According to TREB Market Watch Sept 09, there was a 28% increase of homes sold from Aug 08 to Aug 09. However, there was a 25% decrease in the number of homes listed. This creates a very interesting and dynamic situation in the marketplace.
As a seller, this means that interest in your property is very likely to be palpably hot. Your realtor may suggest that you have a fixed offer date, usually at some point the week following the first public open house. This practice is not very popular among buyers, and can be sometimes be circumvented by their representatives. Nonetheless, whether you accept, reject or sign back an offer ALWAYS remains your decision. And finally, this market scenario means also that you will most likely be very happy with the final sale price of your home.
Conversely, as a buyer, this means that you must be ready to act quickly. That is to say, you must have your financing pre-approval lined up, your deposit money must be just a signature away and most importantly, you must know in your heart how high you are willing to go. Set a dollar parameter on this process so as to protect yourself from the headiness of offer presentation.
Finally, whenever possible, I strive to show properties with no holds-back on the offer, and I like to get your offer in quickly – often the day we view it. The numbers of interested buyers out there does remain the same in a hold-back or non-hold-back situation. However, when offer are accepted anytime, the seller can entertain only one at a time – YOURS!
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