Seven potential buyers pulled out at the last minute Monday night as the listing agent prepared to deliver each bid to the home’s owners for review — some with deposit cheques of $100,000. The house sold for $601,500.
“I just kept thinking, ‘I hope nobody breaks into my car,’” joked listing agent Ashley McInnis, recovering from a frantic week that saw more than 350 potential buyers tour the home and countless others call to inquire about the detached home in the up-and-coming area close to transit and the downtown.
It had been listed for $419,900 at the owners’ insistence, considerably under market value, because they were concerned it needed so much work it would turn off most buyers.
Instead, the 2,600-square-foot house, which has been operating as two crammed apartments for years, created a frenzy among buyers who are finding there is very little decent on the market right now under $800,000.
“People were doing anything they could to make their offers more palatable to the seller. Money talks. This would have been a case where it would be hard to make an offer conditional on a home inspection.”
Agents were showing up with blank offers for the house, sight unseen, right until the 3 p.m. deadline for offers Monday.
“This many offers tells me that buyers are out there, that consumer confidence in the housing market has returned,” says McInnis. “They are at the start line and just waiting for the gun to go off, but there is no product out there.”
Original Article
Source: thestar.com
Author: Susan Pigg
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