How To Set An Offer Price In A Bidding — Buying A Home In Toronto
Monday Jul 19th, 2021
Recently, almost all property types are undergoing bidding wars, sometimes a property can receive 10 or even more offers. Today I am going to share with you some insights on bidding for a house.
Firstly, if you want to know whether a property requires bidding or not, you can confirm this information with your realtor; or you can refer to the recent transaction price for similar properties in the same neighbourhood.
Next, the sale price has nothing to do with the asking price. Instead, it is defined by its market price. The most recent sold price of a similar property is the best indicator.
The real estate market in Canada is highly regulated and transparent. Every buyer and seller can see every transaction on MLS. As a result, there is almost no obvious “bargain” left, because all properties will be sold at its market value due to information transparency.
What we can do as a buyer to find a bargain is to act fast, and act now! Because based on our analysis, if we believe we are entering a price uprising channel, then today’s price is always going to be cheaper than a future date.
If you have any plans to buy or sell your home, please call Priscilla Han at 647-360-8963 for a FREE consultation. I can tailor the property search for you, including some great deal exclusive listings.