Newspaper headlines identify a chill in Canada’s real estate market. These reports focus primarily on the previously overheated markets in Vancouver and Toronto. Here in Kingston, we are experiencing something quite different. Our spring market has a low number of properties for sale and a relatively healthy number of buyers. This results in what is known as a seller’s market.
In a seller’s market it is more likely that a listed property attracts multiple offers. Buyers sometimes fear losing out in a multiple offer situation, and may be tempted to offer well above the asking price. In these situations it is fairly common for a home to sell for 5-10% or even more over the asking price.
As a buyer in a seller’s market you may find yourself in a multiple offer situation. It is best to be prepared. The true “market value” of a home is not only determined by realistic sellers, but also by prudent buyers. If you are getting out of your comfort zone or you are not 100% sure the house is perfect for you, take a moment to reflect: It’s just a house.
The home you're agonizing over probably wasn’t known to you a week ago. New homes come to the market every day. You should not worry about the one you don’t get. One thing I’ve learned in my 19 years as a licensed Realtor with over 3,000 completed transactions, is that there will always be another house to meet your needs. Be prudent in your home search, and remember: It’s just a house.