I can't even fathom buying a house these days. Back 10 years ago when we first bought we were the only offer and got it 10k less than asking. Now I hear you basically have to offer as much as you're comfortable spending and hope you get accepted lol

It was terrible. Sunk backyard, broken elevator for wheel chair taking a big chunk of space, dirry,
Original AC from 1970 that probably doesn't work.

The fact that you can get a detached in this market for that price is a win, that's a townhouse in many places.

how can anyone afford over $1.5M for a detached is beyond me.

that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.

how can anyone afford over $1.5M for a detached is beyond me.

that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.

People that own property already and selling/buying is where a lot of this money is coming from. One of my current clients bought a condo downtown 6 years ago and after selling it they now have a 40% downpayment on a $1M home with money leftover for renos. Where it's sucking is for first time home owners.

RB has only touched the service on how insane the market was back in Jan/Feb. I was in situations where there were 40 offers, yes not a typo. 40 fucking offers and that's for a house that was only on the market for 5 days.

It's better now, but people are still paying a premium for homes. It's not even about whether the buyers agents are doing a shitty job educating their clients. Truth be told listing agents don't even know how much a home will sell right now as all it takes is that one buyer that is willing to pay a premium, whether it's because they really love it or have lost out on multiple offers and on every missed house means the next one is going to be more. See where this is going?

Also biggest pet peeve are the idiot agents all saying SOLD FOR OVER ASKING. Fuck off, unless you listed at market and it sold for over asking sure go gloat. But fucking listing a house for $800k when it's $1.3M is horse shit.

Cornell isn't cheap either.

Cornell isn't cheap either.

The ones with the coach houses in the back would be decent. Get someone to pay for part of your mortgage.

The worst I've seen are suburbs outside of kitchener, like 20min outside of the city in the middle of a farm field are now a million.

outside of KITCHENER

I remember looking at those ... I was asking around, and ... at the time, it was ~$55k or so for that coach piece .. I was like wtf who would want to live atop a garage....

my sister lives on the very north EDGE of Waterloo, like the last house before the fields and then St Jacobs. 2 bedroom bungalow on her street listed for 800 and sold for 1.1

Those coach houses rent really well, I went and looked at few...I've seen some get $1,800/month.

My sister wants to sell her condo in downtown toronto She's been outbid so many times it is insane. Her budget last year was 750 but now she is realizing she needs 850-900 to get anything close to what she wants.

She wants to sell her condo, but she is getting outbid? wat?

Condos are ripping, but inventory seems to be picking up again. Doubt it will cool it off, but hopefully we get more supply. I had about 6 clients in the tailend of 2020 looking to lock in units, only 1 did, everyone else got priced out now.

Windsor area went crazy it also got a lot of publicity because all the 'investors' from Toronto went out that way to do the BRRR method with JV's.

Bank or Broker?

fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.

take card and report em

fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.

Report them to who? Realtors are not part of the door knocking ban.

Why stop at 3%?

There are Brampton realtors who work for free, can get better.

What is standard when selling? This has always been something i've been curious about but could never find real answers on.

I've always heard 6% was kind of the standard, 3% for selling agent, 3% for buying agent, but that you could easily do 5% (2.5/2.5).

But say I'm selling a house, you are my selling agent, I negotiate 2.5% with you, who negotiates the rate for the buying agent? Can you share any info on how that works, or is this some hush hush trade secret?

5% is typical at 2.5% each. If you discount you’re typically discounting on your side and leaving the buying agent intact at 2.5%

Go lower on the buying side and some agents won’t even bring buyers to your house. That’s typical for resale.

Precon is typical lower than the 5%

The sell allowed me to witness my own agent in action, plus ~18 agents pitching; insane differences in experience/approach in pitching.

"5% is typical" ...

At least in 2019, that was not the case. Whether you use the same realtor to BUY and SELL, or just to SELL (or just to BUY) ... some are willing to 'eat' some of that ...

