This morning started like almost every other morning in Real Estate.
I poured a coffee and opened my computer to look at the recent sales and new listings in Winnipeg.
Everything seemed normal. A bunch of new listings. A bunch of finalized sales.
$50,000 OVER ASKING???
I looked at the house and location and thought WOW.. Somebody got excited!
This is a dream scenario for a seller, though. Multiple offers, price gets pushed up and eventually sells for over asking.
For a buyer, though, this is a scary situation to be in.
In a multiple offer situation you need to keep your emotions calm and think rationally.
For example, if those buyers wanted to sell their new home tomorrow, they would be hard pressed to get the same number they paid. That's because they paid over market value for it.
The only reason it sold for what it did was because there was so much urgency created by the listing agent in under pricing the home, that buyers fought over it. Not literally.
Maybe, this is their "dream home", I hope it is, and they plan to live there for the next 50 years. (Not likely!)
Considering the costs of selling and the fact that our market appreciates slowly year over year, these buyers wont be able to move (without taking a loss) for another 10+ years.
Just something to keep in mind.
Sometimes the best deal is the one you don't get.
And for all the buyers who "lost" out on that house, I think you got the best deal!