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James Wong Personal Real Estate Corporation
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Burnaby detached
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Richmond MLS
Burnaby MLS
Van. West MLS
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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

Richmond March Housing Report

Buyers’ Strong Demand Continued

Frantic Bidding By Buyers

video_3.pngBy October 2015, buyers were getting frantic after losing their bids to other buyers and seeing homes sold within days on the market. Agents started to squeeze the buyers for the best offer by only allowing viewing during the “Open House” mostly conducted during the weekend and taking offers the following day or the second day after the open house. You can view a short video Clip on “Selling Your Home For Top Dollar“.

Richmond
Source: REBGV Stats Centre

Seller's_Market

Source: Stats Centre - REBGV

This tactic had resulted in eager home buyers only have one choice to bid for the homes they wanted to buy by forgoing subject conditions when making their offers. The final winner of a home in such bidding war was buyer mostly the buyer who offer the highest bid.

The current benchmark price for detached homes in Richmond is around $300,000 above the 10-year trend line (in red). What this means is that when the supply and demand ratio is back in balance, the benchmark price would likely return to the trend line if an orderly decline is in play.

Should there be a correction, home sellers who choose not to sell now could lose out several hundred thousand of dollars when supply catches up with diminished demand when market sentiment and buyers’ motivation become more rational. Until the supply situation improves, home sellers in Richmond will enjoy the quick sales of their homes at top price they can get from eager home buyers.

If you are thinking of selling, this is the best time to sell. You can view a short video Clip on “Selling Your Home For Top Dollar“.

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Terra Nova Detached Homes Pricing Trend

 Detached home pricing trend in Terra Nova

Generally, when people talked about the pricing trend for detached homes in Richmond, the perception was that single family homes increased in prices almost yearly. But, a closer look at the market for single family homes revealed that not all neighborhoods and sub-market segments experienced price gains.

Terra Nova detached home pricing trend Read the story »

Presale New Condos

Richmond Presale New Condos

VIP Presale new condos

Whether you are planning to buy a presale new condo in Richmond, Burnaby, Vancouver or anywhere else, there are a few things that can work in your favour. New condo buyers who are actively on the lookout for new condo projects, are likely the ones who work closely with real estate agents who are active Read the story »