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#10043930 - 04/21/21 07:58 AM Re: dat real estate v.2021 [Re: Risky Business]
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RISKY HATOR you can sell my house now for x2 and we'll move in with one of y'all until market cools, thanks fam!
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#10043935 - 04/21/21 08:10 AM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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 Originally Posted By: Risky Business
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.

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#10043971 - 04/21/21 09:04 AM Re: dat real estate v.2021 [Re: robbbby]
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 Originally Posted By: robbbby
 Originally Posted By: Risky Business
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.


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.

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#10043986 - 04/21/21 09:13 AM Re: dat real estate v.2021 [Re: Risky Business]
Hatorade Offline
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 Originally Posted By: Risky Business
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 \:D


Yup it's nuts man. There's bidding wars on vacant fucking land too. I'm in the process trying to secure land for subdivision (20-100 units) and it's fucking wild.
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#10043996 - 04/21/21 09:25 AM Re: dat real estate v.2021 [Re: robbbby]
Hatorade Offline
pheggit
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 Originally Posted By: Risky Business
 Originally Posted By: robbbby
 Originally Posted By: Risky Business
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.


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.


Yup, that's why I always ask them how they are handling the offers on offer date. Most aren't out to play games since they are buying as well so being on both sides it's really nobody's interest to fuck around.

 Originally Posted By: robbbby
 Originally Posted By: Risky Business
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.


There's also the off chance your offer could be the highest one and the agent is trying to squeeze more out of you. There's a lot that is wrong with these offer dates and the whole "bidding" process. For example I've had agents tell me a rough number that we need to improve to still be in the running (he'll throw out a number like 20-50k or sometimes they'll say shit like you're about a mid-size car apart in price), just gotta read between the lines. Sometimes they are actually trying to help and other times they are full of shit. Also one thing that most don't realize when it comes to multiple offers, it doesn't mean shit if there's 40 offers as most of those will be shit, whether it's no where close in price or with conditions. Usually only a handful of offers will be close to what the seller is looking for and only 2 offers that truly want the place and pay a premium.

The real question is what that premium is and how much more should one pay, cause no one is paying what the last house sold for a week ago in this market.
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'02 Rota Grid - 195-55-16FR (RIP)
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10044044 - 04/21/21 10:23 AM Re: dat real estate v.2021 [Re: Hatorade]
robbbby Offline
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 Originally Posted By: Hatorade


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?

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#10044093 - 04/21/21 11:27 AM Re: dat real estate v.2021 [Re: robbbby]
Risky Business Offline
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 Originally Posted By: robbbby
 Originally Posted By: Hatorade


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?


This happens all the time unfortunately, you are rolling the dice a bit, but so are they. I'd like to think most agents act in good faith as no one wants to see a deal fall through over greed, but there are definitely bad apples. Sometimes you have unreasonable clients, they have unreasonable expectations and want more more more more more, don't listen to the agent and the thing falls apart.

I think majority of bad rep for agents comes from incompetence first and foremost, 'shady' is probably very last. To be a good agent there is a massive learning curve, most never even scratch the surface. That incompetence/ignorance is what comes off as shady imo.

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#10051495 - 05/04/21 08:01 PM Re: dat real estate v.2021 [Re: Risky Business]
Risky Business Offline
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Boom, went firm on a semi today, set a new sales record on the street by a decent margin. Parts of 416 proper are on fire.

No inventory and pre-emptives flying w/ no fucks given. It did help that I hired one of the best stagers in the city for this one. Place looked like it was out of a magazine spread.

What will be interesting is my next listing in 2 weeks which is a 100 acre cottage just outside of Toronto. If things continue as they are that might take the cake. Cottage country puts anything we do here to shame jfc 100% appreciation in 15 months.

Place in blue mountain that was 350 2 years ago going for a million now.

This doesn't end well for some people imo, I don't see how this can be sustainable.

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#10051602 - 05/05/21 05:54 AM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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My gf just sold her semi.
Bought for 167 6 years ago and sold for 510.
Again not GTA levels of insane, but we are talking about a really old, tiny ass semi, not some newer modern one.

It makes no sense though, the value of homes doesn't seem to scale linearly. Like 500+ for < 1000sq ft. semi, but then the nicer homes in great areas are 700 - 900 depending on size.

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#10051605 - 05/05/21 06:05 AM Re: dat real estate v.2021 [Re: robbbby]
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That's a good observation, every area has a certain price point of diminishing returns. In the GTA 1.2M was that bar before covid, under that crapshoot in terms of how they scale, over that you followed 'some' logic. In certain areas that number is 1.6-1.8.

For condos in the core it's around 750k where they scale somewhat normal over that and crapshoot below.

