The weather is not the only thing very Spring like. This past week has been very interesting and exciting. The office has picked up considerably and the home listings, appointments and sales are streaming in at a better rate then last March. However something that we didn’t expect to return for some quite time is multiple offers but for homes that show well and are priced right….they seem to back! Several of our agents are reporting multiple offers in many neighbourhoods. Some have been in central Toronto, others in the east end.
With the media continuously entertaining us with doom and gloom in the stock market, I’m hoping that they pick up on all the positive events taking place in the real estate industry. A home this week had 13 offers and sold for $216,000 over the asking price.
Not all multiple offers result in an over asking sale scenarios but clients are making a very clear statement that with record low interest rates, affordability has never been better. Buyers have no interest in waiting for rates to rise before purchasing a home. Even retail sales have shown an increase and this shows more consumer confidence.
Real estate is an amazing proven investment and the decision to purchase or sell is not only based on the current stock market results. There are many buyers and sellers that need to buy or sell due to life requirements and or changes and there is only so much time that they can wait. Perception is everything. There is still over 92 % of our population with a job, not everyone has lost in the stock market and thousands are still choosing Toronto as their destination to call home and will need a home.
RE/MAX Ultimate Realty Inc., Brokerage