Bidding Wars Are the New Norm

It’s only early February and we’re already experiencing bidding wars. In many
instances, homes and cottages are selling for tens of thousands of dollars over their asking prices!

The current state of the market is that of a seller’s market which is characterized by a shortage of properties available for sale to satisfy buyer demand.

Often times the result of a seller’s market leads to competing offers for sellers to choose from.  Generating and presenting multiple offers is a complex process. A seller in receipt of competing offers has several possible options to consider.

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.”  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, 519.426.2072 or www.EriesEdge.com.

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