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.

 

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.

 

Good for you! Congrats. Sounds like your realtor underpriced the house to begin with.

 

Yes he did. We still got more than 10% higher than our wildest hope.
The amount of showings was a record for him in such a short period of time.

 

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.

 

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...

 

Listing at a lower asking price is a strategy. No way we would have had 130 showings in 8 days without it. Everyone knew it was going to be a bidding war. There were only 2 offers even remotely close to the asking price and they were the inexperienced agents, didn't even get a chance to improve. It was fastenating to watch. As I said, we got way more than we expected to get and the expectation was set by us, not the agent.

 

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.

 

Great, now what Porsche you going to buy with said additional funds?

 

Bigger question is, why use an agent at all? Why pay someone 4-5% to set up appointments for you

 

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.

 

+1

 

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.

 

I think you just made my case

 

I think (hope) most people are smarter than to think they got some exceptional deal because of how an agent priced it. This method of price it low, sell it over asking, is the way the vast majority seem to be sold these days. Hardly an innovative strategy anymore

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"