Low interest rates, weak canadian dollar and foreign investment are just a few factors contributing to a above normal housing demand. We are experiencing more and more multiple offer situations, pushing the price up and creating even stroger demand, Since the investor confidence is back in real estate market. In a heated market Sellers and buyers both need to act very carefully.
As a seller choose an experinced realtor who can handle the multiple offer situation diligently. It seems very simple but its is very complex situation. You put your property on the market for a fair market value and you get number of offers willing to pay you asking or thousands of dollars over the asking price ...sweet...But . There are several factors that you need to consider. $$$ figure is not the only thing that is cruicial in this situation, completion dates, buyer's conditions, buyer's qualification are all important factors before accepting an offer. Seller should give himself plenty of time especially if you are upgrading or downsizing.Since seller becomes a buyer immediaty after signing the contract. a needs lot of time to secure a shelter in a seller's market.
Subject free offer should always be given more weight, if the price differnece is not too much. A subject to finance offer can ruin the mutiple offer situation and turn the tables on seller if collapses after two weeks of acceptance. Listing agent should take enough time before inviting offers to give every buyer level playing and maximiz the compltition. It will result in higher sale price and can dictate seller's terms more effectively.
As a buyer, in a mutiple offer situation should not bid unreasonably high just to beat other buyer's. As buyer's agent one should do necessary research before writing an offer and qualify the buyer, so that unnecessary clauses could be avoided that deccrease buyer's chances to acquire the property. Attaching a deposit cheque with a conditional offer may increase buyer's chances to get a property in a multiple offer situation.