Name your price in hot sellers market

We’re in a market right now where it’s turned into a name your price situation. The inventory is so low and the demand is so ridiculously high that it’s become senseless. As i’m doing an evaluation for a client I show him all the recent comparable sales in the building and the most recent one, same square footage and view sold for $475,000 in September. Although it was sold by a discount brokerage and really wasn’t marketed the best I came to the conclusion that his would sell for about $530,000 today. That’s a $55,000 jump in a mere 4 months.

The rates at which prices continue to climb is truly astonishing. Seeing one bedroom condos in Yaletown hit 10 offers and go 50,000 over asking is starting to feel like common place. So when I start telling clients these prices they go “how can that be, this one sold for X just a couple months ago.” Throw everything out the window, sales you see from just a couple months ago are hardly relevant. It seems every day new records are being set in buildings. It’s as if people are just naming their price when they put it on the market, and, well, people are paying it.

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