What happens when a seller receives 7 competing offers on their house, only to reject them all and then relist the next day at a much higher price?
Is this a smart move on the seller's part?
Or is it a stupid one?
Well, it's certainly a risky move; one that can backfire and leave the seller kicking themselves for being greedy...
There's a house for sale right now in the east-end of the city that's been on the market for almost 100 days.
The Toronto market for freehold homes has been exceptionally hot this year, and 100 days is a helluva long time for any house to sit unsold.
There must be something wrong with the house then, right?
Nope. A few layout quibbles aside, it's in great shape, in a great location, and it shows very well.
The problem is that the sellers played pricing games early on when the house was first listed for sale, and now it's priced too high & they're struggling to find a buyer.
The house was first listed back in the spring for almost $200,000 less than where it's priced now.
There was a hold-back on offers, and the sellers received 7 competing bids on "offer-night".
Most sellers in that position would realize their good fortune, and take the money & run.
Not these guys.
From what I hear, the listing agent was quite upset with his clients for choosing to reject all 7 offers and essentially squander the momentum that had been built-up over the week leading up to offer-night.
It sounds like the listing agent knew it would be next to impossible generate that much interest in the property again.
And he was right.
Here we are, almost 100 days later, $200,000 higher, and the house is still for sale...
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