Homes Are Sitting On The Market Longer
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- čas přidán 4. 04. 2024
- In today's video, Surrey Realtor Steve Karrasch with Macdonald Realty discusses what he is currently seeing in the Spring 2024 market, specifically why some listings are sitting on the market longer.
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Do you think well priced homes are selling in your area?
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Just sold two of our rentals, mostly cause we got caught in Tom Storey's fixed variable not worth it anymore situation. We cashed in equity and are ready to pay the big tax bill and pay off 1.2M of that shit debt. Down to 1M debt and 4 SFH's left. One sold in 2 days in Feb and the other took 9 months lol.
Better not be in Surrey @DummMoney... You didn't even call. Oh and ps, you are going to LOVE TTSS on April 14.
@@SteveKarrasch A lot of my high school buddies landed in Surrey, lol. Seemed to be the affordable place back in the 90's while we all screwed around for a few years after high school. A lot of them are probably the ones with no or small mortgages you speak of. I was priced out of Richmond and ended up in the interior, can't complain, this part of BC seems to be popular and growing at least as fast as the lower mainland nowadays. You have grown on me over the past couple of years and if I owned in Surrey you would be a top choice now. TTSS on the 14th has high expectations, don't fake me out again with a third Ravi.
100% Ravi #nofakes
@@SteveKarrasch Wow💪💪, along with the tough questions I trust you will ask, you can let him know that the new policies he and Eby have put in place have forced our hand a bit. We have changed our LTR focus the last 2 years to be more on students(who are more transient and don't stick us with tenants paying under-market rents after years of no rent increases), furnished rentals, and flat-out selling out. 2 out of the last 3 tenant families we bought out with cash for keys have left to Alberta because they just couldn't make it work in BC anymore with market rents.
#tiredlandlords#norentcontrol#buildmorehousing#NDPpolicystinksfortenants
People are priced thinking 2 years ago rather than now priced.
As always, great and honest opinion from you 👍
Subscribed! Your punched in the face marketing strategy worked! Very memorable! BTW good show today, you're good when there's no edits.
I'm coming up against this as a buyer. I have areas I'm looking at that the last 7 sales have been 1.3-1.5, and the 4 homes currently sitting stale are listed for 1.6-1.95, the realtors literally told me they priced the house because of the neighbors price, even though the neighbor has had no offer for 2 months.
That's how it works, except realtors don't price homes, Sellers do.
Gotta wait for just 1 of them to crack and lower the price and sell.
Then you can negotiate down.
That's all you can do
@@user-vi8ci2bi6b or wait to save up 1.5 in cash and slam all 4 with a cash offer with no subjects at your offer price.
And what's even more nuts is anyone can see those sold prices now just by making a free account on lots of websites so sellers should really get some reality
How do you think the new OSFI policy will affect the market? With people only being able to get approved for a mortgage principle 4.5x annual household income regardless of rates coming down do you think prices will begin to trend downwards?
Oh God, the "price right" argument. It reminds me of the slogan of some realtor I saw back in 2018... "guaranteed offer". Well, if I put a price tag of 200k for a house that costs 1M, of course, I'll get interest and a bidding war. I was thinking of selling now in spring. Not happening. I'll keep it, I have good tenants who pay on time and are keeping the property very well. I'll wait for a better time, couple of years no problem.
"Anything sells as long as the price is right." Abraham Lincoln
when peoples buying power returns, they will all be sold. sellers that cant hold out until that happens will lose money. some exerb areas wont recover for a very, very long time.
Don’t you see where they are going with this ?
It’s a corporate take over .
Your new buyer will either be a developer , corporation for a land assembly or a a foreign entity if your house fits the new housing plan .
The average joe shmoe will be approved max a 1 million just enough to not be a renter .
Why are people acting as this just a phase? They told us own nothing and be happy.
2030
vert, that is one of the most intelligent CZcams comments of the year so far
What factors in the near future so you think will occur for that to change?
@@dorisw2507 a few key interest rate cuts
Credit is gonna dry up as commercial delinquencies add up. Hope it doesn't take out the banks but it will be close. My advise is people should prepare for the worst and hope for the best
Wait until rates are jacked up again, no cuts coming anytime soon!
OMG, that would be a disaster
Why would that happen? The economy cannot function with high rates. it is hooked on low rates.
@@coolbuddydude1 Look at Jamie Diamond warning that came out yesterday and get back to me. Jamie Diamond runs JP Morgan and is in the know.
@@coolbuddydude1 this has been the way it was for 20 years, but the game is changing. Low rates are gone, the economy will tank. I know it sounds like doom and gloom but that's the truth. The sooner you adapt, the better off you'll be.
This people over pricing their properties are stuck in the pass.its totally different market now.
Daddy those house will be 1.4 end of year
I think we need to wait for the first/second rate drop then we will know what’s waiting for the rest of the year. It’s all psychological right now…rate reductions might change this narrative quickly
except there won't be any rate cuts
I'm wondering if the increase in consumer debt, and reduction in immigration coupled with the emigration of the current population will collapse most of the economy and the housing market with it. Without all the new people spending more money this real estate ponzi economy stands a real chance of having housing fall back.
you want to move it drop your price, but they are too greedy, you bought in the 90th and want to sell now you probably have a 200%+++ profit in it
so whats the problem??? Put yourself in a first time buyer's shoes and dont be so greedy
you definitely dont live in the gta .. average homes still going for 1.5
Definitely
You would be a fool to buy today. Unless you take 30% percent off the price
Exactly & I say even 40 %
@@mustafa8520 lol, that's not what my crystal ball is saying. I'm stacking cash, and getting ready to buy if you are right.
50%?
@@SteveKarrasch I don't mind 50% and I don't care about the market because it is insane . I have no sympathy to insanity
Gee, who would’ve thought? The bubble has finally burst 😂
It's always bursting.