Paying over list price has become normal.. but still requires a cool head.
Here’s a recent article in The Star where I provided some advice and comments on bidding wars.
The trend continues. Properties are selling for above asking price in hot markets across the country. In Toronto, it’s becoming the norm. Some say an epidemic.
Last month I reported on sales that sold for 128% and 138% of list price. We’re talking about selling prices of $1,035,000 and $1,150,000.
A few days later, we saw a home sell for $1,308,808. That’s $479,880 above asking price or put another way, 158% of list price. Sale prices this much above asking are either a clear case of listing too low, in the attempts of attracting multiple offers, with the hope of getting a higher than normal selling price… or, someone is paying way above market value for reasons beyond my understanding.
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