I’m not going to sugar coat things in this Spring market of 2016. For buyers it is certainly the toughest market that I personally have seen, and I am sure many other agents would say the same thing. But even in this insanely hot market a buyer can sometimes catch a (relative) break, and there are still times when you just never know…
Recently I found myself in bidding wars on consecutive nights with two different buyers. The first property was a renovated detached house in the Beaches on Waverley Rd with a very nice yard. It was listed for $1,399,000, which wasn’t absurdly low, and I figured it would attract 4 to 5 offers (which counts as a slow night these days). My buyers had a (seemingly) strong offer, and I felt a real chance. But then out of nowhere came 12 offers, and we ended up losing by a margin that can be counted in hundreds of thousands!
The property on night two was a character detached on Woodfield, south of Queen St. The location was prime, backing on a park, and it had legit 2 car lane parking and a still spacious backyard. The list price was $999,000, and I had a feeling of dread that day as I expected another 12 offer debacle. However on this day luck was shining upon us. When I texted the agent for the final offer count I was shocked (and thrilled) to find out we were one of only four offers. 90 minutes later my buyers had the winning bid of $1,200,000 – a true bargain buy if there ever was one.
The moral of the story is stay in the game, and eventually things will go your way. Sometimes we see “buyer fatigue”, when people expect a property to go crazy and they decide to sit it out. And sometimes the potential winning bidder breaks his leg on his way to sign the offer. You just never know.