The first 2 months of Regina real estate have not been great.
In the city of Regina there have been 305 sales that consist of 38 condos sales and 267 residential sales.
With all the negative news about housing I can see that potential buyers are cautious with spending their hard earned money on a house or condo even with low interest rates.
Here is what I can see what is going on in the real market.
- The original asking price of residential properties has not been adjusted down.
- The sale price is much lower that the asking price.
Case in point I have seen properties that have sold for $20,000 to $35,000 under asking price.
Why does this happen.
- First the sellers are very hopeful that someone will come along and pay them the price that they are actually looking for, odds are slim.
- Second is that their property has been on the market for over 90 days and this is the only offer they have received.
Property is worth what a buyer is will to pay, not what the seller needs.
If you as a buyer like a property and would like to make an offer, with the help of you agent take a look at what has sold in the previous 4 to 6 months and adjust the price down 5% to 10% and make an offer that you feel is fair and let your agent go to work for you.
You never know, but it worth a chance you may just have bought a house or condo at your price...................