was 8%, or $25,000 under.

    Another, after 260 dom, was $900 off list.
    Next in line was 245 dom, -$2000 from list, then 177 dom at list. 160 @ 0.45% off list. (Maybe they figured “I’ve held out this long, I’m not budging off my price”)

  4. Strataman

    Remarkable! I couldn’t fathom dropping 8% after one day, talk about no patience! ThanksRob

  5. mike

    This is pretty hot for July, no? The 14 day must be 75% or so

  6. Noname

    These numbers are pretty darn solid.

    All the bears can do (including myself) is cherrish the American meltdown in progress.

    Either Vancouver is a hotbed for the most dillusional masses, or Vancouver is indeed special. Time will tell.

    Noname

  7. coco

    Maybe it is just a mad rush before interest rates rise again?

  8. renting

    “Maybe it is just a mad rush before interest rates rise again?”

    I think if there is a rush it is to buy before your preapproved lower rate runs out. I think you can hold onto the lower rate for about 3 months. Since the rate hike was July 10th we might have a while to go yet.

    I’m not sure how it works though. If you get preapproved will the bank kindly reset your time frame to the maximum just before the rate hike (I am pretty sure a mortgage broker will do this for you.). If they do they there are going to be quite a few people with a lower rate for quite a while. If the bank doesn’t do this they there are people under time pressure right away which would at least partly explain these numbers.

  9. Ymir

    Quote from Noname:
    “Either Vancouver is a hotbed for the most dillusional masses, or Vancouver is indeed special. Time will tell.”
    I think Vancouver is simply a perfect place to spend your money. I would think that in the rest of the world you’d be considered insane for paying one hunderd and sixty seven thousand dollars(!) over asking price… but here it’s not a big deal.
    Just open your suitcases and drop the money on the table, they’ll count it later after the smell of dope evaporates somewhat.
    Do you really think these buyers care about mortgage rates? I’d doubt it.

  10. Snick

    Anyone who is not paying attention to events unfolding in the US with respect to the stalled housing market and the looming MAJOR recession will be wringing their hands and gnashing their teeth when it spreads to us.

    Prices here are weakening, and the fool’s are rushing in.

  11. Snick

    fool’s = fools

  12. Crabman

    Bingo Snick.

    Everything that is happening here was happening in several US cities 2 years ago. We are seeing the future unfold south of the border as we speak. When things turn here, it should happen a lot faster than it did in the US, since there will be lots of bad press coverage of the carnage down there and possibly a recession.

    With all the construction going on right now, there should be a pretty big glut of condos in a few years.

  13. tqn

    “Prices here are weakening, and the fool’s are rushing in.”

    of course, all the fools are rushing in buying their homes, and becoming homeowners; while the “smarts” are sitting on a “ton of cash” dreaming for the crash to come, and …pointing to the US.

  14. Ryan

    Suspicious? Property in West Van, listed at 1,300,000, sold for 1,100,000 in 1 day on the market.

    Sounds like an inside deal between realtors to me. How would I check?

  15. An

    What happened with todays comments?
    Drug money, insider deals, delusional masses … Were the Sasquatch and alien landing cover-up message boards out of room?

    I guess it’s a bit of relief from the day in day out finger pointing to the US market. (although that’s mixed in there too)

    I guess there’s a bit of pot calling kettle black, in that my post isn’t adding anything either 🙂

  16. renting

    Maybe it’s the secret population of sasquatches on the North shore buying up all the houses using the proceeds from their grow ops.

  17. Ryan

    This is a long term thing. No point analysing daily numbers to look for trends. I think everyone can agree the market is still hot. MOI is still very low.

    The bears will have their day in about a year from now. This December should be especially revealing.

    Most importantly people should keep in mind that the market is what you make it. If 80% of people living in Vancouver think the market cannot keep going up then it wont. Real Estate is very much a manifest destiny effect, hence the herd mentality and greater fool theory.

    If you guys are looking for the first place to see cracks, check out the inventory in Coquitlam. Unlike any other city it has seen a constant and consistent month to month increase in inventory over the past 6 months. Again you’re going to be looking for the changes 6 to 12 months from now.

