Sleepless nights, emotional strain and difficult conversations are just some of the ramifications Ahmad Ghulami and May Serageldin have felt after enduring 20 bidding wars over three years in the GTA’s real estate market.
After a long period of rocketing prices and bidding wars, the market is finally levelling off. But while it’s cooling in some areas, others are still seeing prices rise, leaving homebuyers wondering — how am I supposed to bid? Even if a bidding war doesn’t happen some sellers are refusing to sell until prices creep back up, Kopel said. “Sometimes you’ll see multiple offers on a home and it still won’t sell.”“Buyers are often scared of overpaying, which has always been an issue but now it’s heightened as prices drop,” Kopel said. “And if prices continue to drop will the home get appraised properly come closing time?”
“The process has been awful because there’s no transparency, you just have no idea how much you’ve won or lost by,” he said.She said it’s important for the real estate agent and buyer to look into the micromarket and evaluate comparables — “What are other homes in the area being sold for? How long were they on the market for? When did they sell? Look at the statistics in the neighbourhood to make sure you’re not overpaying.
“There’s a real patchwork in terms of prices as some areas have appreciated, levelled off, or depreciated, dictating which areas are still seeing bidding wars and which aren’t,” Yolevski said.
Yup. Listen to the Toronto Star and buy into a liquidity event... I'm sure it will work out great!
Ban REITs from buying homes.