IN the market versus being ON the market

Vancouver and Whistler are ready to welcome the world for the Winter Olympics!
Tickets re-sellers are likely to make good money on the most popular events; Opening and Closing ceremonies, men’s hockey and figure skating. On other events they will be lucky to break even. Very similar to Lower Mainland real estate.
Are you IN the market or ON the market? The market value lies somewhere between the lowest price a seller is willing to accept and the highest price a buyer is willing to pay. Price it at the current going rate and you will likely find a buyer.
If your house will sell at $700,000 but you want ot list it at $800,000 you might as well list it at $8-million because it won't sell at that price either!
As far as what will happen to home prices AFTER the Olympics? I don’t have a crystal ball but my guess is we are in for a very busy spring and a slower fall. The HST (coming this summer) will add to home buying costs even if the property isn’t new. Real estate related services such as commisions, home inspectors, movers, painters, will all have higher costs.
If you are thinking of selling, you may want to get out ahead of the pack. Too much supply usually means lower prices.

Let the Games begin!

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