  18. tqn

    Ryan,
    If the place is SOLD for $1.1 mil, the buyer had to pay $20k to property transfer tax, not mentioning other expenses.
    You would not think the guy creating the transaction by spending $20k just for the fun of it, would you?

  19. Crabman

    Ryan,

    I agree with you, the first signs of inventory buildup will be on the outskirts of the city, not the core.

    Also, Alberta seems to be slowing down significantly. The pattern down south was California went up first, then Nevada and Arizona later. But the slowdown started in Nevada and Arizona first, then moved to California.

  20. Snick

    “…check out the inventory in Coquitlam”
    – Ryan

    Coquitlam has a LOT of product that is just sitting. Many of them refuse to budge on their prices. So it goes…

  21. robchipman

    Ryan:

    “I think everyone can agree the market is still hot.” That’s a bit of a stretch, don’t you think? In this post Snick has said “Prices here are weakening,…”, and Crabman agreed with him! 🙂

    So, unless a hot market is characterized by weakening prices, I don’t think everyone agrees!

    In regard to the suspiscious property, send me the details and I’ll report. There are no recent sales in that price range with those DOMs in West Van on MLS, so I either need more info or your info is inaccurate. Post or email some additional info direct.

  22. WoodenHorse

    I think some of us bears are projecting.

    This is, by any sales or price metric, still a great market.

  23. renting

    Rob didn’t say anything about the pot growing Sasquatches on the North Shore. I think he’s hiding something.

  24. new investor rob

    its interesting how a month ago a lot of people on this blog were expecting the inventory to be in the range of
    13k.

    Rob, I’ve got some blog topics for you.

    I’ve seen a lot of american material about buying forecloser properties and no money down purchaces.

    Can you speak to some subjects like this and if they can be done well in canada.

    Also some tax tips for investors would be nice

  25. Ryan

    Interesting no?

    West Van – 865 ANDOVER – V656226
    Listed at $1,300,000
    Sold for $1,100,000 in 0 days

    3,100 sq. ft. house on a 16,000 sq ft lot in the British Properties. I’d buy it for $1.1 in a heartbeat. Looks like someone else beat me to it.

  26. robchipman

    renting:

    Uh, duh! I’m hiding a grow op. obviously! 🙂

    Ryan:

    When you said “Suspicious…inside deal between realtors”, I thought you had something a little more concrete (and who knows, maybe there is something there, but on the surface it doesn’t look like it).

    What we’ve really got is a listing sold inside the office without hitting MLS. That could be bad, or it could be fine. You’re ignoring the role played by the seller and the buyer, and their motivations. Its possible that the seller wanted a quick sale and the buyer was willing to meet their requirements.

    In terms of value, a house on Kenwood sold for $1,030,000, bigger lot, bigger house, similar age, sold in 7 days in mid June. House on 11th sold for 1,270,000 after 3 months, similar size house, similar size lot, but the house is 20 years newer. Bigger lot sold on Eyremount for $1.34 after almost 6 months. My feeling, based on what you’ve shared, is that this isn’t really too surprising. Its not a long term owner (i.e., a little old lady who didn’t know value). 42% in three years on an expensive property? Not great, but not bad.

    In terms of buying a 3100 sq. ft . house/16,000 sq. ft. lot in the Properties for $1.1 in a heartbeat, there are a couple up there. Give me a call and we’ll see if we can get on for $1.1 or less. Do you want the house, or just the land to build on?

  27. -A-

    I guess this confirms what Rob has always said. If I understood him correctly, he believes that the market inevitably always changes.

    And at this point it is in the process of inflating to the point where it will eventually pop.

    Once it pops it will again change toward building into another bubble.

    I suppose it has something to do with the housing market being extremely inefficient.

    Rob:

    The other day in a response to me you mentioned I use several tags. You weren’t trying to say several handles were you?

  28. Jesse

    i like the picture!

  29. Snick

    “In this post Snick has said “Prices here are weakening,…”, and Crabman agreed with him!”

    Oh, those sillies!

  30. coco

    “If you guys are looking for the first place to see cracks, check out the inventory in Coquitlam. Unlike any other city it has seen a constant and consistent month to month increase in inventory over the past 6 months”

    Abbotsford, South Surrey/White Rock inventories also in the same boat. I would assume the market is stronger in Vancouver/Burnaby due to commuting time reasons.

