Multiple Offers Toronto Real Estate 2017

How Far Will You Go To Win?

Markham Real Estate News

TORONTO AND MARKHAM REAL ESTATE BUYERS! HOW HIGH WILL YOU BID TO WIN A BIDDING WAR?

Statistics show that 38% of Toronto buyers are willing to go up to 20% over budget.

Are you in the market for buying real estate in the Toronto Area? Well you are not alone. If you’re planning to go to any open houses this week, we hope you are ready. In 2016 the Toronto Real Estate Market left many buyers stuck in bidding wars. Statistics show buyers in Toronto are willing to pay up to 20% over budget. After all you only have one dream home.

Buyers are forced to drop buying condition in this seller’s market so they can win in the very competitive bidding wars.

WHAT DOES DROPPING CONDITIONS MEANS?

One example of dropping conditions could include a buyer avoiding a house inspection as a condition. In this case we are purchasing properties that may have issues.

How Do You Secure Yourself In A Bidding War?

TIP 1: Find a good realtor. Experience of the marketplace is very important in navigating a bid.

TIP 2: Know how much home you can afford – don’t sacrifice living in debt.

TIP 3: You can make compromises such as moving outside of the city and commuting to work – huge savings.

TIP 4: Visit properties with an inspector so you can know issues right away before you make an offer.

TIP 5: If you are just bidding higher and higher without financial security – STOP. Don’t force yourself into a bad situation.

If you have any other questions in regards to this topic you can contact Stephanie Rebello. We hope we have helped you with some good information and also some tips. If you would like to see more related news please subscribe to our newsletter.