Last week I mentioned how HOT the current market is where my Brokerage's listing in Markham had 10 offers on it. Just to let you know it sold $50K above asking.
Now you might think WOW! How did it sell so much over asking?
There are many factors that determine what price a house or condo will sell for.
1. Inventory "supply and demand"
2. Property Size, Condition, Age
3. Price Range
4. Market Factors (Employment, Interest Rates, etc.)
5. Location
6. Demographics, Income
That is why you'll find a similar house only a kilometer away worth thousands more than another.
Classic example is Markham Boxgrove and Morningside Heights. Both high demand locations, similar construction, yet Markham homes are worth more. Similarly Morningside Height's homes are worth thousands more than those just south of Finch.
When you get a CMA (Comparative Market Analysis) for your house your Realtor's job is "Not to give you a Selling PRICE"... but to "Educate" you on the local Market Conditions so you can understand what price you ought to list at.
I find Sellers "WANT" an ideal price. Sometimes it is realistic, more often it is not. This is where an experienced Realtor can educate the Seller on how the MLS (Real Estate) system works and guide them to price their house for the "market" so they can excite other Realtors to show their house to potential Buyers, and sell their house fast.
So why did that house sell $50K over the Realtor's CMA?
1st. Home owners did a great job in upgrading the house and staging it.
2nd. There were only a few houses listed in the entire neighborhood and nothing "present" compared to it.
3rd. Current demand to live in Markham is strong
4th. Multiple offers... imagine having 10 agents show up in the office, some with perspective clients... you got yourself a bidding war.
If there were another half dozen homes in that neighborhood, this would not have happened. It would have sold closer to asking... maybe 10K above asking... but never $50K. This was a perfect storm coming together for the Seller and they went laughing to the bank.
Will the new Buyer ever recoup his/her investment into this house is another blog... but for a Seller wanting the highest price for their house... here are the Selling basics.
1. CLEAN, SCRUB, CLEAN up your house and Stage it to give an Awe factor.
2. Price it to MARKET. The more potential buyers see your house, the better are your odds of selling and getting a multiple offer scenario and receiving more than you bargained for.
3. Hire a Full-Time Realtor. Believe me I was a part-timer in the first year of my Real Estate career and it was impossible to stay on top of the GTA market. It is hard enough to do so as a full time agent.
When you work with my team... I guarantee you will get REAL Value, Real Solutions, Real Friendly Service & Results. That is why I offer a 60 Day Sold Guaranteed* and I'm confident in my Team that I also offer a 30 Day Listing Cancellation if you are not satisfied with our efforts.
Partner with Team Jagpal to Sell your house or condo.
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Jas Jagpal, BROKER BSc. York Univ. C: 647-272-6629
Jess Jagpal, Sales Representative C: 416-312-9742
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When we bought a Condo Assignment he was selling for a client in Edmonton, we had no clue what we were getting into. Jas was very patient with us and provided the feeling of security we needed to buy. I could only imagine the juggling he had to do to get this deal done with Tridel, the Seller and myself.
It was a great investment and I'm happy I bought it. I recommend Jas to anyone who is thinking of buying or selling. You can depend on Jas and his team to look after you. I'm glad I did! Thank you Jas."
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A maximum of 2 draw tickets for every trade in real estate. (Referral ticket & Seller ticket ; Referral ticket & Buyer ticket). 1 draw ticket for every trade in real estate where there is no referrals. (Seller ticket or Buyer ticket). You have 1 in 4 chance of winning an ipad2. Draw tickets to be given to all Buyers, Sellers, Leasers, Assigners, Referrers that result in a trade of real estate starting March 21st, 2011 to Aug 31st, 2011. Draws will be held on Sept 4th, 2011. Winners will be notified by Newsletter, E-mail and by phone and agree to have their name published on Jas's print and web marketing material.
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© 2011 Jas Jagpal, Sales Representative, BSc. York University
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