It appears everyone is taking a wait-and-see attitude on Metro Vancouver real estate, statistics released today by regional real estate boards Thursday show.
Both buyers and sellers appear to be holding off, with home sales totals about 30 per cent below last year at this time and the number of new listings down 15 per cent from last December and numbering just half of the properties listed last November in Greater Vancouver, REBGV said. The Fraser Valley saw a drop of 25.4 per cent in sales numbers and a drop of three per cent in active listings from December last year.
"The last half of 2012 was like a Mexican standoff. Buyers kept hoping for greater price drops while sellers who didn't have to sell just took their home off the market rather than lower their price," said Scott Olson, president of the Fraser Valley's Real Estate Board.
Realtor Larry Biggar said one of his clients did just that in November. The Richmond home had been for sale for about six months, and rather than lower the price any further, the couple decided to take the home off the market. They are in their late 60s and want to downsize to a condo, Biggar said. He said everyone who went through the home liked it, but that they all seemed to be waiting to see what would happen with prices.
"We watched the market slow down, and slow down, and slow down. ... It just got quieter and quieter," said Biggar, who works with ReMax Westcoast.
"Finally they said enough is enough. We really don't have to sell. We can stall our plans if need be, although that's not our first choice."
Biggar said the couple will be putting their home back on the market soon, and although they have not discussed the asking price, it will probably be the same price it was when they took if off the market.
? Full story at www.richmond-news.com.