Gone are the days when buyers paid thousands of dollars over asking for older homes in FOMO (Fear Of Missing Out).
Now, real estate in Coquitlam, Port Coquitlam and Port Moody is softening and single-family homes are taking longer to sell — often at lower prices.
In two recent examples on REW.ca, two homes are listed for sale for under $1 million, but just last year were valued at thousands of dollars more.
Compare these two $1M homes
In Coquitlam, a house at 1008 Irvine St. is listed by Aman Sandhu of Nationwide Realty Corp.
The two-bedroom, two-bathroom home with 1,334 sq. ft. of living space is selling for $900,900, according to the listing.
That's about 15 per cent less than the $1,115,000 the house was valued at in July 2021, according to the 2022 assessment.
It's been for sale for 34 days and, so far, no one has snapped up this family home in the Meadowbrook neighbourhood, located between Lougheed Highway and Westwood Street.
The lot size is 6,525 sq. ft. and the home is 42 years old; it is newly fenced and even has a jaccuzzi, according to the listing.
Meanwhile, in neighbouring Port Coquitlam, a home at 1736 Langan Ave. is also for sale at $900,900.
Historic home in Port Coquitlam
This home was built in 1908 and is 114 years old. Located off Broadway Street, the home is located on a flat lot close to where another property owner is seeking approval to subdivide.
It is also for sale for thousands less than its July 2021 valuation, according to its 2022 assessment, which says the home is worth $1,042,000.
The three-bedroom, one-bathroom house is 1,641 sq. ft. and sits on a 5,538 sq. ft. lot.
The listing agent is George Diaconu of Royal LePage Sterling Realty and the property has been for sale for 98 days.
According to the listing, the home is suitable for a young family or an investor. It is two storeys, has a big back yard and a sunny deck.
While the market will determine the final selling price for these homes, they're being priced at less than their assessed value — a reversal of what was occurring in the Tri-Cities just a few months ago when single-family homes were selling for well above their assessed value.
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