Is the Blue Mountain area the next GTA? A single detached home was listed last week for $399k it sold for $517,000 which is $118,000.00 over asking or roughly 30%. There were no crazy marketing games in play. In my opinion this was a home that was priced correctly. In the REALTOR® remarks the agent stated “Offers, if any,will be reviewed” at this date and location. A $100k over asking? Wow! The home was a typical 2000 sq’ 4 bedroom home found in Collingwood, the Blue Mountains, Meaford or Creemore. The building was clad with vinyl siding and brick. I assume the house was built in the 90’s due to the concrete foundation and style. There’s no granite, updated spa bathrooms and no exceptional upgrades. Actually one photo had that wall paper that they installed at the first foot from the ceiling (Dated), but its the easy wall paper to take down. The school district is excellent and very accessible to the vibrant parts of town. Most importantly it was in the price range that has the most interest from home buyers. Sell when buyers are motivated!
When I am in discussions with a home owner, the typical objection is where will I move to? You said inventory is limited…..Well the sellers REALTOR® in this transaction dealt with it appropriately and held out for an August closing. Why because the sellers are in the drivers seat!
The other notable action was that this REALTOR® did not splash the listing all over social media for a week or two, while under an exclusive listing agreement looking for the dreaded double end. And most importantly a much lower selling price. Folks you will not receive the highest price by advertising to a small audience, you need as many prospective buyers possible to view, share and see your home. The only way is through the realtor.ca. Now social media is a great method to promote and market a property but the maximum targeted add that I have seen in this area is 2400-3500 impressions. In most cases you want the world to see it.
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