Toronto Home Attracts 532 Staging And 82 Bids

The bidding wars continue in Toronto with properties being sold way more than their asking prices but still, buyers are not backing down. Home sellers are taking advantage of the current market situation and this also to the surprise of experienced real estate agents who find it hilarious at the rate buyers are offering prices.

The sale of the home on Farthingale Crescent close to Chinguacousy Road and Bovaird Drive West came as a shock for many agents and housing spectators. After being on the market for just eight days, the home lured closely about 532 viewers and received 82 bids. The property was sold for $756,000 which is $206,100 more than the initial asking prices.

This was very outrageous for Toronto agent Frank Leo as he stated “I was blown away. The owner fell off his chair.”

The home which comprise of three bedrooms, three bathrooms, a double garage and a backyard hot tub might seem as the normal home that have over the years being sold in bidding wars but the peculiar scenario in regards to the property according to Leo, is the number of buyers it attracted. For his 27 years experience as a real estate agent, this has been Leo’s highest number of viewing and offers he has seen.

Even though some people might argue that sellers price homes really low deliberately to get people to make higher offers, Leo disagreed stating that in the case of the home sold in Brampton, the original asking price was quite normal. It was just unbelievable that buyers were willing to make such offers.

The whole sale process of the home didn’t go as planned from the day it was listed on the market until it was sold. However, the average price for a home in Toronto stands at $770,745 but this is projected to increase during the year.

According to the Toronto Real Estate Board, the lack of new listings on the market is one of the key reasons behind the increase in home prices. By the end of 2016, the number of new listings in the Greater Toronto Area was at a 16-year low.