Three agents dish on a property they recently sold at a discount
“We put this place on the market in mid-July and tried to create a bidding war by listing it a bit low at $899,999. We received a few offers under that selling price, but none reached a number acceptable to the seller. So we re-listed it at $948,800. We didn’t feel the new price to be a stretch; other units in the building were selling for about that.
“Then my clients closed on a new home, buying it for a few hundred thousand dollars under asking themselves. All of a sudden, it made sense to sell the Byng Avenue property at a discount. “This sale illustrated why you should buy and sell in the same market: you won’t get hurt that way because you have real numbers to help you assess the situation. A lot of people who bought between January and April chose not to sell their first homes because they predicted that the market wouldn’t cool.
“But, when it shifted in May, those same people panicked—they had a legal obligation to close the deal on their new homes and had to sell their first homes in a hurry, for a lot less than they could have months earlier. Buying and selling in the same market gave my clients flexibility.”Listing price:
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