Archive for April, 2013

“Multiple-Offers” And “Bidding Wars” Don’t Always Go Hand In Hand

"Multiple-Offers" And "Bidding Wars" Don't Always Go Hand In Hand Photo

Last month I wrote a blog post about multiple offers (read it here). Among other things, I noted that having “multiple offers” on a property doesn’t always necessitate a “bidding war”.

Of the properties I’ve sold with multiple-offers so far this year, one actually sold for under the list price and another sold for only $100.00 over. (I represented the buyer in both cases).

Both properties sold for close to what other recent sales went for, and neither of these situations came anywhere close to being a “bidding war”.

Why?

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Toronto Real Estate Market Report: March 2013 Statistics

Toronto Real Estate Market Report: March 2013 Statistics Photo

Following is TREB’s market report for March 2013:  Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012.

While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012.

Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

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