Realtors used to brag about how they sold their home in one day well over the asking price with multiple offers. This is because almost everything is priced way below the actual market value in order to solicit multiple offers.
So let me tell you a recent & true story about two units in the same building I showed last week:
A 9th floor unit was listed at $538k and it had been on the market for a couple weeks. The seller would be happy to sell it in the $580k range. As of today, it’s been a month and still being offered for sale.
At the same time, the same layout directly below on the second floor listed at $499k and sold for $612k with an offer date was sold within 7 days with multiple offers.
Buying and selling a property in the GTA now just like eBay: you get more money when you price something for $1 to get multiple offers vs. pricing it close to price you actually want to sell it for. In Toronto, you get more money when you price a condo for $499k or house $999k.
And now, Realtors brag about how they helped their buyer purchase a home for under ask and/or with no multiple offers.
It’s a most fascinating time helping people buy or sell property now — and this is why I love my job because there is never a dull moment in real estate.
Seller Tip: If you want multiple offers, you will you will need to have the right exposure and strategy otherwise it’s a flop.
Buyer Tip: the price advertised on the market is oftentimes the starting price. Confusing I know, but key thing here is: keep searching & don’t give up.
Toronto Stats this Past week
MLS activity from May 5 to 11 for residential properties:
↑ For Sale:
↑ Newly Listed:
Compare the above to the week before from April 28 to May 4 when there were 5,065 for sale, 1,465 newly listed, 667 sold & 7,131 for rent.
Today’s newest listings
TORONTO HOUSES FOR SALE
|Under $950k||$950k to $1.2M||$1.2M to $1.6M|
|$1.6M to $2M||$2M to 3M||Over $3M|
TORONTO CONDOS FOR SALE
|Under $500k||$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M||Over $1M|
|GTA Fixer Uppers||Ontario Foreclosures||Map Search|
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601. Let me know how I can help with your (RE)search.