Good morning everyone!
Vacation Alert – Please Note: I will be away from March 5th-March 12th (Tuesday to Tuesday)
I will have full coverage/support while I’m away.
For general inquiries you may call my office number 416-849-2121 and one of my colleagues will be paged to take care of your request.
You can also email one of my team members directly.
David Viti – Broker of Record firstname.lastname@example.org
Jorge Da Silva – Sales Representative email@example.com
Sam Genova – Sales Representative Sam_Genova@hotmail.com
Weekly Sales In the GTA Feb 28th 2013 –TREB Figures
Region Area Sales Average Price
Halton 128 $623,206
Peel 353 $481,081
Toronto 596 $543,606
York 308 $588,284
Durham 228 $357,996
Dufferin 7 $349,700
Simcoe 36 $336,188
Total 1,656 $513,857
In the GTA Market – Sellers’ Market Continues
Below is an account of my recent dealings, and I think it speaks greatly to the state of the Toronto Real Estate Market
This week was especially interesting.
Monday – My clients and I submitted an offer on a property that had been on market for 2 weeks. That evening another competitive offer stepped forward.
The property was listed about 40k over market value. The sellers’ decided to work with our conditional offer. After 2 hours of negotiations the sellers came back with a $6,000 reduction. Laughable and frustrating at the same time. There were no sales in the neighbourhood coming close to justifying the ask price.
My clients had put forth a strong offer (and more than fair) but the sellers’ who had been in the home for 32 years were in no rush to move. The market, in time may catch up to their price. For now I could not advise my client to go any higher.
I was representing buyers on an offer for a home in the Roncesvalles area. The home was a lovely semi-detached and the vendors had set Feb 27th as the night to review offers. By 8pm Wednesday, there were 9 offers competing for the home. My clients, based on market sales, put forward a very strong offer with no conditions and the exact closing date requested by the sellers. We were ready to go slightly over asking price as the home was worth (based on sales) the asking price or even a little LESS. The ask price was not artificially set low
I mentioned to my clients that in my experience, once you have four or more competing offers the chances of buyers losing all sensibilities increase dramatically.
We did not get a second chance to improve our offer. When I asked the sales agent if we had been competitive – The response was clear that we were “blown out of the water”.
The home sold for $111,000 (not a type “o”) over asking price. There are now 8 bidders looking for a similar home except the bench mark in the neighbourhood has been raised substantially.
Despite these scenarios buyers can be successful and there are “deals” to be had. It’s a matter of patience and guidance.
Any TV stars out there? (click to download the PDF)
Remember – No communication next week as I will be on Vacation until Tuesday March 12th
Have a wonderful and safe few week and I’ll connect with you on my return,