Dd and son-in-law are house hunting at the moment, as they are getting kicked out of their condo in August. They hadn't planned on buying a house until next Spring but as they say "things happen!!"
Now the only reason I am even mentioning this is they are running into one bidding war after another and it's proving to be a very eye opening experience.
What the houses look like on MLS and what they are actually like in person is night and day it seems. We went with them to look at a couple of houses last Saturday. The first one was a lovely older home (1979) detached and was on sale for $379,900. It was perfect for them, although it did need new windows upstairs and a couple of other things. It went on the market on Friday night, by Saturday night it had four offers in, including one from dd and son-in-law and sold for $390,000 with no conditions. YOU DO NOT BUY A 1979 WITHOUT A HOME INSPECTION!!!!! Dd offer was not the one that won that one.
The second house we visited was a semi on for $349,900 and around 15 years old. It was a house that the real estate agent was selling. It too had just gone on the market and had been staged/cleaned up. It was still filthy to my mind. It needed new carpets right the way through, the layout was all wrong and basically it was horrible, and son-in-law agreed with me. However it was in THE location the kids wanted to be in. The real estate agent wasn't taking offers until the Tuesday, and she got SIX offers and it sold for $380,000!!!
They have made appointments to see various other houses only for them to sell before they get to see them. As I said before a lot of houses look good on paper but are a nightmare in person. They saw two houses the other night that looked really good on paper. The first one stunk of smoke (no offence to any smokers out there, but don't smoke in your house if you want to sell it.) As dd pointed out, all the carpets would have had to be replaced and the whole thing decorated and aired out as it smelled that bad. The place was cluttered and the back yard was all deck, plus there were other things wrong with it. However on paper it looked good?
The other one's owners had done bits of renovations here and there and had not finished things which made for more work, all what you couldn't see on paper, so again not for them.
They are looking at another three today, so fingers crossed they see something that will work for them.
I have never had the "pleasure" of participating in a bidding war on a house, but it's becoming quite common and someone was telling dd that in certain parts of Toronto that the listing house on a is nothing to go by. They currently live in the Yonge and 401 area of Toronto and a bungalow came up for sale for $400,000 it was sold for over 1 million dollars and the buyers are tearing it down and building a mansion on the lot!!!! It boggles the mind how people can afford to do that.
Buying and selling houses have changed so much over the years and people expect to see more and more staging, multi media presentations. My boss just sold his house and the "bound book," that was used to sell his house was stunning. It wasn't a colour leaflet it was an actual book with stunning photos and information about the area the house was located.
Gone are the days when you take a few photos, and hoover and dust the house and hope it will sell. The houses that sell look like model homes, all the clutter removed, decorated neutrally and ready just to move into. Because at the end of the day when a potential buyer walks into a house, it's those first few seconds that count the most, as unless they fall in love with it right away you've lost them.
I'm glad it's not me selling a house that's for sure!! I only pray and hope dd and son-in-law find something soon. As long as they find something by the middle of June they will be fine, so plenty of time yet.
12 comments:
I dread the day we sell and/or move.
I totally understand what they are going through. Years ago we bought a couple of houses simply by making an offer and having the seller agree. Now that we are in Las Vegas we have been in bidding war after bidding war on houses that really do need a lot of work to make them livable. I thought this was only happening in Las Vegas, I had no idea it was happening in other cities as well!
Our market in Edmonton (I am selling in Sherwood Park right now just outside of Edmonton) is not like Torontos - no multiple offers yet but things are picking up. Calgary is more like Toronto I understand. I would hate to get into a bidding war.
Your farm house, by the way, is one of the absolutely loveliest homes I've seen (at least from the outside shot you have posted). The stone is just georgous. I am sure when you finish whatever your renovations are the inside will be just as lovely.
I don't get it with the house wars either. We sold our cottage two years ago now. We put what we thought was a reasonable price as it had an outhouse and no water hook-up. It was a cottage. We couldn't keep up with the offers! With-in six days we had 9 offers. I told the fellow selling the place just to take the guest room. WE got more then we put it on the market for. No arguments there, only they tore the cottage down and built a two story 'home' for summer use only. Good for them!
Wow!!! Isn't it unreal the prices they are getting for houses these days??!! I don't envy them...what a pain :( I'm sure something will come along but it can be so frustrating. We moved 1500 miles and it was terrible looking for a house when you're so far away. Just because it looks nice online doesn't mean it looks nice in person!!!
the problem is that many are taken in by the look and ignore the hidden structural flaws. I think it is planned that way by real estate agents.
We are not selling or buying but I wish the housing market could take off like yours. We still have so many home in forclosure just setting empty and people are still losing homes
Even though I would like to move closer to my daughter since I babysit all the time and it is an hours drive both ways, I really am glad that I am not in a position where I have to move. Perhaps your DD and SIL should look at brand new construction? I don't know your price ranges there but it might take them out of the bidding wars.
Gill,
I hope they find a nice home soon without all the bidding wars attached.
It seems house prices in the Toronto area are booming again.
Maybe they never stopped, but I have seen some war time homes in the Danforth area going sky high which still need a ton of repairs.
Gill,
I hope they find a nice home soon without all the bidding wars attached.
It seems house prices in the Toronto area are booming again.
Maybe they never stopped, but I have seen some war time homes in the Danforth area going sky high which still need a ton of repairs.
It all sounds sort of stressful to me; but then I am still remembering when my daughter and son-in-law had to move in 2011...it all happened so quickly...and there was so much more going on at the time. I am talking STRESS big time.
I strongly agree. Home buyers should definitely not be fooled by the fancy packaging. If you really want to get the house of your dreams then it’s best to see it in person. Have the house inspected by a professional to make sure it’s free from serious damages. Also, do a background check on the neighborhood and check to see if it’s safe enough for your family. That way, you’ll never regret your purchase.
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