Vancouver's Real Estate Market

[cafe22]

Originally Posted by vash13

Looked at a house in North Vancouver today. 1.3 million and the seller had 70 parties to show this past weekend. I am not even going to bother to try an offer. This range of the market is too ridiculous.

Probably sold for 1.5 million without conditions

[twitchyzero]

covid has really messed markets up

not even just re here, the housing crunch in the US, then look at the pricing of certain electronics, and used cars/trucks

[Alpine]

Originally Posted by vash13

Looked at a house in North Vancouver today. 1.3 million and the seller had 70 parties to show this past weekend. I am not even going to bother to try an offer. This range of the market is too ridiculous.

Probably way underpriced to elicit as much action and offers as possible. I haven’t seen much on the north shore go for under 1.5 or 1.6 lately. What comparables did your realtor send?

[Hondaracer]

My buddy was looking at a house in Pitt meadows, nothing special and he’s a first time buyer just looking to get into the market. How was unrenovared mostly original rancher/bungalow style

Believe it was listed at like 910, his realtor recommended puting in an offer over asking if around 940, offered 944, ended up getting 20+ offers and selling at 1.12 lol.. for Pitt meadows

[Acura604]

crazy times....

put the house for sale at $1,499,900.

showed up on realty.ca on Jan 6th.

had a viewing next morning Jan 7th 11:30am

got the offer from those viewers Jan 7th 4pm. ($1,465,000)

... wife delisted it ... but confident if we countered with $1,490,000 it would have been sold.... a 4hr sales cycle.

[lowside67]

Why did you delist it the day after listing it and getting a near full price offer?

-Mark

[RiceIntegraRS]

Originally Posted by lowside67

Why did you delist it the day after listing it and getting a near full price offer?

-Mark

Cause listed price means absolutely nothing nowadays. Even though i understand that a seller wants to make as much as possible on their investment(i would to) but its getting kinda ridiculous with no real rules in play. Correct me if im wrong but i thought selling realtors werent allowed to start bidding wars with the highest bidders.....

When i was buying i asked my realtor whats gonna stop the seller from going to the 2nd highest bidder to try and beat my offer then going back and forth. He just shrugged his shoulders and said "hopefully they dont do that...."

[CRS]

Originally Posted by RiceIntegraRS

Cause listed price means absolutely nothing nowadays. Even though i understand that a seller wants to make as much as possible on their investment(i would to) but its getting kinda ridiculous with no real rules in play. Correct me if im wrong but i thought selling realtors werent allowed to start bidding wars with the highest bidders.....

Why wouldn't they?

Isn't that the whole point of capitalism?

[Alpine]

For those looking to buy/sell detached, inventory is at a decade low... Expect entry detached to go up another 10-15% this year...

[Great68]

Originally Posted by RiceIntegraRS

Cause listed price means absolutely nothing nowadays. Even though i understand that a seller wants to make as much as possible on their investment(i would to) but its getting kinda ridiculous with no real rules in play. Correct me if im wrong but i thought selling realtors werent allowed to start bidding wars with the highest bidders.....

When i was buying i asked my realtor whats gonna stop the seller from going to the 2nd highest bidder to try and beat my offer then going back and forth. He just shrugged his shoulders and said "hopefully they dont do that...."

It's probably unethical especially when bids get above asking, but certainly not illegal.

I'm not sure how this would change, I certainly wouldn't support any arrangement that automatically obligates a seller to sell to anyone whether listed price is is satisfied or not. As a seller it's ultimately your property and you should be able to turn down or ignore offers for any reason.

Keep in mind, that some realtors do have protections in their service agreements that they're obligated to receive commission if they receive offers at or above listing price even if the owner doesn't accept those offers. That I'm OK with.

[Alpine]

Originally Posted by Acura604

crazy times....

put the house for sale at $1,499,900.

showed up on realty.ca on Jan 6th.

had a viewing next morning Jan 7th 11:30am

got the offer from those viewers Jan 7th 4pm. ($1,465,000)

... wife delisted it ... but confident if we countered with $1,490,000 it would have been sold.... a 4hr sales cycle.

