Quote:
Originally Posted by jing
For those of you who have bought recently, how long did it take you to find a place?
All the places we've been ready to make an offer on have sold for way over asking. We didn't make offers for various reasons, but the frustration is starting to set in especially since we tend to think that we'd make reasonable offers in line of what market value is. A top floor unit with the same layout in the same development sold for $308k 3 months ago, whereas a 3rd floor unit in the same low rise community sold just yesterday for $342k. A bigger unit (~20sqft more) with a den sold for $339k just last month. Yesterday's unit was the most undesirable of the three (personal preference due to the dark coloured walls), yet it sold for the most money! At this rate, by the time another unit comes up for sale, we won't be able to afford it anymore!
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First off, take asking prices with a grain of salt.
One of the tactics that realtors use to sell is to post a low asking price to get people in the door and try to create a bidding war after having an open house.
Also, 3 months ago puts us in around February, which is closer to the slowest time of the year when it comes to real estate sales. Now that it is May, we are going into RE season and demand picks up. If everything stays the way it has been, don't be surprised to see prices increase by another 10% or more in the next few months or be like last year and go up 30% by the end of November.