Its time to implement multiple offer registries throughout BC
The stress and pressure my clients face when buying real estate and getting in to a situation of experiencing multiple offers is hard to watch. As a professional in the Real Estate field, I do my best to limit that stress and make the buying process as smooth and stress free as possible. Multiple offers are never an easy circumstance for a buyer to endure. It often occurs because of a high demand and low supply situation, or as we have come to know it today a “Seller’s Market”. Stressed and desperate buyers will often feel pushed into purchasing through the Selling Realtor with unknowingly have zero representation. They do this with the belief that they will receive inside information on the amount and price of the offers received and therefore, may have a better chance at obtaining their “dream home”. The new higher interest rates and stress tests being implemented by the Federal Government will cause buyers to make uninformed and rushed decisions. After many unfortunate situations of Real Estate Agents who originally represent the Sellers, taking advantage of unrepresented and desperate buyers, the Board of Real Estate has stepped in to eliminate any dual representation. I applaud and respect the Real Estate Board for implementing necessary changes, but in my opinion we haven’t done enough yet. The Lower Mainland is not the first place to have a crazy hot market experiencing multiple offers and desperate buyers. Australia, New York, London, Hong Kong and many other major port cities have experienced massive increases just like this in the past. These cities have implemented a multiple offer registry, which is something that the the Lower Mainland still does not have. A Multiple Offer Registry ensures that the buyers can obtain information on the amount of offers actually received and the time at which they expire. Therefore, the buyers are provided with the information they need to make an informed decision when purchasing one of the largest investment of their lives! What really concerns me as a Realtor in the Lower Mainland is, why does the Victoria Board already have a Multiple Offer Registry implemented but not in the Fraser Valley and Greater Vancouver?!
I’m baffled…Does this makes any sense to you?! Do we need a multiple offer registry? Please do not be afraid to comment and state your opinion below.