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#10055122 - 05/12/21 05:59 AM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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Sister lost yet another house. Asking $799, went for 1.1, she had gone in just slightly above 1mill. Fucking nuts.
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#10055127 - 05/12/21 07:33 AM Re: dat real estate v.2021 [Re: robbbby]
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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.

Things are more stable here now, mind you we went from going 220km/h to now a leisurely 160km in a 100 zone.

Some pockets still pretty hot, but 905 in general cooling, 416 a bit busier, condos busy, but slowing.

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#10055173 - 05/12/21 08:57 AM Re: dat real estate v.2021 [Re: Risky Business]
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2 bedroom bungalow on my street sold for $1.3M

Most people like for our property value. I'm like \:\| I'm not planning to move so what does it really matter? More like at the prices.

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#10055213 - 05/12/21 09:20 AM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
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It's ok, they will be crying when they have to pull out 200k+ out of their HELOC's to subsidize their kids' downpayments. Ask any boomer right now what they are going through.

I have a few clients, all with bags of money from the parents (majority) otherwise no chance of getting into the market.

House of cards

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#10055230 - 05/12/21 09:28 AM Re: dat real estate v.2021 [Re: Risky Business]
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is the market still on fire compared to earlier this year?
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looks stock.

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#10055252 - 05/12/21 09:57 AM Re: dat real estate v.2021 [Re: zaius]
Risky Business Offline
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Went from 220km/h to 160km/h in a 100.

That's as best as I can explain it.

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#10055519 - 05/12/21 03:04 PM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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 Originally Posted By: Risky Business
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.


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.

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#10055549 - 05/12/21 03:56 PM Re: dat real estate v.2021 [Re: Risky Business]
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pheggit
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 Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.

That's as best as I can explain it.


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!
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10055587 - 05/12/21 04:41 PM Re: dat real estate v.2021 [Re: robbbby]
Risky Business Offline
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 Originally Posted By: robbbby
 Originally Posted By: Risky Business
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.


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.


Over asking being irrelevant, before putting an offer on a house the realtor should have a good idea of market value within reason.

Asking to improve is expected in this market, so you need to operate with that in mind and how much room you have. No point to blow your load on first offer.

"If the highest bidder beats the next person by a 100k"

This hypothetical is not relevant, you will never know what the other offer was, that's why knowing the local market managing expectations in terms of what it would take to get the property is important otherwise it's just a constant churn of putting in offers and losing out.

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.

Full disclosure I know nothing about the market where she is so maybe it's all over the place.

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#10055588 - 05/12/21 04:42 PM Re: dat real estate v.2021 [Re: Hatorade]
Risky Business Offline
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 Originally Posted By: Hatorade
 Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.

That's as best as I can explain it.


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'?

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#10055603 - 05/12/21 04:56 PM Re: dat real estate v.2021 [Re: Risky Business]
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DT condos seem to be cooling off. Looked at a unit last week, bowed out of offer night...then it flopped. Listing agent just called begging me to come back, seller is all of the sudden motivated LOL

Debating if I should toss in a lowball, he is trying to sell it tenanted with C+ tenants at beginning of fixed term lease. Someone dun goofed or needs money bad.

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#10055631 - 05/12/21 05:32 PM Re: dat real estate v.2021 [Re: Risky Business]
Hatorade Offline
pheggit
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 Originally Posted By: Risky Business
 Originally Posted By: Hatorade
 Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.

That's as best as I can explain it.


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'?


Nope. Students are still renting. Vacancy has never been an issue during the pandemic. I was surprised too!
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10055937 - 05/13/21 09:36 AM Re: dat real estate v.2021 [Re: Hatorade]
Big Tasty Offline
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Did you all see the news story on Lakeview Village in Sauga? Shit is going to be all new massive living area by the waterfront.

https://mylakeviewvillage.com/mississauga-project-lakeview/
https://mylakeviewvillage.com/dl/19-10-07_DMP4.0_Report.pdf

Located in southeast Mississauga on the shores of Lake Ontario, Lakeview Village is:
177-acre mixed-use community
8,026 Residential units
1.5 km to Long Branch GO Station
3.6 km to Port Credit GO Station
Supported by established transit: GO, MiWay and TTC
Bounded by Lakeshore Road East to the north and in close proximity to major highways
7 km from Mississauga’s City Centre near the western edge of the City of Toronto

Office/Institutional 162,917 sm
Retail/Hotel 26,012 sm
Civic/School 27,449 sm

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#10055950 - 05/13/21 09:54 AM Re: dat real estate v.2021 [Re: Big Tasty]
Risky Business Offline
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Next to a sewage plant, you are better off going to the brightwater project in Port Credit.
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#10056127 - 05/13/21 01:05 PM Re: dat real estate v.2021 [Re: Risky Business]
Hatorade Offline
pheggit
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And London house is sold. $150k over "asking" LOLOLOLOL
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10056136 - 05/13/21 01:10 PM Re: dat real estate v.2021 [Re: Hatorade]
Risky Business Offline
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Congrats

Bully came back improved next morning? They can't help themselves ;\)

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#10056447 - 05/13/21 04:51 PM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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 Originally Posted By: Risky Business

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.


