My condo listing in the trendy area of King St. West in Toronto had sat on the market for a few months. It had lots of showings but no offers. We dropped the price by $10,000 last Thursday. Friday we had 2 offers and sold it Friday night for higher than asking price. Yahoo!!! Sat. morning another agent called to register an offer - too late. Sat. afternoon a 4th agent called to put in an offer. You snooze... you lose!
Is this an aberration or is the Toronto condo market picking up again? Buyers - are you ready to start buying now or is something still holding you back?
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I am trying to buy when the prices are the lowest. I go looking every week and I saw one that I really liked about 2 weeks ago, but it sold now. So I will keep looking.
ReplyDeleteThat is the first rule in investing - to buy low. The problem is - we don't know what is the lowest until we are on the upswing looking back at what we missed.
ReplyDeleteWhen you look at low prices, plus very low mortgage rates - Bank of Canada dropped its rate by 0.5% yesterday and the banks followed suit. This results in real estate that has never been more affordable in the GTA. If you see something you like at what you can afford - I would encourage you to 'Go for it!' Good luck - Kelly
Hey Kelly,
ReplyDeleteKeep up the good work, one honest and caring realtor is hard to find these days, I know the hard way :) From a happy seller.
Cheers!
Hi Kelly,
ReplyDeleteVery informative site and great ideas for yard sales.
Keep up the good work!