The market is on fire: ultra-low mortgage rates, employment confidence and demand for low-rise properties has fueled February’s frenzy.
The number of GTA home sales increased by 52.5% compared to February, 2020 (10,970 vs. 7,193). Over the same time period, the average sale price of a GTA home also went up by 15% from $910,142 to $1,045,488.
In Oakville, detached homes led the way with 267 sales occurring in February, 2021, vs. 166 in February, 2020. The average sale price of an Oakville detached home also increased by almost 18% to $1,802,469 (up from $1,530,059 in February, 2020).
In a Seller’s Market , there is increased Buyer competition. As a result, multiple offer situations (a.k.a. bidding) abound. In this frenzied market, however, Buyers and Sellers should keep in mind that it’s not just about price. The highest price is useless and will do nothing for you if the buyer won’t actually be able to close the deal in the end. There are also many rules your real estate representative must follow to ensure the multiple offer situation is handled fairly and ethically with respect to all parties involved. If appropriate steps aren’t taken, and offer details are overlooked and/or neglected, consequences can be serious.
From the selling perspective, before selecting the “winning bid”, critically reviewing each offer to ensure details are right and everything important is where it needs to be is of utmost importance to ensure you are protected.
From the buying perspective, certain steps should be taken prior to offer presentation so that you can go in safely and confidently knowing that your offer will be attractive to the Sellers and will stand out from the rest. There are many steps that should be taken to ensure you are protected as well.