Here we go again! This week it's "Canadian houses now selling at $200K discounts". accompanied by some variation of the "foam" or "froth" is off the market.
Yes, you can find homes that have sold well below their list price, but...what does that really mean? Without context we don't know if the Seller was desperate to sell because they had purchased another home, the home was priced to negotiate down, the home was located in an area with a lot of homes on the market, etc. You get the idea
When I see healdines, I want to know more to better understand what is being said. Media want headlines that readers will click on-that's how they measure their success.
These healines are unfair as they are very general although the information is specific to certain homes which may have or have nothing to do with you. It sets up Buyer expectations & may deter Sellers from listing their homes.
Lesson: Dig deeper-real estate is always local.