Isn't that what I covered? 5% is standard (advertised) what happens behind closed doors is deal dependent...

This is where the 'magic' happens. You take a part time agent that does the one off deal or someone that doesn't know what they are doing...they get thrown into the den it's so easy as the seller agent to leave money on the table by not playing the offer night well or to be the buy side agent and missing out on a property over a few grand, when price is only one component and there are number of other ways to have a strong offer by being prepared.

Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping

pre emptive offers can work amazing if the listing agent is a part timer, doesn't know the local market, etc. Combine that with them entertaining the bully without
informing all other interested parties you could theoretically 'steal' the listing.

Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.

Is the process frustrating as hell for buyers? Yes.

This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.

Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy

Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?

It may be common practice but it seems like such a scumbag move, IMO of course.

I should've clarified, I was talking mostly detached 1.5m-2m range and some semis in the 1.3 range in 416.

Around 1M in 905 anywhere was the wild west, although I am seeing lots of offer dates flop in Markham and just relisting at some new ridiculous ask...some of it still selling.

Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping

Some agents have been caught doing shady shit in the past, but generally you get one shot at improving your offer.

Your frustrations are warranted. There are some houses I don't bother bidding on if I know the agent because I know my client will have no chance of getting it unless they severely overpay (local agents who know the ones that do this will avoid bidding on them also). In my local market if I see certain names I avoid the listing, if the offer date flops because they got greedy I will kick the can a day or two after when they've been humbled. Doesn't always work, but some agents are known to push the boundaries. Fuck that.

Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?

It may be common practice but it seems like such a scumbag move, IMO of course.

There's also the off chance your offer could be the highest one and the agent is trying to squeeze more out of you.

That was the first thing I thought when my sister called me TBH.

But then what happens when you are the highest and tell them to get fucked when they ask for more?
They call you an hour later like "Guess what! the other buyer backed out, it's yours for your original offer!"

Like if you're playing those games why not just hold a live auction on the front yard of the home?

Windsor still on fire eh? If she keeps losing offer nights, she should probably sit down w/ the realtor and ask wtf. Is she being mislead going to all these listings she can't afford from the start? The realtor should know wtf they are offering on. I get losing a few here and there, but more than that it's usually poorly managed expectations.

Went from 220km/h to 160km/h in a 100.

That's as best as I can explain it.

She's well east of Windsor, but I'm pretty sure Windsor proper is still going nuts.

I don't think she's bidding on listings she can't afford or being misled on, just shit luck i guess?
The last one we figured she was highest bidder and they came back asking for more.
This last one that went for 300k over at 1.1mill, there was 10 bids and she was number 2.

If highest bidder beats next person buy 100k I don't consider that not being able to afford the home, I think somebody wanted it very badly and was willing to go all in to guarantee victory. Who knows, maybe I'm wrong.

This is accurate LOL

London student house rental property next to Western. Listed today with offer date. First showing and clean offer LOL, but not at the price we want.

Shit be nuts yo!

wtf even with no students or are students still living within the school proximity despite studying 'from home'?

I don't mean to come off rude, it's just a pet peeve of mine because a lot of offers you see (majority actually) have no business being in the game. 2-3 are in the ballpark, the rest are the just dreamers. This is being on the listing side what I see.

But realistically what sets market value, these super high bids out of left field? Is that really market value when highest bid is 10% higher than the next closest? Are the homes really worth that? Are the buyers desperate and throwing everything they have at the bid? Are their agents misleading them?

Now I say good agent, because I really, really feel a small percentage of buying agents are scumbags and mislead their uninformed buyers.

I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.

This type of ‘strategy’ only works in a buyer’s market, I am assuming you bought when the market wasn’t hot. I did the same thing as you 10 years ago, none of that shit is relevant today.

