Lower Mainland sales plummet, buyers, sellers reach standoff
Yvonne Viel had hoped to get in the low $700,000s for her south Vancouver home.
But in a July where home sales plummeted by almost half from last summer`s red-hot market, she was happy for a quick sale of her home at $675,000.
Pricing was key to the sale, which occurred within days of the home going on the market, she said. She said her realtor convinced her to list at $699,000, which brought three offers, including the one she accepted.
"I did the right thing for my situation," Viel, a single 50-year-old in the personal management field, said in an interview.
In Metro Vancouver, excluding Surrey, 2,255 sales were registered through the Multiple Listing Service, a 45-per-cent decline from July 2009 and the third-lowest July in a decade.
In the Fraser Valley, July MLS sales were off 47 per cent with 1,101 transactions and the slowest July in a decade, according to real estate board president Deanna Horn.
The benchmark price for detached homes, an average for typical homes sold, dipped a negligible 0.2 per cent to $793,193 in the area of Metro Vancouver covered by the Real Estate Board of Greater Vancouver.
Read the full article
here.