Some dwellings in these markets, such as the cottage country north of Toronto, have sold for as much as twice the listing price. Recently, a residence in Toronto sold for more than $1 million over the list price.
“The list price used to be one of the most important factors when listing a home, as it signalled the seller’s expected price to prospective buyers,” noted Mustafa Abbasi, founding president and chief revenue officer of Zolo, a digital real estate marketplace. The bidding process involves two steps. Prospective buyers must register an intent to bid by a specific time and subsequently submit that bid before the deadline. Real estate agents offer a general rule of thumb: add five per cent to the list price for every registered bid intention. For example, if a home is listed for $999,000 and eight bids are registered on the property, an enthusiastic buyer might be tempted to bid 40 per cent more than the list price.
The support for Horowitz’s findings is found in Toronto sales data for low-rise housing in 1995, when less than two per cent of homes sold for more than their list price. The average sale-to-list-price ratio was 99 per cent.Article content
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