Should you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.
There was a big sigh of relief as more listings came to market across the 416. The downtown core saw freehold listings jump by 60 percent compared to the week before and the $1.5M to $3M price range saw the biggest increase with 43 new listings. The east end continues to be a hot area with listings up 40 percent. Overall sold properties were slightly down by 10 percent from the prior week. The market for homes in central Toronto, especially for properties up to $1 million is still quite competitive. Of the homes sold, 55 percent sold over the asking price.
Condominiums have followed suit with a rise in listings by 17 percent from the previous week. Even though listings were up the number of sold condos was down by 10 percent across the city. Of those recorded sales, 44 percent sold at or over the list price. It seems buyers may have a different mindset this year, because sales are slower but values still remain lofty.a different mindset this year, because sales are slower but values still remain lofty.