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Predicting the Market Through Shoes

 
Counting shoes at the doorstep will tell me how many offers I’m going to get on a property.

Now that we’ve gotten two months of this year behind us in a falling market, I’m starting to see an increase in buyer activity in certain price points. One of the things I like to do when I’m at an open house is take pictures of the shoes at the front door and send it to my seller so they have an idea how many people are coming to see their home. Obviously the more shoes the better.

This past weekend I had two first showings, one at a condo in South Burnaby priced at $369,800 that had roughly 300 people come view it throughout the weekend, resulting in 12 offers. The other, a house on the Westside priced at $1,999,000 had over 100 people come to view. As you can see from the photo there was a good number of shoes, which resulted in five offers. The difference between getting multiple offers this year vs. last year is that they all have subjects on them, whereas they used to be subject free.

The real estate that’s moving across the lower mainland is catered to local buyers at price points within their reach. The market is now based on affordability. For example, in the past month Mount Pleasant 1 bedroom condos under $650,000 has seen 8 sales, and 4 of them went over asking. Westside houses over $3 million has seen 16 sales, and only 2 of them sold over asking. In the Mount Pleasant area prices are almost the same as this time last year, and the sales on the Westside are substantially less.

I guess what I’m trying to get across here is that the real estate market is healthy if it’s affordable to local buyers. It seems like the foreign buyers are totally out of the market for now. I do feel that the bottom of the market has come early and prices are firming up, but don’t expect to see any major price increases this year. This type of market is an excellent opportunity for condo owners to move up and get into a townhome or house.

If you (or anybody you know) would like to take advantage of this market, I’d be happy to discuss your options with you, and to send you some pictures of shoes.
 
 
 
Mark Hammer PREC*
RE/MAX Crest Realty
Direct: 604-761-1335
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Hammer & Watkinson
Office: (604)876-0079
Mark Hammer: (604)761-1335
Kathryn Watkinson: (604)808-3614
Phillip Watkinson: (604)764-6552
Bob Brattston: (604)765-1731
Fax: (604)876-1047
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