3. Real Estate
Last week I shared that we are selling our townhouse. 27 groups through the open house last Saturday/Sunday.
This was a great turnout! And yet, there was only one offer: $10,000 below our asking price of $1,300,000 ($1,000/sqft). We accepted.
In the same complex, a friend of mine is selling his larger townhouse.
Same location, same 'new' features, including the million dollar view.
But the size 1,800 sqft and $1.8 million price point only attracted 5 groups to his first open house.
They relisted at a lower price and are doing another open house this weekend, but that is going to be an uphill battle.
Long gone are the days of multiple offers and bidding wars.
With interest rates stubbornly high, a mortgage on that larger unit is easily $9,000-$10,000 (after tax dollars) and there just aren't as many people that can afford to pay that.
So, it isn’t just about location, location location. It is about liquidity, and time.
Vancouver used to be a "sellers" market.
But this time is different.
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