Forum member 'helen qian' asked today: "Why don't realtors swoop in to snatch the 'bargains' today themselves?"
GF gives her 3 reasons:
1. The smart ones already cashed out. They know that we've just past the peak, but still a long way from bottom.
2. The others aren't so lucky, their RE investments are still tied up in this illiquid market. The ones that bought within the last 1-2 years basically will all lose money if they sell today.
3. Since mid 2011, Greater Vancouver sales witness sustained decline. 2012 annual sales volume is expected to end up close to 2008. Also, total number of realtors in Greater Vancouver increased from 9500 (Nov 2008) to 11000 (Nov 2012), a 16% gain. As Chinese proverb goes, "more monks, less congee." In addition, there are more realtors/RE companies offering fee rebates and discounts, including the growing "1% realty", "2% realty", and realtors that offer to list on MLS for a couple hundred dollars. Growing competition in this down-market has been eating into realtors' commission-based income.
Here's a graph from Jesse's Housing Analysis Blog charting year-to-date REBGV sales:
3. 从2011年中，大温成交量已大不如前。 2012年全年总销售量看来将与2008年相当。而现在大温经纪数量(11,000)又比2008年 (9,500)增加了16%.
Source: Housing Analysis Blog
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