  31. robchipman

    Snick:

    I don’t want to be picky, but how do you define “weakening prices”? You’ve been singing that tune for several months now, and prices have risen during that time, true? And, of course, we just had a huge June in terms of volume. And, we just had two days of 100%+ sell/lists.

    I’m just curious how you spin that into “weakening” prices?

  32. robchipman

    Jesse:

    The pic is from a little greenspace just down the street from my house. You can generally see the heron (if he’s there) through the trees when you drive by. I’ve mentioned that land supply in the North Shore is limited due to resident oposition to further land/lot development by the District in Cove/Mountain Forest. Those areas were re-zoned park and open space a few years back in response to overwhelming public pressure (note, Domus, how zoning does reflect popular desires sometimes), and the little green space, Hogan’s Pools, was one of the beneficiaries. It also supports (I believe) both a Pink and a Coho run, which have to actually swim through a pipe a few hundred feet under the road from the river.

  33. tqn

    “The bears will have their day in about a year from now.”

    It sounds like you are certain about this. I would be very careful to use the “from now”. Care to share what stocks do you pick?

    “If 80% of people living in Vancouver think the market cannot keep going up then it wont.”

    who belongs to that 80% group? all Vancouverites? all home owners? all renters? mixed? Did you test 80% of the population to arrive at your conclusion?

  34. nineofiveland

    Why don’t you folks all move “back east” to Ontario .. where you can buy a 3 bedroom detached with a large yard for $265K? Oh .. did I mention that there are no jobs here because manufacturing is going down the tubes and our home grown Finance Minister Flaherty has no clue what he is doing?

  35. Coq_Mike

    Ryan said:

    “If you guys are looking for the first place to see cracks, check out the inventory in Coquitlam. Unlike any other city it has seen a constant and consistent month to month increase in inventory over the past 6 months.”

    I would be very interested in seeing your Coquitlam data for the past 6 month.

    My searches in just the normal web based MLS is not showing the same trend as yours. I basically have just been looking at single detached houses in the 500k – 650k range since this is my current target. In the beginning of the summer inventory was rising, for the past month it is has been slowly decreasing. When you search Coquitlam inventory you can very quickly see that it is contains mostly the exact same odd and poorly priced properties. Any decent and/ or correctly priced properties are easily gone inside of a month.

    I think a lot of buyers were hoping that the summer would bring a much better selection than it has.

    After many hours of driving the area and talking with builders and buys I would not describe Coqutilam as being “on fire”, but there is really no sign of a correction either. Possibly by summer’s end and going into the fall you will see a move to a more balanced market.

    I would think that spring 2008 is when you will get your first solid indication of how strong a possible change in the market will be.

  36. Crabman

    Just for the record… earlier I agreed with Snick about what is going on in the US, and not that prices here are weakening. They are still going up.

    But I agree that the first signs of a slowdown are showing up in Alberta (Ryan and Snick say also in Coq). I think these areas will slow before Vancouver does.

  37. Snick

    “I’m just curious how you spin that into “weakening” prices?” – Rob

    I visit a VOW site several times per day. I focus on particular areas in Coquitlam. It is MY opinion that asking prices are trending lower, and there have also been reductions.

    Foe example, a house on Palmadale St. in the Ranch Park area has been redused from 619K to 584K for several weeks. Still no takers.

    Other houses, as I have stated are being pulled and relisted as “NEW!”. The newer prices are quite a lot lower than their original ones.

    In the Cape Horn area, another house has gone from 509K to 479K. It has been on the market for months.

    In the Meadowbrook area, a house on Thacker Ave was originally 474K, relisted at 459K then 439K and NOW it is 429K

    What does that tell YOU?

  38. Snick

    Note:

    I have used single family homes as examples. I have seem similar patterns for townhomes and condos.

    I prefer to track SFH because I believe they represent “the top of the food chain” so to speak.

  39. Coq_Mike

    Snick said:

    “What does that tell YOU?”

    I have not actually viewed the properties you listed in your example, but generally speaking these places sound like they were overpriced. The Ranch Park place sounds a little on the high side.

    I have see several examples of people just basically fishing for a big sale price. When people list their home it is very tempting for them to compare their home to homes that are listed, and not sold. They say, “Well, our place is better than that one”. So, they tack on an extra 20-30k.