This would never work today and this is the rookie mistake a lot of people make listening to their parents (clients I have). For example if your sister is looking now, yet operating with feedback/advise from your experience 10 years ago, she is at odds because what you worked for you will not work for her now. Times have changed/market has changed. If she wants a house in this market, she will need to be more aggressive. If she can wait it out then do that and then your strategy will once again be relevant. Places like Windsor will get hit the hardest when the house of cards crumbles IMO.

I agree 100%. I wasn't so much promoting my strategy, but rather showing how agents can force a buyer to spend more just so that they can make a sale, regardless if it's a buyer or sellers market.

I've told my sister since day 1 (which is well over a year now), that she needs to be all in. She would budget around kitchen renovation or tearing a wall down. I've told her, you can't do that, somebody else will happily take the house as is and bid above you after you start deducting your renovation budget from the bid. She has finally realized that on the last couple attempts, but yeah, I guess now that you say it, her agent probably should have been making that clear to her.

Any chance the RE cartel will allow transparency to the whole bidding process (open bids)?

It's insane having to make the largest purchase of your life all based on the trust of another individual.

I agree 100%. I wasn't so much promoting my strategy, but rather showing how agents can force a buyer to spend more just so that they can make a sale, regardless if it's a buyer or sellers market.

I've told my sister since day 1 (which is well over a year now), that she needs to be all in. She would budget around kitchen renovation or tearing a wall down. I've told her, you can't do that, somebody else will happily take the house as is and bid above you after you start deducting your renovation budget from the bid. She has finally realized that on the last couple attempts, but yeah, I guess now that you say it, her agent probably should have been making that clear to her.

Any chance the RE cartel will allow transparency to the whole bidding process (open bids)?

It's insane having to make the largest purchase of your life all based on the trust of another individual.

No need to worry about tear downs, no builder/investor is buying in this market.

You are probably going to get a young family looking for more space for their kids (which is 90%+ of buyers right now).

They lost a bidding war to buy the house in March of 2020, but days later the seller, who was also the listing real estate agent, contacted them to say they could buy it as long as they increased their offer and waived getting a home inspection.

Every offer night I've held I've provided a reputable inspection up front for the listing to save everyone the bullshit, but also because I want firm offers only. The crazy part is that all people making offers only a few of their realtors request the inspection for review, others don't even ask and just put it in firm unconditional offers.

You can lead a horse to water, can't make it drink.

Define reputable inspection? The issue with home inspections is that it's not regulated. If I'm on the buying side and inspection report is available I'll ask for it, but I don't trust it. Shit could be biased. Honestly Sellers inspection reports don't add much value, but good for optics.

Put in offer irrevocable until 9pm tonight, let's see.

A detached in KW is 1.2M now in the middle of nowhere.

Not too sure as I haven't followed, but I am assuming as of right now it's probably ripping. My brokerage just sold out a pre con development in Kingston for $1,000 a foot.....IN KINGSTON

I am off The Bridle Walk just North of 16th.

A lot of people I know with multiple properties dumped at least one over the last 6 months. This run up has been insane.

Are you in Wismer? It's been popping off there, no inventory. It's really the same across the board everywhere. Your old hood in Cornell has gone nuts too, nothing is affordable.

Markham is a drop in the bucket though, you want crazy, go to Guelph/Kitchener, I saw a stat that the price appreciation they've seen in the last 3 years outpaces the price appreciation they had in the prior 37 years.

A detached in KW is 1.2M now in the middle of nowhere.

Nice, that pocket has always been hot especially with the Asians!

You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.

My wife is a teacher in the immediate area, like most Markham schools they are great, the community of people there make it what it is.

You have a culture of people who highly value academics, who are involved, have resources, and teach their kids to respect the teachers. It's a really good dynamic you naturally get some of the best teachers working with an involved parent group and there is mutual respect going both ways. You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.

^ Pretty much.

On the topic of downtown condows, I pulled up the latest stats and the stats are glorious. Listings flat, offers up, showings up, days on market down. Condo rentals are about to make a rebound