We made our offer on this house. We offered $410 000 - which is in my opinion what it is worth in this market. The owner rejected the offer out of hand and said he was insulted and would only entertain offers over $450 000.
I sit on the property assessment review panel for Greater Victoria, specifically the panel that deals with residential properties. We just finished the 2007 hearings. I mention this because it gives me a very detailed knowledge of the value of houses in Victoria. I can judge the state impact of the state and condition, the impact of location, the orientation of the house on the lot and take into account the market trends.
The house is on a busy road, it needs work, quite a bit of work (the bones look to be in good condition, but it is rough otherwise), it was assessed at $385 000 on July 1 2006. A better house sold for $424 000 last month. Everything says $410 000 is the fair price.
So we must continue to look in the market. If it is still available in a month, we will offer again.