Vancouver realtor David Hutchinson says representing buyers these days can be tough.
To illustrate, the longtime Sutton Group-West Coast Realty agent related that he has been working with a couple since late last year.
They are both professionals with high-paying jobs.
The two currently rent, and they want to purchase a piece of Vancouver real estate with enough space before they have children.
“They have a healthy budget, but it never seems to be enough, no matter how much they offer,” Hutchinson told the Straight in a phone interview.
Recently, Hutchinson and his clients placed an offer on a detached Vancouver home that was listed on January 10, 2022.
The four-bedroom and two-bath residence at 950 Ringwood Avenue had an asking price of $1,249,800.
The place looks good, and Hutchinson noted that it “attracts eyeballs”, especially with its red colour.
“My clients put in what they thought was a good offer: almost $300,000 over the asking price,” Hutchinson related.
Guess what happened?
“We all crossed our fingers, and waited for the results, only to be disappointed,” Hutchinson said.
His clients got outbidded.
The Chow & Kai Group worked as the listing agent for 950 Ringwood Avenue.
That’s Danny Chow and Salina Kai, both with rennie.
Kai told the Straight in a phone interview Friday (January 21) that the property received 26 offers.
The realtor said that home was sold for $1,830,000.
This means that the three-storey residence went $580,000 over its asking price.
What does this say about the Vancouver real estate market?
“As we all know, inventory is at an all-time low,” Kai said in the interview.
In addition, Kai noted that a “lot of families during this pandemic are looking for more space and owning a piece of dirt is, you know, more desirable than ever”.
Plus, 950 Ringwood Avenue has an attractive “price point”.
“More people can afford this price at under $2 million,” Kai explained.
Kai also observed from the sale of this Vancouver real estate that buyers and their agents came well prepared.
“Everyone was doing their due diligence,” the realtor said.
The property got 16 pre-inspections.
“That’s a record for me,” Kai said.
The listing by the rennie agents described 950 Ringwood Avenue as a “perfectly quaint cottage style home”.
It’s “nestled on one of the best streets in Fraser”, and it’s only one block long.
The home sits on a 26-foot by 91.85-foot lot.
The property has a 2022 assessment of $1,362,600.
Meanwhile, Hutchinson and his clients are scheduled to look at three other properties today (January 21).
“I couldn't imagine the stress of being first-time buyers in the market while juggling two professions and trying to start a family,” Hutchinson told the Straight.