Where have all the listings gone?
Trying to find a home in Toronto these days?  If you think there is really not much out there, well, you are right.  I have buyers waiting to buy ….. something.  I have noticed that any property in a prime area sells and sells for a lot of money.   The weekend paper I subscribe to has a story about how homes in some ares are selling for more than asking.  Which means the the multiple offers have not gone the way of the dodo bird..not yet anyway.  What was most amazing about the article,  was it reported that the properties did not sell ” enough” over asking.(!?)  Price is price.  It has always been determined by what a willing seller will take and by what a willing buyer will pay. Period.  So….. let’s flash back to the heat of the market, more like the few years of a robust market.  There was panic for buyers to get in and joy for sellers offering there homes up for sale and selling for a lot  more than asking,  those sellers still bought in the same environment.  The media warned, the economists warned, failed politicians who live way up north warned, we all heard about the pending Toronto bubble bust.   However the market chugged along.    Now as we near the end of 2010 real estate roller coaster ride and the dust has settled, and the market has adjusted, and the rates have dropped and the climate is still the same.  Plenty of buyers and not enough product.  It is not a surprise the multiple offers are happening.  Perhaps a bit more “conservative” selling prices ( still over asking).  But I ask, is it cautious to pay a little bit more or just plain smart?   What I do know from this is that nobody really knows.   If you are a buyer, do what works for you, If you are a Seller, get that home on MLS.  Have a  great agent take care of the sale….you never know what can happen!
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