Brampton Home Sells for $200K Over Asking
Monday Feb 13th, 2017Share
Well if 2017 is suggesting anything early on, it’s that Toronto housing prices are going to continue to rise. While this may be alarming to would-be homebuyers, it provides a real opportunity for investment and large returns year after year.
Record-setting prices seem to be the new norm in the GTA, suggesting that now more than ever is the best time to actually buy a home in the GTA. A property located in Brampton was highlighted this weekend in the CBC for selling 200K over asking price, less than days after it was listed. The home received more that 80 offers in the one-week period and sold for a handsome, $756,000 - $206,100 more than the listed asking price.
Now if only you were the homeowner walking away with $206K in change…
First thing that surprised me about this listing was that the property was listed competitively priced to the homes in the area. It has been observed as a tactic that some people will list their property at a low value in order to drive a bidding war; this was not the case with this listing. Second is that the home is very traditional; nestled amongst a quiet suburban neightbourhood, three bedrooms, three bathrooms, and a double car garage.
A very ‘normal’ home so far as homes go.
So why such a large difference between asking and sale price?
There are many factors that could drive up the real estate market in the GTA, from population growth, to job availability, to the low supply of housing. It’s very challenging to predict what will happen in such a fast-paced environment, which is why the real estate market continues to surprise even the most veteran agents.
If your still on the fence as to whether or not it’s worth the investment to buy a house in the GTA in 2017, keep in mind, the average sale price is expected to rise once again, from $770,745 to $820,000 throughout the year.
Hopefully the next house that sells $200K+ over asking will be yours…
If it is, congrats – hit me up and you can take me for a coffee.