It’s a great question. I wish I had the answer.
I’m a direct real estate consultant. I tell you if I know and tell you if I don’t know. If I don’t know it’s my top priority to find the answer, I’ll get back to you with it later the same day.
When someone asks me this question I know that they are interested in the property. I usually dig a little deeper and find out what it is that they like about the property. So I could recommend others like it to them, but first I tell them this…
The Toronto Real Estate is a market and like the stock market prices I don’t know what it will sell for, but I can tell you what I think it’s worth.
have to compare the property to similar properties that sold recently in the immediate neighbourhood change all the time. So to come to an opinion of what it’s worth I
In the Toronto Real Estate market we’ve had many years of bidding wars and the list price is often just a price to get noticed. The strategy doesn’t always work, but properties are listed low, and then after a week or so all offers are negotiated on a specific date at a specific time.
Here’s why I can’t tell you what it’ll sell for:
Even when this strategy isn’t used once the listing agent gets an offer he/she calls all the other agents who have showed the property and very often another offer appears. These offers are from the buyers who are “on the fence” and worried that they won’t find another home like it.
The number of offers isn’t the only thing that
affects the selling price. Buyers may offer more if they are competing with other potential buyers, but it’s the seller who is in control of the process. In Toronto once all the offers are presented the Seller typically does one of four things; They can choose one offer, choose no offers, send everyone back to see if they can improve their offer, or send a few back and ask them to improve their offer.
So, there are many things that happen when an offer comes in nobody knows what will happen. Getting your offer accepted and/or getting a counter offer from the seller is an art, and experience makes all the difference…