Multiple-offers are not the exception right now in the GTA real estate market. In the past couple of days, we at Team McDadi have been involved in three bidding wars.
One of our listings in Etobicoke, a beautiful townhome listed at $599,000, received five offers this weekend. It sold $36,000 over asking price. In fact, the owners received a bully offer within hours of listing, which we didn’t look at or consider.
Another detached home in Mississauga, a four-bedroom, four-bath home in central Mississauga, on the market for $685,000, received four offers. It sold for $725,000, within two days.
One of our west Mississauga detached homes, with an open concept and a professionally landscaped yard, sold for $752,000, after receiving seven offers. That is $52,100 over asking!
These are three recent examples that have occurred within the last couple of days. The owners of these properties are absolutely elated to sell their homes at such great prices.
Homes across the Greater Toronto Area, especially around the $600,000 to $800,000 price range, are experiencing huge demand due to a couple of factors:
1. Low interest rates mean more and more sellers are looking at buying a home. Some are first time home owners, others are taking advantage of the low interest rates to buy and investment in another property, ie they are purchasing their second or third home in the GTA.
2. A low inventory of available homes means increased demand for those homes that are currently listed. This is a simply a supply-demand phenomena.
3. Lastly, this is typically, the time of year when buyers are searching for a home, with a closing date of sometime in late spring, summer.
All these factors mean that if you are a home-owner considering selling, now is the time to list your property and take advantage of this seller’s market. Call Team McDadi, at 905-502-1500, if you would like a free home evaluation. It would be our pleasure to meet with you and discuss the real estate market more in depth with you.