23 Sep Market Notes: Fall Market continues to rebound
Another busy week as the Toronto market continues to heat back up. Homes are selling quickly across the city. Pre-emptive(bully) offers are back, although at slightly less aggressive offer prices when compared to the spring. Sellers are now more willing to accept bully offers, as they are less confident in getting the big number on offer night. Although the market is turning back towards sellers, listing and pricing your home in this market requires a more delicate touch. A good pricing and sales strategy has always paid dividends, but the market has been so hot that some agent’s approach to appraising and marketing property paid-off for their clients regardless.
A property today needs to be evaluated more throughly based on its asset class. In today’s market, unlike previously, some types of property are selling better than others. Condos, detached, semi-detached, investment properties, fixer-uppers, renovated homes and development opportunities can’t all be sold the same old way (underprice, hold-offers, voila!). For instance, I consider this a buyers market for investment properties and a seller’s market for condos. Slightly less so, I consider this a buyer’s market for fixer-uppers and a seller’s market for renovated houses. As such, each property needs to be sold with a different strategy in mind.
-Nick, Sept. 22/2017