Sitting In The Dark…


2 minute read

February 23, 2010

Okay, so it’s a bad play on words.  And the picture quality is terrible, but I thought it would be cool to film in the dark under a street lamp…

And as I sat in the dark in my car last night and filmed this video blog, I was completely in the dark as to whether or not my clients would prevail in their multiple offer situation.

There are tougher jobs in the world than being a real estate agent, but it’s not easy to sit around and wait to hear your clients’ fate… 

We didn’t get the property.

In the end, my clients were disappointed, but not crushed since they knew this property was beyond their means and they put forth every last dollar they could have possibly afforded.

But I did notice a persistent trend last night.

There were four offers, and one of them simply blew away the rest.

I am certain that three of the offers were very close and maybe only a few hundred dollars apart, and then one offer $20,000 higher than the rest.

This is happening with increasing frequency in multiple offer situations.

One person comes along and says, “I’m tired of this process; I’m tired of ‘getting back on the horse’ after we lose; my wife is nagging me like crazy to go out and get a house; I’m taking this one home no matter what.

The listing agent told me that my offer was “almost identical” to the person who presented before me, so that probably means $100; or perhaps the exact $108 that we were over $320,000 in this case.

But I suspect that the last offer was $345,000 or more, and normally I would say “that’s crazy!”

But this house was worth every penny, and more.

If my clients ended up getting the house for our price of $320,108, it would probably stand as the best deal I’ve ever negotiated…

Written By David Fleming

David Fleming is the author of Toronto Realty Blog, founded in 2007. He combined his passion for writing and real estate to create a space for honest information and two-way communication in a complex and dynamic market. David is a licensed Broker and the Broker of Record for Bosley – Toronto Realty Group

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  1. earth mother

    at 7:41 am

    Thanx for the peek into your world! Nice to connect a face to the voice & writing!! Too bad about losing the bidding war, can’t win ’em all and better luck next time! And we can all relate– no one likes to wait for results in any scenario!

  2. Meh

    at 11:57 am

    3 people all price the house around 320. One person prices it at 340, out of frustration. Why do you think the 340 price is the right one? If that person was to turn around and try and sell it tomorrow, there isn’t anyone else out there that wants to pay 340 for it, just a few people that want to pay 320 for it.

    I don’t understand why you say it’s worth 340+. The majority of the market puts it at 320.

  3. Toronto Real Estate

    at 12:46 pm

    Multiple offers in February wow…in pharmacy/danforth area…even bigger wow.

    Real estate is worth what people are willing to pay for it.

    If this is a sign for what the spring fling real estate market is going to be like then hold onto your socks!


  4. BobbyV

    at 12:50 pm

    That’s a sucker if you ever find one ….. The bubble will finally bursts when there are no more suckers to be found ….. it’s a game of musical chairs right now ….. in other words, someone will be left holding the bag and it won’t be pretty. I was under the camp that the market is balanced up until the latest rebound in Mar 09 where a true bubble has erupted.

  5. Geoff

    at 2:27 pm

    Meh, the value of a house is the price it sells for, when the purchaser put it up for sale. In this case, assuming it sold for $345,000, that means the house is worth $345,000. That’s not conjecture, that’s actual fact. You don’t KNOW that tommorow there won’t be someone out there willing to pay $345 or more for it.

    You might believe that the house is overpriced, but if it sells at the price you think is overpriced, then by definition it wasn’t. Because if it was overpriced, it would not have sold. That doesn’t mean the house will be worth $345,000 in perpetuity, forever. Just that yesterday, it’s value was defined in writing as $345,000. Next year, $375,000. Or $150,000. Or a nuclear bomb blast may level the house and irradiate the land and make it $0. Or it may be ‘N/A’ if it isn’t put up for sale. One of these scenarios is not so likely, I’ll admit ($150,000).

  6. dogbiskit

    at 9:41 pm

    All that’s missing is the flashlight under your face after that horror story. It’s too bad but your clients will find their dream home eventually and for a decent price. Sometimes it pays to wait.

Pick5 is a weekly series comparing and analyzing five residential properties based on price, style, location, and neighbourhood.

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