    After the seller has had some time to cut his teeth on the market he soon realizes that he is overpriced. Those that choose to price to the market will move the product.

    Prices are still fairly good when compared to last year.

  40. robchipman

    Snick:

    What it tells me is that you’re looking at asking prices, not sales prices. Asking prices don’t reflect the market because they don’t include what buyers are willing to pay or what sellers are really willing to accept. If you conclude that prices are trending down based on asking prices of a small sub-set of sellers, well….as the saying goes, you’re entitled to your opinion, but that doesn’t make your opinion valid, and in this case your opinion is clearly so far off base that it is funny. Thanks for clearing that up.

    BTW, I don’t think it is lost on many people that you originally say “prices are weakening” but have now changed that to “asking prices are weakening”. Why not look at the daily reports of price changes that I supply for that kind of info?

  41. coco

    coq mike,

    Your 500k – 650k is the most popular target price range, everyone is fighting to get into that price range in a lot of areas not just in Coquitlam.

    Call it, it’s all I can qualify for and I’m competing with everyone else in the same boat.

    75% of the homes listed in my area are 800k and up, the houses are not selling very well, a lot of price reductions and inventory is piling up. I guess even people in suburbia can’t pick money from trees to afford all those higher priced homes after all.

  42. Snick

    “75% of the homes listed in my area are 800k and up, the houses are not selling very well, a lot of price reductions and inventory is piling up”
    – Coca

    As you can see, Rob, I’m not the only one who is noticing things.

    Asking prices are LIKELY based upon comps that were established for the neighbourhood at some point.

    So, the sellers LIKELY used that as a STARTING point.

    HOWEVER, since market conditions are CHANGING, sellers are REDUCING their asking prices.

    The POINT is, I don’t see price wars or inventory flying off the shelf.

    Whoever said that asking prices were equal to transaction prices? Not me, so don’t put words into my mouth.

  43. Snick

    “I have not actually viewed the properties you listed in your example, but generally speaking these places sound like they were overpriced. The Ranch Park place sounds a little on the high side.”
    – Coq_MIke

    Then maybe you should find out for yourself was is going on out there instead of listening to so-called “experts”

  44. robchipman

    Snick, nobody is putting words in your mouth. Nobody said that you claimed asking prices were sales prices.

    Let’s be crystal clear: you’re basing your opinion on price direction on what people who aren’t selling are asking. You’ve got an accurate picture of some people’s dreams and desires, but you aren’t even looking at real price data.

    That’s not analysis. Its wishful thinking. If you want to prove your point you need to show similar properties, with one group selling in the past and the other selling now, and with the second group achieving lower sales prices.

  45. Snick

    “If you want to prove your point you need to show similar properties, with one group selling in the past and the other selling now, and with the second group achieving lower sales prices.”
    – Rob

    So…prove YOUR point. Go ahead!

    I would like to see listings/examples just as I provided earlier.

  46. Snick

    “…with one group selling in the past and the other selling now” – Rob

    And no, don’t compare a house sold in 1999…

  47. robchipman

    Snick, I don’t want to prove your point, and I’m not the one making the claim that prices are weakening. I just asked you to share your rationale, and sadly, you revealed that there is nothing rational about it.

    How about I use your approach and find a property that hasn’t sold in over 6 months, but has had a price increase ? Would that prove that prices are getting stronger? After all, that’s the approach you use to prove that they’re getting weaker. You know that those properties exist, don’t you?

  48. Snick

    “Snick, I don’t want to prove your point, and I’m not the one making the claim that prices are weakening. I just asked you to share your rationale, and sadly, you revealed that there is nothing rational about it.” – Rob

    Oh, really? Well, you have just “revealed” your “position” to your readers. Nice try.

  49. Snick

    One other thing…is it FUN pretending to be peering out from a confession booth?

  50. Coq_Mike

    Snick:

    Can you provide some data from recent sales that show prices are weakening? From what I can see prices are up by 5-15% from a year ago.

    If prices are currently trending down how can I prove this to myself?

    How much has the Coquitlam inventory recently grown?

  51. Snick

    Go to any VOW (vitual office website) site and see for yourself. Try “Marie Timmerman or Keith Vines” sites. You’ll get the most up to date stuff.

