Bidding Wars For Kitchener Waterloo Homes

The active market has recently spurred bidding wars for Kitchener Waterloo homes.  In these situations, a usual outcome leaves a happy seller, an exhausted listing agent, an anxious "successful" buyer and a number of frustrated, unsuccessful buyers and their agents.

The seller is, of course, delighted with the proceedings as they have achieved their goal of maximizing the value of the property in a short period of time.

The listing agent is exhausted as these properties require a tremendous amount of time, effort and energy handling calls and emails, setting up appointments, marketing, registering and presenting offers in a high-pressure setting.

The "successful" buyer is immediately seized with a sense of regret known as buyers remorse.  Questions swirl through their minds.  Did I pay too much?  How much were the other offers?  Did I make a mistake not including conditions?  What have I done?

The unsuccessful buyers are frustrated.  They found the perfect home and, in their mind, already had redecorated and moved in.  They also have questions for their buyers agent.  What didn't they like about my offer?  What did it sell for?  Why didn't I get a chance to increase or change my offer?  How can someone buy without conditions?  What could I have done differently to have a better outcome?

The buyers agent may or may not still have a motivated buyer.  I've had buyers who lost in competitive situations rethink their desire to buy given the market conditions.

A caveat about bidding wars.  Market conditions can change quickly.  By misjudging the market and failing to trigger a bidding war, the seller and the listing agent can end up embarrassed and looking foolish.  In the case of a Toronto condominium for sale on MLS, the Globe and Mail found a listing this week on Realtor.ca with the following included in the description:  Offer presentation Oct 16 at 7 pm.

Working with a Realtor is critical for todays buyers and sellers.  For sellers, limited exposure and/or a lack of negotiating skills may see you leaving money on the table by not working with a Kitchener Waterloo Realtor to sell your property.  For buyers, navigating the purchase of a Kitchener Waterloo home is a daunting task in the current market.  Choose an experienced local Realtor to guide and protect you as you make what is likely the biggest buying decision of your life.

For nearly 24 years, I've been helping Kitchener Waterloo homeowners and home buyers achieve successful outcomes.  For help with your real estate needs, feel free to call or email 519-505-4488 jeff.gingerich@century21.ca.

 

Jeff Gingerich

Sales Representative

Century 21 Home Realty Inc. Brokerage

Office:  519-570-4663

Direct:  519-505-4488

http://JeffGingerich.com

"Delivering results since 1989"

 

 

 

 

 

 

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Jeff Gingerich

Jeff Gingerich

Sales Representative
CENTURY 21 Home Realty Inc., Brokerage*
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