On Tuesday I helped a client of mine purchase a great 2 bedroom + den/2 bathroom condo in St Lawrence Market.
The unit had only been on the market for 5 days, yet we found ourselves competing with two other buyers.
The sellers purposely listed the property approx 5-6% under market value and held-back on reviewing offers until after the long weekend.
Needless to say, the property sold firm for over asking.
Sifting through the listings that popped up this week I noticed that a few other sellers are choosing to go with the “Hold-Back on Offers” strategy.
How will this play out for them?
It'll be interesting to watch and see.
It's no secret that our market has experienced an increase in supply and a decrease in demand over the past few months.
And "multiple-offer scenarios" certainly haven't been happening nearly as much.
I can tell you that if a property is under priced, shows well, and is located in a highly desirable area, it'll likely attract strong interest, no matter what the "norm" is.
Will multiple-offers make a comeback this Fall?
That depends largely on what sort of prices sellers are expecting to get, how many motivated buyers are in the market, and what's out there for these buyers to choose from.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.