Coquitlam Realestate
Up down or sideways.........where is our market going? Last week I was working with clients who looked at a 3 level house in Coquitlam's Riverview Heights neighbourhood listed in the mid 700's. I was a bit surprised when I heard that it was getting multiple offers & accepted a offer over the asking price. When you read the newspaper it indicates a softening of the realestate market. When I look at the house next door to me & take note that it just sold for $5,000. less than it did 2 years ago I scratch my head & try to figure out what is going on. Neither of these houses had done any updates over the 1-2 years so how come one owner lost $ & 1 owner made a profit of $130,000????? The difference I think is in the demand for a suite or mortgage helper. Even with such low interest rates it is difficult for families to support a mortgage on a $750,000 house & the only way for buyers to accomplish this is to have a suite so in this case the 3rd level or extra 800 sq feet made into a suite gave this house a premium value of 10% over what it was worth 2 years ago.