The Star published this article yesterday – North Toronto Fixer Upper gets 72 Offers…

Time out, hold the phone, and stop the presses. That is insane for a lot of different reasons. It goes without saying that this home was obviously ‘strategically’ under priced in order to draw that much attention. But that doesn’t change the fact that we are experiencing what can only be considered a massive shortage of inventory on the market.

So what happens when we’ve seen so few freehold homes for sale in Toronto in 2014?

Prices sky rocket.

Multiple offers of ridiculous proportions.

Lots of built up hopes of buyers everywhere, and consequent heart break.

For every home on the market there can only be one buyer, the winner. Demand builds up and we’re now handling a surplus of people with cash in hand looking to jump on any place to live.

Buyers now have to be prepared to face being in competition with 2, 3 or even 72 people once they’ve found a home. You can try to ‘bully offer’ but that comes with a whole different set of issues (and you’re actually lucky if you go see a home and it doesn’t sell to someone else that same day!). You can over pay just because you need a place to live RIGHT NOW. Its really, really, really tough as a buyer right now – even worse as a first time buyer. It’s also very frustrating for agents – we literally have tons of qualified, lovely people looking for a new adobe. For every house that sells with 72 offers – there are still 71 people who are ready to buy TODAY.

If you’re even considering selling, we likely have someone who’s willing to buy it right now. If your home matches any of the descriptions below, contact us today!

WANTED:

– Almost anything in the west end of Toronto (and in almost EVERY price range). Specifically: Roncesvalles, High Park, Trinity Bellwoods, Bloor West, Annex, Junction.

– Income properties. 3 units (or more), anywhere in Toronto.

– Fixer upper up to $700,000, anywhere in Toronto.

– Townhome or Freehold in the Yonge Corridor area, up to $1M.

One last thing; a message to all the frustrated and beaten down buyers out there. HANG IN THERE! Make sure your real estate agent is giving you the tools and education you need to stay out of the hype of the market. Talk to a mortgage broker – know your range and be comfortable purchasing in it. There’s a lot of pressure in the market right now and your agent should be there to guide you through the noise and get you the best value for your dollar.