Dawson Crescent is hovering in the mid-$400’s, which is a really good place to be as a townhouse. They’re taking offers on Tuesday, so the price could shoot up. It’s a little close to the tracks, and the home is in the age range (15-20 years) where you typically see the need for a new roof, furnace, AC and windows. Inspect those items closely before buying… because I can almost guarantee you won’t have a chance to do a home inspection in a multiple offer scenario.
Our home inspector has said he’s basically on vacation this year. The inspection, while useful and informative to a buyer, becomes something that significantly lowers the strength of your offer… so most buyers are by-passing this.
Am I worried about the long-term problems that could occur because of this? ABSOLUTELY. But it’s the state of the market in 2016. If you want the good homes, you will most likely compete for them. The last 10-15 offers I’ve dealt with for buyers and sellers? Not ONE of them had any conditions on home inspection or financing.
Another pitfall in the comments on Pettigrew (you can’t see them but I can): Furnace, AC and Water Heater are ALL rented for $125/month and the buyer will assume them. If the market wasn’t so insanely hot, there’s no way I would accept those terms for a buyer… I would tell the seller to discharge it at their expense. But the leverage to do something like that goes down when there are 4-5 other offers, any one of which might be fine with assuming the contract. The buyouts on these contracts are ridiculous.
Shout out to long-time friend of MDH Fahab for his comment about Hood: “Is that a dog in the bedroom or a stuffed animal?”
Have I mentioned that I’m looking for a co-host? 🙂
ONLY ONE REAL ESTATE BOARD?
Finally, another listing only listed on the relatively small Oakville-Milton MLS system. I think it looks quite good – it’s on the 4th floor at Bristol on Main, so it has those nice high ceilings. Price is very competitive, but there are no photos. Strike two.
Many listings sit around and don’t sell because they’re not exposed on the Toronto MLS system with more than 40,000 members. Why does it happen? Mostly because the listing agent isn’t a member.
If your home is in Milton or Oakville, you NEED to be on the Oakville-Milton MLS system AND the Toronto MLS system. Just Toronto is okay, but if you’re going to get full exposure, it has to be BOTH.
I’ve been driving by a home that has had a sign outside for more than a week, and it’s listed on the friggin’ OTTAWA real estate board. I bet 99% of local agents have NO IDEA it even exists… unless they happen to drive by. It will show up on Realtor.ca through the Ottawa real estate board feed, but agents don’t use that system because it really sucks compared to our local MLS access. They finally put it on the Toronto system a few days ago, but I bet it was in reaction to the fact that nobody was showing it.
That’s the scary part – the client probably thinks they’re overpriced because it’s not getting showings… but the true issue could be lack of exposure.
And most clients don’t understand the back end system enough to be able to point it out. It’s a really dangerous scenario. Our theme video is all about Double Exposure, with a healthy dose of DISCO to start your weekend!
We’ve got some great listings coming out next from our team. Stay tuned and watch our listings page. Hopefully I’m caught up and I can get back to a regular schedule.