Unbelievably we are running into multiple offer situations all over the place. It’s not the frenzy of last year but it’s still slightly surprising…
Hey everyone, is Tom Karadza with another Rock Star Minute. We’re outside just because there’s some stuff going on inside, so we came out here. I want to talk about what we’re seeing in the market right now. Interest rates went up a little bit. Yesterday, or the day before, I think it was yesterday, and the mortgage world changes came in on January 1st a lot of people have been asking us, “hey, what are you seeing in the market?” To our shock, you’re not going to really believe this, but in all different markets that we’re looking at, we’re seeing multiple offers again.
So, for example, in Oakville, somebody on our team saw multiple offers on a property over a million dollars. Now, this property had been sitting on the market for a little bit, like 30-40 days. But when they wouldn’t put an offer, they got into a multiple offer situation. So, it’s not like a frenzy, and it still did sell, I think slightly under asking, but the buyers seemed to be out there, and as a couple other examples out in London, Ontario where we buy some income properties, we saw multiple offers. I think out there we saw five multiple offers on a property in Guelph Ontario. We were buying income properties as well. We saw a situation about 10 multiple offers as well. I think that property was about $500,000 dollars. So, we’re seeing multiple offer situations.
So, a lot of this is because there’s not a lot of inventory available right now, and the buyers are being forced to go into multiple offer situations because there’s not a lot of selection. We didn’t anticipate this at all with the mortgage rule changes and interest rates going up a little bit. So, it’ll be really interesting to see what the next few months brings and if this trend continues and what happens to the spring market. But right now, it seems like the buyers are still there. So really, it’s still a little bit of a seller’s market from our point of view. It will be interesting see next few months. Hopefully that gives you some insight. Until next time, your life your terms.