Who knew? Even after the introduction of the new mortgage rules last Friday (see last blog for full details) homes are still attacting situations the likes of these 2 guys to the left. Many homes, priced well, not really below market value, as has been the strategy in the past, are garnering more than one, two or even 3+ interested parties! That to say, the Toronto real estate market is not following the predicted trend of slowing down. This was the general assumption that was anticipated after stricter rules were implemented last week. It's early days, but clearly the proof is in the pudding. In the last ten days alone, over 40 homes were sold in the Leslieville/Beach/East York area, half over the asking price, many of those $30K+ over the listed price. There is strength in numbers! Much of this we can put this down to a couple of factors; location, condition and price of the home. So, if you're interested in selling and want the best result, make sure your home is in tip top shape, sound and priced well. You're sure to get the attention of more than one interested buyer. And buyers, don't despair! Yes, bidding wars occur, but this is why this market is termed a 'goldilocks' market. It's not TOO hot and not TOO cold - it's just right. Meaning that while homes can sell quickly and over asking price, there are also many nice homes, well priced that are selling for asking or just under. No pressure there. So enjoy the coming months in either your search or sale of a new home. Everyone is bound to be happy with their result.
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