Buyers’ Strong Demand Continued
Frantic Bidding By Buyers
By 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
Source: REBGV Stats Centre
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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