If you’ve been reading the news lately you’ve likely heard about the houses that are garnering $100,000 to $200,000 plus over their asking prices in bidding wars. These houses aren’t million dollar plus, five bedroom detached homes in Rosedale – they’re smaller homes (semi’s or bungalows) in many cases.
In today’s market this has become a common phenomenon. At the end of January we sold our client’s three bedroom semi-detached home for $100,100 over the asking price within four days of it being listed when three bully offers (offers in advance of the pre-set offer date) came in that they decided to entertain. And it was on a main road. Near another main road.
Why is this happening now? Because there’s a lack of inventory in the freehold market in Toronto i.e. there are more buyers than houses for them to buy. Most sellers are waiting for the traditional spring market (typically this begins in March/April) to sell their homes. If you decide to wait you could still do very well but if you can get your house ready and list it now you could get a lot more money for it than if you wait another month or two.
There is a lack of inventory in the Toronto market NOW – not in a month or two months. Yes, traditionally the best time to sell your home is in the spring but that’s not the case this year. You have to respond to the market as it happens. Everyone else will be waiting for the spring market, which means that if you do the same there could be numerous three bedrooms semi’s just like yours for sale in your neighbourhood. Do you want to compete with them or be one of the only games in town?
Would you like some advice on how much you can get for your home or suggestions on how to sell it for the most money? Then call us at 416-572-1380 or email us today. We’re happy to help.