In the Market – Bidding wars – a – plenty!
Last/This week I was involved in 3 offer night presentations.
1. I was representing buyers who had been searching for several months and we had already made about 4 offers on other homes that got outbid (some by a wide margin)
§ All of our offers were within reason of what the sale price range should have been based on other recent sales. No conditions.
§ Last Monday we placed another offer and were successful! We actually found out (after) that our offer was $3000 less then the competing bid, but with no conditions it became more attractive than the higher priced offer that may not actually firmed up.
2. One of my own listings was receiving offers that same Monday evening and much to our surprise only one offer came forward.
§ There were many showings, very positive feedback, the marketing was very strong, the home showed wonderfully and Realtors had been calling my office all day asking about the status.
§ Despite all this only one offer came forward – We were still able to sell the home for a reasonable price with no condition and a Bank Draft deposit in hand with a preferred closing date for my seller. All in all my sellers and I were very happy despite having hoped for more action.
§ My sellers and I did discuss the pros and cons of holding back offers to a certain offer date before going to market and we had did have a back-up plan if required.
3. On Wednesday night I was involved in yet another bidding war. A home was being sold on the street I grew up on. All the comparable sales pegged the house as an 830k-850k home. It was very dated and ultimately needed work (although very liveable as is).
§ The home received 9 offers in all.
§ My clients placed an offer that was very strong with no conditions and deposit cheque in hand. At the end of the evening the home sold for $950,000! I honestly would not have guessed at that sale price even with 9 offers on the property.
§ Buyers can get fatigued with this kind of “action” and it is a rollercoaster ride to say the least. They key is to never be that person who throws caution to the wind and in my opinion does a silly thing and OVERPAYS for a home. I think paying $130,000 over asking is totally fine if it can be justified. A seller’s asking price is almost irrelevant in this market. A seller’s ask price is just an invitation to make an offer.
- I came across a listing 3 weeks ago with an asking price of $38 (not a mistake) and an offer night to follow 1 week later. The home sold for 639k.
Staging Your Space for Success
Virtually everyone agrees that prepping your home for sale is critically important. You only have 1 chance to make a first impression.
Everyday living in your space is comfortable and convenient and you typically have your space setup around YOUR life.
Buyers don’t care about what’s convenient for us! They are looking to be dazzled and want to picture themselves in a space that makes them feel glamorous and sophisticated – even though within 3-6 months their space will be convenient and comfortable.
At the bottom of this story are before and after pictures of a recently staged condo living area (I have other pics of the other rooms for those who are interested). This is a space I staged myself and offered it to the sellers as an extra value added service to help earn their business. I do this occasionally to be a differentiator between the full suite of services I provide versus other realtors.
For large/complex spaces I use a professional staging service such as Harvey Winks of HOMEVISION ((416) 537-1594 / firstname.lastname@example.org ) who has worked for my brokerage in the past and always delivered an amazing finished product.
- In the before pic. The space is charming, comfortable, and shows the everyday functionality for day to day living very well. Nothing wrong with this at all but for selling…
- In the after pic. The space is transformed!! It has been de-cluttered and opened up to show off how much space their actually is and the gorgeous views and light that drench the suite (whoa, I’m getting worked up!)
o And that’s the point – To get buyers worked up and create a wow factor!
o Analogy – Saturday morning track pants and running shoes are comfortable and convenient but for a Friday night Gala… People require preparation, primping, make up, nicer suits and dresses, glitzy accessories and many times sexy but uncomfortable shoes. You may even get your car washed/detailed. You could not be “dolled up” all the time as to live like that day to day is not practical. However, when you are “dolled up” you look fantastic! receive much more attention and compliments!
- Living in a staged place is difficult as everything looks “picture perfect” all the time. However, a staged home sells faster and for more dollars, thus making the process as whole less stressful.
HGTV Seeks Homeowners for “Critical Listing” September 25, 2013
Do your clients need help fixing up their home before it goes on the market?
Here’s their chance with Critical Listing!
HGTV’s Critical Listing! is looking for fun, enthusiastic, outspoken homeowners who’ve recently bought or are in the process of buying a new home in the GTA and need help positioning their current home to get maximum dollars when it hits the market. All renovation updates to be led by interior designer Jo Alcorn, landscape expert Carson Arthur, and property expert Lisa Colalillo.
Here are the criteria:
To be eligible, homes must be located in the GTA.
Homeowners must contribute a minimum of $10,000 toward interior and exterior renovations (price will vary depending on project size).
Homeowners must be available to complete renovations in October or November 2013.
Interested? To apply to be on the show, please have your clients tell us why they need help, and have them send along their contact info and photos of themselves, their family and their home to email@example.com.
Please feel to reach out to me if anyone is interested.
CUBA has just legalized several profession including Realtors! – Bon dia Sinor Gallippi. Sounds fantastic.
Seriously this is clearly showing that Cuba is moving towards market capitalism. Property ownership has been the foundation that capitalism has built on.
Next week I will delay my communication till the following mid-week so I may share with you the September stats!
Have a wonderful fall weekend, Anthony