Category Archives: Buyers

Yesterday’s re-lists

If you’re not familiar with the term, re-listing refers to the practice of terminating a listing and re-listing it soon after in order to have the days-on-market reset to zero, and perhaps give the impression that it’s a fresh, new listing.

There were 96 new listings yesterday, of which 11 were re-lists. The criteria I’m using covers anything that terminated or expired since March 14.

What’s interesting is that most of them, 9 of the 11, were in the upper price ranges(an original list price above $700,000). Also, 2 of the 11 were re-listed at the same price. Sometimes a listing expires at the end of 60 or 90 days and the sellers simply re-list in order to keep their property on the market, frequently at the same price.

Why is this important information? If you’re looking at buying, it’s vital to know the history of the listing as it will give you some insight that can be used when considering your offer.

I can’t stress enough the importance of sellers pricing their property correctly. If your house sits on the market for longer than average, it becomes stale and you’ll usually end up selling for less than if you had priced it correctly for a quick sale in the first place.

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Insurance against price drops

bpp-ebook-sellyourhomeMortgage broker Greg Williamson has come up with a creative solution to buyers’ fears of a price drop.

The Buyer Protection Plan, launched in January, is designed to protect the buyer for 12 months against a reduction in market value of their home, as the seller places five per cent of the sale proceeds into escrow for a year, guaranteeing market value. If the market falls one to five per cent, then the buyer and seller share the escrow funds proportionally.  If there is no loss in market value, the seller reaps the entire five per cent.

Read more http://bc.ctvnews.ca/buyers-insurance-policy-protects-homeowners-from-price-drops-1.1271390#ixzz2SiwIgACS