In today’s episode, we’re going to talk about multiple offers, or as some people like to call them, “bidding wars”. The first home is listed for probably $20k or more less than what other similar homes have sold for recently, and they’ve set aside a date a few days from now when they’re accepting offers. This is a normal thing in Toronto, but we don’t see it much in Milton. Not to say there’s no multiple offers in Milton, but the homes are usually listed close to market value… not an overt attempt at creating a feeding frenzy. These homes sell usually at list or a little bit above. Will things go crazy on a home like this? I think it’s risky to play it like they did… but that risk could mean good rewards when it’s all said and done. Fun one to watch.
And if you’re on the buying side, my best advice is to choose a price that’s perfectly comfortable for you – one shot deal. In any competitive situation, there’s a chance you won’t get it. But be firm with your commitment. Put in your best offer, and you’ll know it’s the right number if you can answer YES to this question: “If it sold for $1,000 more, would you be okay with that?” There’s your highest price without going over. You could walk away feeling like you did everything you could, with no regrets. If you have any questions about how multiple offers work, email or give us a call.