I had a neighbour list their house for 1.3M. After the open house weekend they had a subject free offer of 1.35M. 2 weeks after delisting the property (they were planning to move up but changed their minds) the buyers agent called to offer more $ just in case they were still interested in moving. They declined. This was back in Oct. A similar house a few blocks over just sold for 1.55M this week...

[quasi]

Originally Posted by twitchyzero

covid has really messed markets up

not even just re here, the housing crunch in the US, then look at the pricing of certain electronics, and used cars/trucks

Even pre covid it was bad, there was very little inventory Fall/Winter of 2019 I know because I was in the market at the time. I thought I ended up over paying but the way the markets shaken out over the last year I guess not.

[SumAznGuy]

Originally Posted by Great68

It's probably unethical especially when bids get above asking, but certainly not illegal.

Definitely not unethical. There can be many factors.
Maybe they listed below market to get more people into the open house.

It's like saying its unethical for BAT to keep taking bids on cars that is past the reserve price.

End of the day, it's the selling agents job to get their clients as much money as they can.
Grand scheme of things, it's only a few hundred/thousand in commission vs a happy customer who recommends them to others and gets more business down the road.

[MarkyMark]

Maybe I'm old fashioned but I'd feel like a piece of shit if I rejected someone offering the full asking price for my place. I'm glad buying a place is something you maybe do a couple times in your life because dealing with 'priced for a bidding war' would drive me nuts.

[Tapioca]

Townhouses still seem pretty active too.

Some colleagues sold their modern, narrow/long townhome in 1 day over asking. 6 offers and 20 showings.

I've seen two units go for above asking in our old complex in less than two weeks. One similar unit sold for 35K more than our selling price just 6 months ago.

[SumAznGuy]

Originally Posted by Tapioca

Townhouses still seem pretty active too.

Some colleagues sold their modern, narrow/long townhome in 1 day over asking. 6 offers and 20 showings.

I've seen two units go for above asking in our old complex in less than two weeks. One similar unit sold for 35K more than our selling price just 6 months ago.

Again, asking price doesn't mean anything if the sellers list a low price to drive interest.
Best if to look at recent comparables.
Timing wise it is good as we get closer to spring. Adding low mortgage rates and people are sick of living in a smaller home while working from home can definitely add to why people are looking to move up.

[Great68]

Originally Posted by SumAznGuy

Definitely not unethical. There can be many factors.
Maybe they listed below market to get more people into the open house.

It's like saying its unethical for BAT to keep taking bids on cars that is past the reserve price.

End of the day, it's the selling agents job to get their clients as much money as they can.
Grand scheme of things, it's only a few hundred/thousand in commission vs a happy customer who recommends them to others and gets more business down the road.

Listing abnormally low with no intention to sell at that price is bargaining in bad faith. That's literally the definition of unethical.

It's like setting a reserve on a car, and still refusing to sell even if that reserve is met.

[SumAznGuy]

Originally Posted by Great68

Listing abnormally low with no intention to sell at that price is bargaining in bad faith. That's literally the definition of unethical.

It's like setting a reserve on a car, and still refusing to sell even if that reserve is met.

OP's question was about the selling agent going to the second highest bidder and offering them a chance to give a higher bid.

His exact words

Correct me if im wrong but i thought selling realtors werent allowed to start bidding wars with the highest bidders.....

When i was buying i asked my realtor whats gonna stop the seller from going to the 2nd highest bidder to try and beat my offer then going back and forth. He just shrugged his shoulders and said "hopefully they dont do that...."

Now if the seller themselves are asking a realtor to list the unit and then decide not to sell, then that's another topic.
But it would appear it's happened a few times in this chat as people decided not to sell for many reasons.

[Tapioca]

Originally Posted by SumAznGuy

Again, asking price doesn't mean anything if the sellers list a low price to drive interest.
Best if to look at recent comparables.
Timing wise it is good as we get closer to spring. Adding low mortgage rates and people are sick of living in a smaller home while working from home can definitely add to why people are looking to move up.

With respect to the three properties I mentioned, the asking prices were set above comparable sales from last spring and summer, including the unit that we sold.

The comparables have increased in price by anywhere from 2-5% in about 6 months. That's nothing to slouch at.... that's the cost of a flooring or other minor renovation.

