It really is an exciting time to be selling a house right now in Kenora...the market couldn't be more active! Have you noticed that every time a new listing comes on the market, it is usually sold within a week or two? Most agents have several buyers that they are working for so each of us watches the market carefully and notify our buyers as soon as we hear about a new listing. This also helps the Seller because they receive the financial benefit from multiple offers. When there are that many buyers interested in their home, very often the properties sell for more than the listed price...sometimes 10 and even 15 % more than the listed price!
It takes the expertise and knowledge of an experienced professional to handle multiple offer sales so that each sale is handled with great care and due diligence. It can be a tricky situation when there are multiple buyers for one property and we agents must be absolutely ethical and fair to all parties...part of our licensing requirements.
When I say "multiple offers", not ALL listings are receiving multiple offers. The main 3 criteria are: 1.) the listed property has to be in a good location, 2) it must be in good condition and 3) the property has to be priced right. If even one of these three "ingredients" is missing, you will most likely not see a multiple offer situation. This is one of the main reasons why real estate services are even more valuable in a Seller's market...to make sure all of these 3 criteria are in proportion to each other....if the location or the condition are not ideal, then the property should be priced accordingly. This can make the difference between selling your property and receiving maximum dollars for it or just listing your property and watching other houses sell but not your own.
These are just a few of the reasons why both buyers and sellers need to be careful when they try to buy or sell a home themselves in this kind of an active market. When in doubt, call a professional...that is what we are trained to do!