Buyers Should Brace for an Unprecedented Real Estate Frenzy in Long Point

Buyers can expect mad competition for cottages to continue.During the course of marketing this cottage for sale the seller received multiple offers to choose from. Bidding wars are the new normal in today’s ultra competitive real estate market.

LONG POINT –  Buyers can expect the mad competition for cottages to continue with many selling for over-asking prices amid multiple offers.

In a seller’s market, the way to achieve the best price is to have the most exposure in the shortest amount of time. Erie’s Edge Real Estate Ltd. has the local knowledge and experience to position properties that will create a favourable response from today’s buyers. The result is often competing offers also known as “bidding wars.”

With the average price of a detached house hitting $1.3 million last month in Toronto, a significant uptick in buyers from the GTA looking to invest in property elsewhere are driving prices way up.

Additionally, millennials priced out of urban areas are opting for the cottage as recently featured in The Globe and Mail.    

Generating and presenting multiple offers is a complex process. A seller in receipt of competing offers has several possible options to consider. They are:

• Accept one and reject the others;

• Sign one back and reject the others;

• Reject all offers, sending them back to the buyers for improvement;

• Sign one back and hold on the other offer(s) pending a response from the buyer getting the sign back;

• Hold on to one or more offers while sending the other offer(s) back to the buyers for improvement: or

• Hold on to a couple copies of each offer, and send the other copies back to the buyers for improvement if they so desire.

Each of the above options has positive and negative consequences for the seller. If you’re thinking of selling and want our assistance in obtaining the most amount of money and navigating the complexities of the current real estate market we can be contacted at 519.586.7922 or www.LongPointBeach.com.

 

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