[JDMDreams]

Why would anyone go through the effort of dressing and listing up their house then remove it a day later after getting a good offer?? Wouldn't the realtor bitch you out for all the work they did, photography everything. Sounds like a dick move.

[Ch28]

Originally Posted by MarkyMark

Maybe I'm old fashioned but I'd feel like a piece of shit if I rejected someone offering the full asking price for my place. I'm glad buying a place is something you maybe do a couple times in your life because dealing with 'priced for a bidding war' would drive me nuts.

They got an offer 4 hours after viewing at pretty much the asking price. All they needed to do was come back with a counter and that property would've been sold in under half a day.

It's just a colossal waste of time for everyone involved since they clearly had no intention of ever selling the place.

[RiceIntegraRS]

Originally Posted by SumAznGuy

OP's question was about the selling agent going to the second highest bidder and offering them a chance to give a higher bid.

His exact words

Now if the seller themselves are asking a realtor to list the unit and then decide not to sell, then that's another topic.
But it would appear it's happened a few times in this chat as people decided not to sell for many reasons.

Originally i was just asking if it was standard practice for the selling agent to entice bidding wars between the 2-3 highest bidders. Obviously it does happen and i guess ur opinion is based on what side of the fence ur on, being a buyer or seller. For me its in that grey area between right and wrong.

But what i was trying to get to is what Great68 pointed out, where if a seller has some type of reserve and the buyer meets it but then decides to not sell. Like he said its bargaining/negotiating in bad faith cause it seems as if the seller has no intention of selling. I feel for buyers when they look at multiple listings and they like 3 or 4 of them but can only submit 1 offer. And the 1 they choose had no intention of selling. And the buyer misses out on the others (Correct me if im wrong, but a buyer can only submit 1 offer on a property at a time to avoid having multiple offers accepted on multiple listings at the same time....)

Imagine going to the grocery store and everything was priced wrong, and u had to basically guess how much ur supposed to pay for it.

[SumAznGuy]

Originally Posted by RiceIntegraRS

Originally i was just asking if it was standard practice for the selling agent to entice bidding wars between the 2-3 highest bidders. Obviously it does happen and i guess ur opinion is based on what side of the fence ur on, being a buyer or seller. For me its in that grey area between right and wrong.

But what i was trying to get to is what Great68 pointed out, where if a seller has some type of reserve and the buyer meets it but then decides to not sell. Like he said its bargaining/negotiating in bad faith cause it seems as if the seller has no intention of selling. I feel for buyers when they look at multiple listings and they like 3 or 4 of them but can only submit 1 offer. And the 1 they choose had no intention of selling. And the buyer misses out on the others (Correct me if im wrong, but a buyer can only submit 1 offer on a property at a time to avoid having multiple offers accepted on multiple listings at the same time....)

Imagine going to the grocery store and everything was priced wrong, and u had to basically guess how much ur supposed to pay for it.

On the first part, I work in sales so I get what you are saying and unfortunately I side with it being ok for the realtor to go back to the second highest bid to allow them to give a higher bid.
It goes both ways. Imagine being the second highest bidder and not being allowed to counter if the market was hot.
I get it that it may come back and burn the realtor if both buying party rips up their offer.

As for the latter part, it is a huge dick move to list if they had no intentions of selling. That being said, playing devils advocate, we don't know the whole story. Maybe the seller wasn't happy with the job the selling agent was doing. I mean, it gets listed and the next day there is only 1 appointment. They would have been better off having an open house on the weekend and getting more offers.

[Great68]

Originally Posted by SumAznGuy

OP's question was about the selling agent going to the second highest bidder and offering them a chance to give a higher bid.

His exact words

That would still be an unethical practice by the Realtor.

The ethical thing to do is to tell the sellers to make a counter-offer to that first highest bidder.

[Great68]

Originally Posted by SumAznGuy

It goes both ways. Imagine being the second highest bidder and not being allowed to counter if the market was hot.

Tough for them. Then they should have given a bigger offer right off the bat.

It would be like if the second lowest bidder on a construction contract were allowed to reduce their bid and undercut the lowest bidder after all the bids have already been seen.