With the combination of a huge amount of new listings today (46 total with two on ORTIS), and frustration about rising prices, we’ve seen some changes happening.
70% of the time, it goes really well for a seller and they get lots of offers… it happened for our clients twice last night.
But it seems like about 30% of the time, the right offer doesn’t show up. I saw a little bit of that “canary in a coal mine” last week, but there was still a happy ending thanks to some cool heads, and me doing my best to orchestrate two offers at the same time.
So then, what are you to do?
If you don’t get offers, do you raise your price and act like a “normal” listing, historically speaking? Or do you lower it even more and take a crack at multiple offers again?
First of all – TALK about it before. Lay out all the options. Nothing is guaranteed. I can’t stand when agents say things like, “For sure you can get that”. Unless that agent is planning on buying the home, they have no interest saying that.
People say they love surprises, but my experience from about 15 years in this industry is that people like FUN surprises like a party… not surprises that impact their financial future.
The market is ever-changing, and a new competitor or a high or low sale is always lurking around the corner. Take for example the three-storey “Village Townhouses” at the beginning of the list. Four or five, all within 24 hours? They’re not THAT different. And now they have to split the buyers in the market.
Today there are some good bungalows, and I’ll do the nitty gritty numbers on an investment property that doesn’t seem too bad at all. By Milton standards anyway. Two units, both above ground level. The problem in this area is that prices have risen higher than rents, which cuts down on your cash flow.
Milton is good for appreciating values, but I’d much rather have a property that makes money every single month… no matter if the market is up or down.
Appreciation is nothing more than gambling to me – any amount of money made quickly in real estate usually comes down to luck. But a good investment portfolio with positive cash flow will feed you for the rest of your life.