Hey everyone,
Just thought I would give you a quick update with what is happening in the market out here. Buyers are completely frustrated and so are the agents. The prices are going up every day. This weekend a house in Whitby listed for 7 something sold for over ONE MILLION dollars... Complete craziness.
So I guess what I am trying to say is work with someone you trust. Don't get talked into some of this nonsense. There will be another house... be informed and be ready ... but don't be stupid.
AND... don't put in conditional offers .. chances are you are going to lose (at least out here anyway) and you are only boosting up the prices because the other firm offer, isn't being told yours is conditional. They just see another offer and then jack their offer up another 10K to beat you and yours wasn't even in the running.
So please use good judgment. Have a walk away number ! Don't get sucked into the emotional roller coaster .. be smart ! Yes the house prices are on the rise and yes you are going to pay top dollar but you don't have to be reckless. Stay calm, listen to your Realtor and follow their lead. They are working for you. They know the market. They want YOU to win as much as YOU do. They don't earn a living either when they lose. They are writing offers and and losing all the time. Imagine if someone said to you, go to work and if you win you get paid (not right away mind you but in a couple months when the deal is closed) or go to work and do your best with what you have and lose and don't get paid... and keep doing it, week in and week out... for FREE. So please understand not all Realtors are making tons of money like the media portray. We have a lot of great agents that are working 10 times harder and making ZERO !!
So let's all work together, quit blaming each other or the Seller or the agent. It is just a crazy time in real estate and hopefully we get some more inventory so this crazy pace slows down and people can negotiate again... like the good ole days !
But when you are ready to make an offer, be careful. Don't get caught up in the winning of it. Have a WALK AWAY number... Play until you hit it and then throw in a towel. It is just crazy what some of these houses are selling for and I wonder how many people are waking up the next morning sick thinking what they just paid for that house !! It is supposed to be a special time, buying a home ~ not a game. Surround yourself with professionals that know the market and understand how to play the game ~ because right now it is a game !
Don't get so invested in a home that you can't walk away. It's bricks and mortar. Another one will come out tomorrow and probably better than the last..... Slow and steady wins the race. Be patient. Do you homework. Get pre-approved. Be informed and work with someone you trust to direct you to the finish line !
That being said, enjoy your evening. Super Bowl Sunday !!! If I can ever help or answer a question, don't be shy. I am always here to help. Hang on to your hat though, I think we are in for quite the ride ... :)
Cheers to that my friend !
Signing off, your real estate friend,
Michelle xo
Just thought I would give you a quick update with what is happening in the market out here. Buyers are completely frustrated and so are the agents. The prices are going up every day. This weekend a house in Whitby listed for 7 something sold for over ONE MILLION dollars... Complete craziness.
So I guess what I am trying to say is work with someone you trust. Don't get talked into some of this nonsense. There will be another house... be informed and be ready ... but don't be stupid.
AND... don't put in conditional offers .. chances are you are going to lose (at least out here anyway) and you are only boosting up the prices because the other firm offer, isn't being told yours is conditional. They just see another offer and then jack their offer up another 10K to beat you and yours wasn't even in the running.
So please use good judgment. Have a walk away number ! Don't get sucked into the emotional roller coaster .. be smart ! Yes the house prices are on the rise and yes you are going to pay top dollar but you don't have to be reckless. Stay calm, listen to your Realtor and follow their lead. They are working for you. They know the market. They want YOU to win as much as YOU do. They don't earn a living either when they lose. They are writing offers and and losing all the time. Imagine if someone said to you, go to work and if you win you get paid (not right away mind you but in a couple months when the deal is closed) or go to work and do your best with what you have and lose and don't get paid... and keep doing it, week in and week out... for FREE. So please understand not all Realtors are making tons of money like the media portray. We have a lot of great agents that are working 10 times harder and making ZERO !!
So let's all work together, quit blaming each other or the Seller or the agent. It is just a crazy time in real estate and hopefully we get some more inventory so this crazy pace slows down and people can negotiate again... like the good ole days !
But when you are ready to make an offer, be careful. Don't get caught up in the winning of it. Have a WALK AWAY number... Play until you hit it and then throw in a towel. It is just crazy what some of these houses are selling for and I wonder how many people are waking up the next morning sick thinking what they just paid for that house !! It is supposed to be a special time, buying a home ~ not a game. Surround yourself with professionals that know the market and understand how to play the game ~ because right now it is a game !
Don't get so invested in a home that you can't walk away. It's bricks and mortar. Another one will come out tomorrow and probably better than the last..... Slow and steady wins the race. Be patient. Do you homework. Get pre-approved. Be informed and work with someone you trust to direct you to the finish line !
That being said, enjoy your evening. Super Bowl Sunday !!! If I can ever help or answer a question, don't be shy. I am always here to help. Hang on to your hat though, I think we are in for quite the ride ... :)
Cheers to that my friend !
Signing off, your real estate friend,
Michelle xo
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