©Copyright by top real estate agent in Toronto/GTA, senior broker, Daisy Huang, December, 2016.

If you would use one word to describe the Toronto housing market in 2016, there could be no other word of choice but “hot”. All kinds of OFFER battles are filled with gunpowder smoke. In front of an house accepting offers, a large number of cars lined up with more than 20 people to bid for an OFFER. Such spectacular scene has become a norm. So how do you have more chances of winning in the OFFER battle? After all, with so many competitors, only one person gets the house in the end, and guess what, it may not necessarily be the one with the highest bid.

多伦多房产估值和市场公允价格 黄岚 Daisy HUANG 最专业的多伦多房地产顾问、经纪、投资专家、营销专家

As a professional, Daisy Huang Lan always tends to form market insights based on objective data. I imported more than 400 houses transaction data in the Toronto North York core area (C07, C14, C15) in November 2016, and made the following scatter plot.

From this infograph we can find a very important rule: if a listed home is not successfully sold within 15 days, it will be difficult to successfully get an OFFER at the price that it is asking for. 15 days is the golden period to sell a home. After the 15-day milestone, the possibility of price reduction is very high. Daisy further divides the above infograph into four domains. Now let us interpret different seller mentalities in different situations:

Domain A: The seller wants to attract offers with a low-asking-price strategy hoping to get a higher transaction price through a bidding war
Domain B: The seller’s price is higher than the fair market price, and at the same time, he/she is not in a hurry to sell, and he/she is unwilling to lower the price, resulting in the potential failure of the transaction
Domain C: Usually, this kind of property is relatively “hot”, the seller’s initial quotation is high, and the seller has the pressure of capital and time, so he/she is willing to lower the price and make a deal to cash in money asap
Domain D: This type of seller has no time pressure, and there is not much motivation to reduce prices, and they are willing to wait for suitable buyers, but the longer the time, the less the chance to sale at the asking price

海外投资买房心态 黄岚 Daisy HUANG 最专业的多伦多房地产顾问、经纪、投资专家、营销专家

So in the rush for OFFER, is there any unique winning stunt summed up from big data?

For more real estate information in Toronto and GTA, please contact Daisy Huang

Originally written and all copyright© reserved by Daisy Huang www.daisyrealty.ca, top real estate agent in Toronto and GTA, senior broker. High Value. Delivered.

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