Quote:
Originally Posted by VarBreStr18
A one bedroom condo in Burnaby listed as $399900 goes to the highest bidder at $520000 after 15 offers in 2 days. Listing price is purposely below market value to attract the widest attention. After designated viewing times . Then is time to submit offers. The only way to reverse this trend is every body cool down and COLLECTIVELY REFUSE TO BUY.
|
That's the way most of Vancouver has been for over a year.
I follow the same pattern with my listings.
Monday - submit offer to MLS, listing goes live Tuesday, Agents Opens ( Downtown ) are Fridays 10am - noon, where we typically let anyone through, then Sat and Sun we have Open Houses typically 2pm - 4pm each day where we can have upwards of 200 people through, then offer presentation is usually the following Tuesday often around 6pm.
Most of us anticipate receiving anywhere from 8 - 25 offers almost all subject-free and a fair bit over-asking. We then often have our sellers counter-offer the top 2 - 4 bids and give them, say, 15 minutes to bid higher. Many agents will typically list below the last comparable sale to attract multiple-offers.
Most agents wait until about 5:45pm on offer day to submit offers to me, calling and texting most of the day to assess competition. The savvy agents coach their buyers to bid high, subject-free and leave emotions at the door and move on if defeated. It takes me about 4 - 6 tries with my buyers until they get a property but most of us who work many of these types of scenarios are getting very good a what we do, hence getting many locals through even when there are several off-shore parties bidding.
Offers are confidential so a 'collectively refusing to buy' strategy would be hard to organize, there's also such an urgency to move money out of China, irrational selling prices outweigh the need to move money to Canada.
Threaded Mode