I spent the weekend going to open houses, which I haven’t done in at least 6 or 7 months. Two things came from that:
1. Buyers… you need to do your research!! Just listening to people asking questions made me realize people aren’t doing enough research (if any) before checking out a house (unless they weren’t serious).
Case in point: Do not ask the SELLER’s Agent if the listing price is a good deal. He will (and did) say yes, obviously. But if you look on MLS, you would have seen it was 50k over anything else in the area.
Secondly, do not ask if a house will go into a bidding war from the Seller’s Agent… he will say he doesn’t know, or he’ll say no. Even though he’s holding back offers until Tuesday at 5pm to incite a bidding war. Either use your own agent (it’s free) or do your research. I’ve worked with Linda Wheeler at My Condo Network, who is the most amazing person ever, she’s on your side and understands the bullshit that’s going on. This isn’t an advertisement… I’m just saying, do not think you’re going to get a full honest story from a Seller’s agent at an overcrowded open house. One house I was in smelled like pee and smoke, and the realtor was like “Oh yeah don’t worry about that, you’re standing beside a litter box”. !!!!!! #ThereMustHaveBeenALitterBoxInEverySingleRoomThen
2. Anything east of the DVP is now considered The Beaches. I don’t care if it’s Leslieville, if it’s Danforth, if it’s Scarborough… it’s all The Beaches now. That commands at least 100k more because everyone wants to live in The Beaches. I give it two months before Scarborough Town Centre is the new mall in The Beaches. Oh also, Moss Park is now Riverdale. City of Toronto will be releasing new maps soon.
Here’s today’s fun listing:
$1.4 million dollars for a 2 bedroom, 1 bathroom bungalow that’s obvs in need of repair. Obviously it’s for someone with cash to buy it and tear it down and bla bla bla bla, but not the point! It should be 300k max! So people like myself or first time buyers can buy a small charming house. OMG so angry today, eh? Those open houses set me back like months in my real estate anger progress that I’ve made.