Hi All,
The Downtown Vancouver Real Estate Market is changing. This time last year there was so much demand and so many buyers, a very nice over priced listing would get offers that would eventually cause the listing to sell at or near market value.
Today the situation is different. There are 25% more listings and the same amount if not less buyers. This added competition for buyers means over-priced listings that are quite nice will sit on the market and will not get offers.
There are many buyers out there that don't realise that price is negotiable (really) and there are also buyers who realise price is negotiable, but feel it rude or intimidating to put in an offer less than the asking price. The there is the final group of buyers who just disregard an over priced listing as they see the time and effort to bring the buyers around to market realities as a waste of time.
Suites are still selling in Downtown Vancouver. The ones that sell the fastest for the best prices are those that are listed at or near market value and are well decorated and in good condition.
Pricing High with hopes of getting an offer doesn't work in today's market.
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