Monday, February 19, 2007

Last Week's Hunt

Tuesday we checked out a bunch of condos. Some were sold, others newly listed, one was a long-time market fixture that likely will remain so for some time.

Of the 14 we'd indicated to our agent we'd wanted to see, we got 4. The other 10 had offers and are not allowing further viewing or had sold. All units were in Central Park/Hillside neighbourhoods. We're not interested in bidding wars or playing the game. Which leads me to thinking:

Over the past 5 weeks or so that we have been actively hunting, I've noticed one consistent trend. Houses priced within 10% of assessment are selling. Some are fetching above asking price, some are right at asking others are going for 5-10K under, but certainly no deep discounts.

Houses that are overpriced (15% + above assessment) [these are my designations, certainly not professional observations] are sitting for a while. Lots of these out in Langford/Colwood way.

I'm actually surprised by this. If I was selling, I would think that having a higher asking price would give me more downward room to play with so as to make the buyer think he/she was getting a good deal. As a buyer, that's what I'm looking for: a bargain. Or at least the emotional response of having thought I got a bargain.

No Hunt over the weekend. Going out tomorrow to look at houses again, View Royal and Langford. Don't want to move there, but need to see the values to make a fair decision.

1 comment:

Osiris_Vic said...

In regards to Langford and surroubdibg ares,I think that the value used to be there but lately the prices are on par with most of what I consider Victoria proper. Hell, there are some OK areas in Esquimalt/Tillicum that are better priced. Sure they may not be as new, but I like character, and closeness to work.