2.26. Probably failed attempt to generate bidding war, list at price they actually wanted and then accept the first unconditional offer that came close.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Robbo
Well-known member
I suspect you’re right GG.
Time to seriously think about selling
.Sent from my iPhone using Tapatalk
ifiddles
Well-known member
I'm torn...my townhouse in Milton could probably go for $1M or close to it (my mortgage is like $25,000l...hubby has a place in Cambridge (no mortgage) which is rented out...great tenants...I'd have to switch boards and lose all my seniority (17 years) as there's no way I'm commuting that far...we would be mortgage free and I could potentially work part time...hmmmmm
I would stay. Losing seniority is not worth it (stupid bleeping system but that's what we have). When you have enough pension/predicted income from reinvesting townhouse money (or rent) to allow no work, then go. If you decide to work part time, great, more money for bikes. If you decide that the board sucks, no worries, enjoy retirement.
EDIT:
Congrats on getting the mortgage down. My yearly mortgage payments are higher than that and I have decades left
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Oh boy...looks like the neighbour is getting ready to sell. Moving truck showed up.
He had a basement flood recently and had to move out as guys with HAZMAT suits were clearing it out.
He had a basement flood recently and had to move out as guys with HAZMAT suits were clearing it out.
Freshly refinished. Top dollar. As far as they know water problem has been fixed. If they wait until the spring thaw, they may be left holding the bag as insurance companies hate paying the same bill twice.
Because it was still 450,000 dollars? We have become desensitized to throwing around huge numbers of borrowed money that are painful to almost impossible to pay back with conventional income.Ugh the new build under construction I was considering buying back in July 2020 for $450k just sold for $820k.
I was so close to buying that, not sure why I didnt...
From a RE agent in Toronto. Very frothy.
"Not even 24 hours on the market and this beauty is sold firm! A record breaking price for a semi-detached on the street!
We had 24 viewings booked in 24 hours, received 3 preemptive offers and sold for 27% over the asking price!"
"Not even 24 hours on the market and this beauty is sold firm! A record breaking price for a semi-detached on the street!
We had 24 viewings booked in 24 hours, received 3 preemptive offers and sold for 27% over the asking price!"
48Connor
Well-known member
100%. Just beating myself up over it haha
The real reason I didn't go for it was I had just finalized my mortgage in April of 2020 (had to wait for condo to be registered even though I moved in 2 months earlier), and thought it was too soon to move in December 2020 when the place would have been finished. Could have made it work. Obviously if I knew what we all know now, I would have made it work. Still thats a crazy come up for a 14 months
Priller
Well-known member
That's another factor in the artificially low asking numbers: online searches. Most use a combo of listings sent by their realtor and realtor.ca to search for houses in their chosen areas, and one of the first filters anyone uses is max price. By listing low, you get more eyeballs, and increase the chances of someone falling in love with the house and pushing their max up...
Priller
Well-known member
Nothing like taking credit for an insane market. The work for realtors is in getting listings these days, not selling...
My friend is a realtor and says buying is ridiculous with the only answer being ‘how much money can you throw at this place’
Each property is 20-40 offers this week that her clients have to fight for.
She just got a listing for 1.5M in south Etobicoke for a shack….
Priller
Well-known member
And with all due respect to your friend, is yet another one of the myriad ways that our realty system is totally busted and does the opposite of help buyers. What incentive is there for any realtor to tell clients to spend less? Push people to max out their (already insane) pre-approval number, remove all conditions, go all-in. Otherwise the purchase takes lots longer, not just reducing the commission to the purchasing realtor, but actively costing them money with more time spent going to showings etc.
Sure, it's just another pallet on an already raging pallet fire, but every one counts. Blind bidding is another sham encouraged by realtor associations, as they then have zero accountability for giving clients bad advice. You tell a client to offer $1.5M but the next best offer was $1.1M? Nobody knows but the seller and their realtor, and you can be darn certain they won't tell...
I'm not saying realtors are crooked on an individual level (though many absolutely are), but the existing system offers zero incentive for them to help a buyer save money beyond nebulous ideas of return business and 'doing the right thing' (LOL). The real problem is the various oversight groups that allow all this to carry on, and realtor associations that fight tooth and nail to keep the system unchanged. Look how hard they fought (and still fight) to keep control of sale info...
I left out the part of the quote about staging and pricing properly making a huge difference. Three offers were site unseen.
Priller
Well-known member
I sometimes wonder if a seller could do better these days by purposely taking crappy photos and leaving the house a mess. You'd then attract all the HGTV-addict wannabe flippers, sledgehammers and grey paint at the ready for the inevitable 'open concept' reno...
I can confirm the housing market is nuts.
Put a property on, got at least 20 showing requests, and 4 offers within 24 hrs.
sold it for over asking.
Purpose of this post is to give shout out to www.fairsquare.ca
they are a "by the owner" house sale website (formerly purple bricks)
no offense to Realtor agents on this board, I understand everyone has to make a living. But fairsquare was amazing from start to finish and way cheaper than using a "real" agent and I saved thousands in commission. Even their lawyer closing costs were far cheaper than my local lawyer.
Put a property on, got at least 20 showing requests, and 4 offers within 24 hrs.
sold it for over asking.
Purpose of this post is to give shout out to www.fairsquare.ca
they are a "by the owner" house sale website (formerly purple bricks)
no offense to Realtor agents on this board, I understand everyone has to make a living. But fairsquare was amazing from start to finish and way cheaper than using a "real" agent and I saved thousands in commission. Even their lawyer closing costs were far cheaper than my local lawyer.
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Thanks!
Flat rate is $4g if it sells no matter the value. Typical real estate commission is 10 to 30g? They list it for 4 months. If it doesn't sell. You pay zero.
Their closing cost is $900. My last lawyer charged me over 1500
From my very first phone call, to dealing with all their ppl along the way with negotiations and showings was fantastic.
Highly recommend.
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