IN A NUT SHELL
- Very much a Seller’s market with many frustrated buyers.
- More homes coming to market, but still not enough to satisfy demand
- Plenty of multiple offers, driving up prices.
- Now even the more expensive homes are selling quickly and with multiple offers; those in the $1.5 – $2.5MM range
WHAT I’D LIKE TO SEE MOVING FORWARD
- A more balanced market. By this I mean more listings and/or fewer buyers.
- Agents pricing homes realistically – i.e.. market value, vs. underpricing to attract a high number of bids and potentially get a ridiculously high price – yes, higher than market value. This will only come back to bite them in the butt when the market returns to a balanced state. Sure it looks good for the agent and their “stats”, but what happens if underpricing backfires and no one offers…Now the seller and the agent have a problem!
- Let’s get rid of pre-emptive offers and either have no offer date, or an offer date that everyone honours. That way buyers have time to do their due diligence before purchasing what is probably the largest asset of their life!
