I really don't know what is going on out there. The market is all over the place, which could be a sign of things to come.
Over the last couple of days I have written 4 very reasonable offers on condos, in various price ranges, with only one acceptance. This one acceptance was on a loft in Mount Pleasant, near Cambie Street, which had amazing views, 18 foot ceilings, and a huge deck. My client loved the unit and was willing to fight for it, so we went in hard with an offer, didn't over pay, and still got the deal done. However, the same couldn't be said for the other 3 offers that I ended up writing. These other 3 offers were for 2 Bedroom units in Coal Harbour and Crosstown that were slightly over priced and on the market for more then a couple weeks. They obviously were nice places, other wise we wouldn't be putting offers in, but these weren't screaming deals either. With 2 of the offers, we went in about 5% under asking, only to be told that our offer wouldn't be accepted or countered. I find this to be very frustrating. Even if my client was willing to come up to a number the seller had in mind, my client is left pissed off and likely to just walk away. On the other offer, we came up $10,000 over what the mirror unit sold 3 months ago, and still, we were another $10,000 away from reaching a deal.
Sometimes I do have buyers that go around low-balling listings and it's no surprise that the offers continually get shot down, but in all of these cases, I can safely say that the smell of greed is in the air. What is causing this? I don't really know, but I can see these people getting burned in the near future as a mass of listings hit the market in September.