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Multiple Offers: I Have A Secret

multiple offers

After months of logging on to Realtor.ca, that one home pops up that catches your eye and gets you excited. You now want to go and view the home. It is in the price range you have been preapproved for, and it`s in the location you want to move to. You may think this house is “the one“ and have to see it immediately. These kinds of properties go fast, the ones that are priced slightly below market value to fetch multiple offers and possibly end up with a higher selling price than pricing closer to market value. How do you know that you may end up in a multiple offer situation?

  1. Home’s price point – If the home catches your eye and gets you excited, chances are the agent may have priced it to get others feeling this way too, causing a stir for showings and then offers.
  2. Supply vs. demand – if it is the only one in the area with a significantly lower price yet comparable to others on the market in that area, then there is a reason the price is lower and sticking out like a sore thumb. The agent is setting it up for lots of action all at once. The lower the supply with higher demand, the more likely the property will attract multiple offers.
  3. Neighbourhood – If it is an established neighbourhood close to schools, shopping and other amenities the attraction for the property will be high as most people looking on the market look for these things and this creates higher interest.

It’s not unusual for some properties to have anywhere from 2 to 6 offers on the table and even sell for thousands of dollars above the list price, depending on how bad buyers bidding want the property. In a multiple offer scenario, it is the time to step it up!

It is not all about price….I have a secret on how to win! Video coming soon.

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