Sold a house in T.O. for 25% over asking
#1
Sold a house in T.O. for 25% over asking
Accepted the offer last night.
The house is in Scarborough and was on the market for 8 days. We had 130 groups of people walk through and ended up with 15 offers.
The first offer on Wednesday evening fell through because the guy couldn't get his money out of China.
Brought everybody back last night and got a Higher offer than Wednesday.
Our agent played it perfectly.
You cant make this stuff up.
The house is in Scarborough and was on the market for 8 days. We had 130 groups of people walk through and ended up with 15 offers.
The first offer on Wednesday evening fell through because the guy couldn't get his money out of China.
Brought everybody back last night and got a Higher offer than Wednesday.
Our agent played it perfectly.
You cant make this stuff up.
#2
Drifting
Our east end rental condo sold last Spring in 8 hours! It's a crazy market but it will correct at some point, enjoy it if you are selling.
#3
Banned
Join Date: Jan 2013
Location: Chicagoland Area
Posts: 26,142
Likes: 0
Received 5,388 Likes
on
2,509 Posts
Good for you! Congrats. Sounds like your realtor underpriced the house to begin with.
#4
#5
Burning Brakes
My daughter sold her house in mid town Toronto in Oct. and got 218K over asking (7 offers). On the surface it looks like a great deal. What kills it, is that she also bought a house in Toronto. That seller probably made a killing also.
#6
Drifting
Join Date: Sep 2006
Location: Toronto, C eh! N eh! D eh!
Posts: 2,281
Likes: 0
Received 0 Likes
on
0 Posts
I always have wondered why real estate agents promote the fact that they "sold over asking". To me that is a clear indication that you may be inexperienced. If the market is this strong, you should be able to find one or two buyers willing to pay just below a higher asking price instead of a flood of buyers willing to pay much more than a low asking price.
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
#7
I always have wondered why real estate agents promote the fact that they "sold over asking". To me that is a clear indication that you may be inexperienced. If the market is this strong, you should be able to find one or two buyers willing to pay just below a higher asking price instead of a flood of buyers willing to pay much more than a low asking price.
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
Trending Topics
#8
Race Car
Congrats on both the sale and in getting more than you asking.
Just curious. Did you sell to a local or a foreigner and if to a foreigner, what would your opinion be on the foreign ownership tax being proposed like they have in BC?
It's kind of unfortunate the way homes are sold these days.
Low ball the price to create demand, only have one night for offers to be tabled and then create the silent auction bidding frenzy.
Good for the seller, bad for the buyer.
Just curious. Did you sell to a local or a foreigner and if to a foreigner, what would your opinion be on the foreign ownership tax being proposed like they have in BC?
It's kind of unfortunate the way homes are sold these days.
Low ball the price to create demand, only have one night for offers to be tabled and then create the silent auction bidding frenzy.
Good for the seller, bad for the buyer.
#10
Drifting
I always have wondered why real estate agents promote the fact that they "sold over asking". To me that is a clear indication that you may be inexperienced. If the market is this strong, you should be able to find one or two buyers willing to pay just below a higher asking price instead of a flood of buyers willing to pay much more than a low asking price.
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
I wonder which tactic is better for the buyer, seller, economy, agent... Hmmm...
#11
I listed a place last week and had 35 showings in one day. 5 offers later and it was sold. And I think I priced it at about 10% over FMV but the quality was there so it didnt matter.
#13
Captain Obvious
Super User
Super User
I agree, these agents don't deserve that much money for the amount of work they do. Thousands of $$$ for how many hours? They are stealing your money!! What they deserve is a flat hourly rate, that's it and not some percentage. If the agent puts in 50 hrs of work to sell your house then pay them with a generous $50/hr and that's it. Also, they almost always undersell the owner but, it's a clever slide of had because the owner thinks they got more than what the house is worth.
#14
Drifting
#15
Drifting
I agree, these agents don't deserve that much money for the amount of work they do. Thousands of $$$ for how many hours? They are stealing your money!! What they deserve is a flat hourly rate, that's it and not some percentage. If the agent puts in 50 hrs of work to sell your house then pay them with a generous $50/hr and that's it. Also, they almost always undersell the owner but, it's a clever slide of had because the owner thinks they got more than what the house is worth.
You could list your house for $1 and the market would find the "right" price
And I agree with you but there are still too many people ready to sign an agent cause "that's just the way its done"