October ’08 was a month to remember:
- The Greater Vancouver Real Estate
board reported a 25% sold/list ratio for
September, while the Fraser Valley board reported
a 32% ratio. The MLS just isn’t working.
- The TSX fell roughly 2500 points.
- 40-year mortgages came to an end and the
requirements for mortgage approval were tightened.
- The Canadian dollar fell below $0.80, a
$0.30 drop from its year-ago high.
- Work stopped on the following Metro
Vancouver projects: Ritz-Carlton (Vancouver),
Infinity Towers (Surrey), Sky Towers (Surrey),
Evelyn (West Vancouver), and V6A (Vancouver).
- The Vancouver Sun, Global and CBC all
reported a 30% drop in home prices is likely.
A lot happened: Asset value disappeared, fewer
people now qualify for mortgages, many goods
are likely to increase in price, developers were
unable or unwilling to complete expensive projects,
fewer homes were sold, and home prices are
likely to continue decreasing.
If you need to sell your home, it’s not going to be
easy. More and more homes will be competing for
a decreasing number of buyers. To sell, you’ll have
to take a hit on your equity and sell for less than
you were probably thinking.
But if you use an agent, your equity will disappear
even quicker than you think. The decrease in
property value that’s already occurred, the price
drop to come, and the realtor’s commission will all
add up to one hefty bill. In fact, if you've purchased
in the past few years, the only person making
any money on your sale will be the realtor!
RECENTLY SOLD WITH COMFREE
DEERCREST DR., North Vancouver
Sold For: $405,000
Saving in GST & commission: $15,356
That’s why now is the time to forgo the unnecessary
services of a realtor. In this market, you
should be selling “by owner” with ComFree
Private Sales. Only listing with ComFree gives
you the advantage of price-competitiveness in this
over-supplied market.
With ComFree, you don’t have to factor an
agent's commission into your asking price. You
can sell lower than your agent-listed neighbour,
making your sale more competitive and improving
your chance of selling faster. And, best of all,
you’ll walk away with the same amount of money
in your pocket.
In this market, smart people market their homes
aggressively with ComFree. Is your home sale for
your benefit or for the realtor’s?
