This year past we have seen and heard a great deal of the multiple offer. For you buyers out there, they can create a less than ideal real estate experience. It occurs when a home is listed for sale and, either on the suggestion of the Real Estate professional or at the request of the sellers, offers on that property are accepted on a specific date. There are some strategies one can use to present before the offer date, but that is a separate article!!!
A truism associated with Real Estate is "location, location, location". I'd like to suggest another - "timing, timing timing", which I believe is just as true. Homes continue to sell, right through December and January, or the low season. As with other relatively slow times, there are bargains to be had. Either the sellers are motivated for personal or financial reasons, or the listing has been around for a long time. Furthermore, the coming cold months only serves to heighten the seller's motivation to move the property.
There are very often multiple offers in the slow period as well, as speed is of the essence, and everyone involved wants to encourage a quick sale. These properties do sell on offer night, but the selling price is MUCH closer to asking. Take a look at these statistics, for example:
This table is by no means a exhaustive study of properties with offers held back, and there are many without set offer dates. However, it does illustrate what is possible - that a good property at a good price can be yours, whether or not looms the threat of multiple offers.When is the best time to buy real estate? Right now, I would say...
warmest regards,
Lindsay Karabanow
(416) 809-6245
lindsay@torontorealestatetoday.com
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