    You’ll see that this guy is full of BS and is a market pump and dump expert extraordinaire.

    Oh well, it’s a living, I s’pose.

  52. coco

    Rob said,

    “If you want to prove your point you need to show similar properties, with one group selling in the past and the other selling now, and with the second group achieving lower sales prices”

    Rob, your asking an ordinary blogger to retrieve MLS sales data for comps? When only realtors have access to sales information.

  53. Snick

    Coco,

    It’s just a typical “non-answer” from him. He loves to play word games.

    Scrabble anyone?

  54. Coq_Mike

    Snick said:

    “Go to any VOW (vitual office website) site and see for yourself. Try “Marie Timmerman or Keith Vines” sites. You’ll get the most up to date stuff.”

    You say that Coquitlam prices are weakening and that inventory is increasing.
    I just do not see this happening in Coquitlam at this time. So, I asked you how one could prove the trend you are seeing in Coquitlam and you referred me to the above realtor websites.

    Marie Timmerman is a Port Coquitlam realtor who has just finished selling all of her active listings.

    Keith Vines a Richmond based realtor with no Coquitlam listings.

    I did use the search engine at each site. I used Ranch Park in Coquitlam as an example since you had sighted properties there. In the 500-600k there are 11 active listings. I have driven by seven of these properties, since you told me I should get out and seeing what is going on. Several of them seem to share a common feature, which is a really great view of large Hydro transmission line. I don’t think they make them any bigger.

    Maybe I completely missed what you were trying to tell me. I still cannot see what you are basing your opinion on for Coquitlam.

    Snick, I still love your posts, but now place them in a different context.

  55. Snick

    If you track those VOW sites regularly, you are able to keep up with all of the changes that are happening. They list original prices, reduced prices and days on market.

    As I mentioned, I track certain areas and certain homes in particular to see what’s what.

    I look for a SFH, for example, that is about 20 years old, is in a reasonably nice area, and has at least 3 bedrooms and 2 bathrooms.

    It is MY opinion that both asking AND transaction prices are trending lower.

    You MUST research these things for yourself.That way, you can counter any “arguments” put forth by even the smarmiest of realtors.

  56. coco

    coq mike,

    You must be looking to live in a very specific area of Coquitlam or must not be checking properties outside of your price range. Lots of properties that were listed for 700k and up have price reductions into the high six range. So, I really don’t understand why you wouldn’t be pursuing these higher priced properties and putting forth offers that are in the price range you can afford.

    Maybe you or your realtor has a problem putting in offers 30k – 50k below asking? who knows? The worse thing an owner can say is “no” and if you don’t try to put in an lower offer you will never know will if the owner would of been willing to sell it for a lot less.

  57. coco

    Also, snick does have a point about watching VOW on a regular basis, you will get familiar with all the houses listed in your neighbourhood and as soon as they have a price reduction you will notice it on the VOW right away.

    The information on VOW also tells you whether the house is an estate, vacant, rental, owner occupied, etc. too. A person paying utilities,taxes and that has to come look after the yard, etc. on a house that is sitting vacant, may just be a little more desperate to sell than an owner that is collecting rent from tenants or a owner that is occupying the house. An owner that has already bought another place and is trying to sell theirs is more hungry for a buyer than an owner who is fishing to see how high they can sell their place for. It really depends on the situation.

  58. Coq_Mike

    coco

    I do not disagree with anything you are saying. I too have been seeing price reductions in all price levels.

    Snick said that the Coquitlam inventory and prices are weakening. The price reductions I am seeing still do not equate to weakening sales prices.

    For example I am currently watching two really over priced homes (there many to pick from). If these sellers drop their price by 40-70k they still would be during very well when compared to sales from last year in the same area.

    Maybe prices are weakening, but I just cannot get the numbers to indicate that.

  59. Coq_Mike

    Quick correction:

    Snick said that the Coquitlam inventory is increasing and prices are weakening.

  60. Snick

    “Also, snick does have a point about watching VOW on a regular basis, you will get familiar with all the houses listed in your neighbourhood and as soon as they have a price reduction you will notice it on the VOW right away. ” – Coco

    Very true, Coco. And I might add, this works for “areas” too. For example, in the “New Horizons” area of Coquitlam, no one is asking in the high 400K, low 5ooK for their houses. New listings are coming in at around 429K

    Just so you know, too, there is a US website that tracks listing prices. They ARE telling.

