Vancouver Real Estate in Flaming Bidding Episode

Online, April 25, 2011 (Newswire.com) - Vancouver real estate is experiencing a bidding war on some prime real estate. The national real estate market on the average is in a holding state. The rest of Vancouver is enjoying this spell.  The sellers are definitely happy with the numerous bids on their homes. This is usual considering the new laws coming in effect in spring and the possible interest rate hikes. Without these two troublesome problems in the mix, the house prices would probably still be climbing. One can only hope that housing prices will not soar much higher before the laws come into play.

Some client's have received more than 10 offers for their place. Some offers have ranged from $700,000 to more than $900,000 for condos and other houses. Real estate agents and brokers are having a field day with the current situation and who can blame them. Some are struggling behind with as much activity that is going on but there may be a snowstorm on the way. The snowstorm may cause some legal problems for buyers and sellers, considering the frenzy effect in grabbing at the loosest real estate properties on the market.

According to some brokers bidding wars can be a hazardous venture due to the emotional instability of buyers and sellers. Buyers focus on other topics instead of the realities of the asking price or what they tend to bid. They tend to ignore the advice of their brokers. The brokers have warned their buyers not to over pay on the properties. Real estate agents should advise their clients on the estimated value of the properties and not just selling them on "face value" of the homes. Real estate markets across Canada are experience minor slow growth and they are facing their "snowstorm."

Vancouver real estate buyers should recognize the need to walk away, when the price has exceeded their budget. Buyers should educate themselves on the values of the homes they are interested in before they place an offer. The real estate market agents are preparing slowly for the possible spin out due to the current conditions. Buyers need to make sure they fall within their "window" to ensure the lowest rates possible. Vancouver may be classified as one of the most unaffordable housing districts but looking at the cause for the label. The cause is the slow economy, heavy investors (trying to make a decent profit) and stubborn sellers.