Transactions Drop But Prices Hold?

Many buyers and agents alike feel that the real estate market in GTA is on decline recently. So do some reports from credible banks and economists. While it is true that the number of transactions has dropped as well as the selling prices seem trending lower in some areas, I have seen a couple of transactions this week that their final sold prices surprised me on the up side. For example, a detached house with a double car garage in Markham Road and Steele Avenue East area had been listed for $599,000, an asking price below market value in order to attract multiple offers. However, the strategy did not work and all the incoming offers were not to the seller’s expectation. Then the seller increased the asking price to $660,000 and the property was eventually sold for $650,000 this week. I believe it is important to price the property accurately in the first place and be patient. There will be many bargain hunters at any given moments. But if we, as agents, can keep on monitoring the market condition and give timely advice to our clients, our sellers and buyers will able to make an informed decision and, therefore, get the best result.

 

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Antony Chan

Antony Chan

Broker
CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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