Wednesday, March 30, 2011

I put these in the comments but they deserve a bit more exposure

so I copies and pasted them in a post...

The periphery is NOT selling.

6 detached residential sold on Sunshine Coast in the last 14 days.

Total inventory in this category is 517.

Do the math!

If you are paying full price you may be over-paying just a tad!

fish10 said...

Squamish 4 sales in the last 2 weeks for the detached residential category and 196 listings.

Whistler 0 and 178!

2 condos sold and 259 are listed.

My question:

What is the 'market price' when so few units sell?

fish10 said...

In the Gulf Islands only 3 residential detached have sold since Jan 1st 2011 with 136 listed.

If you are bidding, bear in mind the above MOI. Ask your RE agent to find out what the seller paid for it (it takes ten seconds), sometimes you will be shocked and may cross a few numbers off your bid :)

Once again my question is:

when there are so few sales, how do banks, appraisers, RE agents etc decide what fair market value is??