As a Real Estate agent I’m having a hard time finding properties for my buyers.
I’ve been very frustrated with the multiple offers that end up on a building that just got listed. I’m running around with my clients without great success anymore. Whether it be homes or revenue properties, it’s all the same; we’re back in a seller’s market Going over market value, ie: sold comparisons
I understand the emotional buy for a home. To spend an extra $5000-$20,000 for what you want to live in is really nothing in the long run. What I don’t understand is why buyers are spending more for a revenue property. If the numbers don’t add up, why are people still buying?My theory is that buyers that are overspending, are anticipating that they can either fix up their property and gain that way and/or relying on the property values going up. Buyers are panicking and willing to spend more because of lack of product and competition with multiple offers. They want to buy now and are willing to play the game.
Average days on market Homes: Aug 2009 – 79 days / 2010 – 69 days Condos: Aug 2009 – 90 days / 2010 – 79 days Plex: Aug 2009 – 91 days / 2010 – 62 days
Homes: Price increase of 7% Condos: Price increase of 9% Plex: Price increase of 14%
According to the stats, the sales have gone down across the board for the month of August, which tells me that there isn’t enough product out there right now to balance the market.
The month of Aug 2009 compared to Aug 2010: Homes: Sales decrease of -16% Condos: Sales decrease of -13% Plex: Sales decrease of -22%