No not rude at all, I have no skin in the game and know fuck all about real estate, everything is just based on my limited observations.

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?

House right behind me sold for $650k, same house as mine, similar size property. Offer came out of nowhere from a toronto buyer. I know my house is not worth 650. You can't go and say other buyers underbid at a realistic $550k and can't fault a GOOD agent for advising to go in at 550.

Now I say good agent, because I really, really feel a small percentage of buying agents are scumbags and mislead their uninformed buyers. They want to make the sale quick, they don't want to look at house after house after house with the client. So, they advise that "in order to get it you're going to have to go in at $XXXXX, which is probably way overvalue.

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.

I know my situation was in a completely different time, but I still feel like lots of buyers don't think for themselves and go on the advice of their realtor who doesn't have their best interest in mind and only looking for that quick payout.

Again, just my thoughts.

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#10056811 - 05/14/21 08:09 AM Re: dat real estate v.2021 [Re: robbbby]
Risky Business Offline
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 Quote:
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?

Market is set by the buyers and what they are willing to pay at a point in time. That’s it.
I don’t know much about Windsor aside from the fact that in 2017-2018 all these seminars on real estate kept pumping the BRRR strategy in Windsor and a bunch of Brampton/young kid investors went out there and started doing it, refinance the house, buy another, one, rinse/repeat. So Windsor has always been popular for Toronto buyers just to speculate on.


 Quote:


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


You are being too nice here, it’s not a small percentage lol

 Quote:
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.

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#10057206 - 05/14/21 02:11 PM Re: dat real estate v.2021 [Re: Risky Business]
robbbby Offline
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Loc: Canada
 Originally Posted By: Risky Business

 Quote:
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.

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#10057219 - 05/14/21 02:20 PM Re: dat real estate v.2021 [Re: robbbby]
zaius Offline
Post Master Sr


Registered: 04/30/05
Posts: 8246
Loc: Toronto
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.
_________________________
2003 dc5 typeS.
looks stock.

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#10057312 - 05/14/21 04:09 PM Re: dat real estate v.2021 [Re: robbbby]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26867
Loc: Toronto, ON
 Originally Posted By: robbbby
 Originally Posted By: Risky Business

 Quote:
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.


So she's been looking for the past year? This has been a costly process...
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10057319 - 05/14/21 04:11 PM Re: dat real estate v.2021 [Re: zaius]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26867
Loc: Toronto, ON
 Originally Posted By: zaius
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'm all for transparency. Need the damn boards to allow it!!! It's honestly the shittiest game, it's not even so much trust of the agent. It's the competing buyer that is driving the shit up. What ya gonna do?
Keep putting in offers just to be outbid? There comes to a point where buyers will be, just fuck it and go in high. Because if you lost out on another house the next one you're paying more anyways in a heated market.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#10057335 - 05/14/21 04:27 PM Re: dat real estate v.2021 [Re: robbbby]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 42483
 Originally Posted By: robbbby
 Originally Posted By: Risky Business

 Quote:
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.


wow over a year? That's brutal, she has to live with the fact that she now paying 30%+ for equivalent properties from a year ago when she started. That's going to be hard to reconcile.

I don't even know what to say here, maybe time to take a break tbh.

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#10057338 - 05/14/21 04:29 PM Re: dat real estate v.2021 [Re: zaius]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 42483
 Originally Posted By: zaius
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.


Lots of talk about it, no idea if they will allow for it or not. Like Hator said, more transparency is always a good thing however I don't think it will change anything. Overpaying isn't because of blind bidding, that's just a convenient excuse.

Problem is you can't build shit in this city, approving anything takes 5-7 years while we keep bringing in people. Competition for housing will always be ridiculous.

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#10060204 - 05/19/21 05:44 PM Re: dat real estate v.2021 [Re: Risky Business]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 42483
Just sold this amazing log home on a 100 acres for double than what it was bought for just over 2 years \:o Smart money all around is cashing out on 2nd/3rd properties.

Cottage market is insane. Gotta be careful as some people can't close on these when the bank won't appraise at selling price and you need to look at B lenders or worse. Local cottage realtors out to lunch a bit when the Toronto crew shows up running circles around them on offer night. It's like a massive troll fest, good old boys don't know what hit them.


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