    When listing prices begin to decline, THAT is a sign. Don’t listen to anyone who will tell you otherwise.

  61. Snick

    “…no one is asking in the high 400K, low 5ooK for their houses”

    -as they were this past winter/spring.

  62. robchipman

    Coco:

    I’m not asking Snick to do anything. I’m just pointing out that the logic of using asking prices from a few cherry picked listings is foolish. If he wants to make an argument for weakening prices, he can do so. He claims that he has access to the info he needs.

    Bottom line: he doesn’t have to prove his point, but if he doesn’t prove it, and he bases it on the logic he’s shared, he remains unconvincing.

    Snick:

    “Word games”? How’s this: your opinion on weakening prices is weak and unconvincing.

  63. Snick

    “…a few cherry picked listings” – Rob

    Nonsense.

    Well, there are “lies, damned lies and statistics”, (as the saying goes) or, as I am more inclined to think these days, “there are statistics, lies and damned lies.”

    I’m sure it works BOTH ways.

  64. robchipman

    Snick, you are priceless! 🙂

    Anyway, I just checked some numbers, using your analytical approach, and guess what? Prices are strengthening.

    O.K., that’s just my opinion, based on what I’m seeing (or at least, what I choose to notice), but check this out: an owner who’s had a property on the market 130 days didn’t sell it, but they did raise the asking price by more than 10%, or $300,000!

    Another owner has tried to sell for 40 days. No luck, but they raised the price a cool $100,000.

    Another guy raised his asking price after more than a year on the market with no sale, and by $29,000!

    A builder in Mapler Ridge bumped his price $30,000 after he failed to sell in a year and a half (actually, he did it several times with several properties – crazy like a fox, that guy! And he’s not alone! A lot of other builders there are doing the same!)

    See what I mean?

    But, its not all good news. One owner listed for $598,000, then bumped the price 10 months later to $619,000, then dropped it to $599,000. Mind you, that’s still an increase, right?

    It goes on and on. And so, I think its safe to say, based on the feelings of owners who haven’t sold and which support my opinion, and regardless of what the larger picture may or may not say, prces are getting stronger!

    (Sorry, Snick, I just couldn’t resist! 🙂 )

  65. coco

    Rob,

    Are you giving stats of your sales in your region? One builder in Maple Ridge is certainly not an example of prices in other areas in Fraser Valley.

    I could give you examples of prices coming down in certain areas of the Fraser Valley, some prices even lower than last years comparables. But…hey, why would I give an real estate investor like yourself or anyone else on this blog heads up on that kind of information when I maybe able to buy one of those properties at a great price myself.

    Just maybe…. people do not want to tell you about the lower prices their seeing on certain properties because they do not want you or anyone else on this blog to notice it too and buy it out from underneath of them?

    Advertising a housing bargain on this blog is like yelling out SALE, SALE, SALE. Just maybe people are more saavy than you give them credit for sometimes.

    I’m sure if Snick buys one of the properties Snick is watching currently, Snick will tell you, so will I, but in the meantime I don’t advertise properties I would consider buying, as I’m certain you wouldn’t advertise any property your considering making an offer on, on your blog either.

  66. coco

    I should of said, “Are you giving stats of asking prices in your region?”

  67. robchipman

    Coco:

    I’m making more fun of snick. He looks at asking prices of some select Coquitlam properties and determines that prices generally ware weakening. I applied the same “logic”to different bits of data from the same source and came up with another conclusion. Its not a valid conclusion. I was being sarcastic.

    That said, one of the builders in Maple Ridge has not only raised prices on new product, but sold lots as well. He lists the stuff before its built, sells some, and monitors the market closely. He probably has a better idea of the market than most sellers who have only one piece of inventory.

    I have recently given a heads up on a good investment property here on the blog. I was considering buying it myself as well. I’m not too concerned about keeping that stuff secret. Generally speaking there are more opportunities to take advantage of than a single investor can do.

    Regardless, good opportunities are not determined by their relation to the seller’s asking price. Asking price is largely irrelevant.

    And yes, I am giving stats of asking prices and sales prices in my region. I do it in almost every daily number post.

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