We have seen a dramatic reversal from houses that were selling for hundreds of thousands of dollars over asking price (asking prices which were, of themselves, way over assessed value)... to one where we charted by how much sellers were cutting asking prices (which when cut, were still over assessed value)... to one where properties are listed below assessed value... to where we are now: were we charted the biggest drops below assessed value.
In many ways it is like watching a pot boil. The over all process is not that long, but because we hang on results every day it seems to take forever.
Many other properties, like this one at 6139 Dunsmuir Crescent in Richmond, are selling for more than 30% below assessed value.
A newer home, it was assessed in 2011 at $1,470,000.
According to the calculator below, this means the house sold for $985,000 (click on image to enlarge):
The end result is that this home actually sold for 32% under assessed value.
We have shown you real estate agents like James Wong who are very honest and upfront about market conditions. They will tell you bluntly - if you aren't listing for at least 10-15% below assessed value right now, no one is looking at your home.
Or phrased another way... $1,140 per day!
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