While I agree that war is good for absolutely nothing (and I'll say it again), the real estate war going on in the streets of Toronto is definitely good for something - sellers and their listing agents. List a property at a low number, create a bid war, reel in a number beyond your wildest imagination. It's a simple, common story line around town. And the moral of the story is clear. If you're thinking of selling - sell. Now.
But what if you have to buy? What is your side of the story? What happens to the 6 buying bidders who lost out on offer night, one of whom lost out just the night before on another property? What is life like for them before, during and after the bid? For the ones who came in with a great, 20% over ask, condition-less offer that was respectful, intentional, and full of hope, who are then sent back for a second round to come up with more?
Read MoreThe task of selling conforming properties in a seller’s market by comparison, is straight forward. A traditional three bed, 2 bath semi, Victorian in the University area has a built in market ready and waiting. Because of its very ubiquity, many buyers are actively looking for just that. And so the week long selling process begins. Present to market, price conservatively, hold back offers for one week, have multiple bids thanks to built up pool of and voila - sold over ask in under one week.
But what if your property stands out from the 'norm'? The selling process can be and likely will be different and in Toronto. If your property has fewer than three beds, isn't made of brick, doesn't have parking, doesn't have street frontage, is without a basement, it is wise to assume that it is outside a Toronto buyer's regular search parameters
Read MoreIt was banner week last week for those looking to build anew in central Toronto.
A sizeable, square, vacant lot allowing for parking became available in the Annex. Including schematic architectural plans with prior approval from the committee of adjustment, it is priced just high enough to have builders hesitate and homeowners have a chance to build their million dollar dream home that the market prices for the neighbourhood already support.
Read MoreI'll admit it.
These listings are pretty much the most exciting ones for me.
Orange tarp and all.
Hello, architects ?!
Read MoreBelieve it or not, spring and all its glory is right around the corner. I mean, it must be, right? There will come a day soon when birds are chirping, flowers are budding and 'For Sale' signs start popping up on lawns near you.
Since Toronto's overwhelming sellers' market continues to rise at an even accelerated pace, you need to get prepared if you plan to buy. Lack of preparation while in a competitive seller’s market is the major pitfall for any buyer. So here are some tips for boosting your chances of success—and possibly snagging that dream home by summer.
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