Sunday, July 13, 2014

Multiple Offers Everywhere !

Well I cannot believe the prices some of these homes are selling for?   Please, please, please make sure when you are purchasing a home to use a LOCAL agent ... they know the neighbourhoods and the comparables.   When you use an agent who is from another area, they don't.   People are paying ridiculously high prices for homes which in my humble opinion aren't worth it.

I understand there is a shortage of listings but does that mean Buyers are to be pressured into paying some of
these crazy prices... I say NO !!  I have told my clients on many occasions, walk away !

People are going in firm on homes that clearly have issues with no inspection conditions.  I have been in numerous houses and after inspections found mould in the attics, faulty wiring, etc.   Make sure you know what you are getting into and that your agent knows the age of the property etc.  

It is great to win in multiple offers and see your happy Buyer's face but make sure you are doing it for the right reasons.   I always say, "If I meet you at the local grocery store or park, I don't want to run and hide because I feel you overpaid."   People hire Realtors to protect their interest and from some of the shananigans I have seen lately, I have to wonder.

If you are a Seller, this clearly won't mean much other than you are going to get TOP dollar for your home right now.  But if you are Buyer, choose wisely.   Choose someone who knows the market and is diligently working on your behalf to protect your interests and your money.  

Ok my rant is over ... just looking at some of the sales the past few weeks and shaking my head.   I hope the market continues to stay strong but if it doesn't, I hope you have a lot of equity in some of these homes because if the market drops ... they won't even be able to sell them and get their initial downpayment out of them.

All I am saying is GET REPRESENTATION that you TRUST.  Yes it is great to win but at what cost !  

Good luck to all the buyers out there and to all the sellers... who are getting top dollar for their homes.  If you are thinking of selling - TRUST ME, now is the time to sell.  I have never seen a market so busy and desperate for listings.

To your success !!!  

If you have any real estate questions, please feel free to call me or email me ... I love what I do and will be only too happy to answer them.  Cheers !!!
Post a Comment