Multiple Offers … Believe It or not, they are a fact of life in today’s Huntsville and area real estate market!
In 2016 multiple offers on properties started to occur in and around Huntsville on a more frequent basis. Now, well into the first quarter of the year 2017, multiple offers seem to be a fact of life, or simply just the way it is.
Perfect if you are a seller, not so good if you are a buyer
The latest market figures highlight just why multiple offers are on the rise across the region. In our Real Estate Board coverage area, The Lakelands, which includes Muskoka, Haliburton, Almaguin and Orillia; as of March 31, 2017, compared to March 31, 2016, the total number of Active Listings Year to Date is down 15%. The total number of Expired Listings are down 30%. The total Number of Sales Year to Date are up 27%, reflecting the continued demand for property in the region.
On a more local level here in Huntsville, for Single Family Dwellings, listings are up actually up by 16% compared to 2016, and so are sales, up by 64% compared to 2016. The Sales to Listing Ratio is also up to 62% from 44%. Generally, this translates to 6 out of 10 properties selling compared to 4 out of 10 a year ago.
These market aspects lead to the fact that inventory levels are lower than compared to a year ago, which is strongly influencing the likelihood of buyers facing competing offers. Another possible indication for the increase in competing offers is the number of listings which are selling at either full list price or higher. Based on Huntsville’s total sales, which includes all residential, cottages and condos (except new construction), out of approximately 87 transactions, 26, or about 30%, have sold for the full asking price, or higher between January 1, 2017 to March 31, 2017.
As the leading real estate brokerage in the area, Royal LePage Lakes of Muskoka Realty takes the responsibility of representation in multiple /competing offers very seriously. Which is why an informative brochure has been produced for Royal LePage Realtors and their Buying and Selling Clients. You can access the brochure here. Click here for the brochure.
As a Buyer or Seller, it is important to understand how the process works, so that you clearly understand expectations of all parties involved.
As a Realtor®, we must also understand and adhere to certain polices and procedures to insure the competing offer process is fair, transparent and handled in a professional manner.
It is true that in a competing offer situation, only one party will be successful in securing the purchase of any given property. While one, two, three or perhaps even more potential buyers will lose out on the purchase, which can likely leave those buyers feeling upset, and perhaps even mad. But in the end, they should be able to feel that they have been dealt with in a fair and ethical manner, by both the Seller and the Realtor® or Listing Brokerage representing the Seller.
Naturally our governing body of real estate activity in Ontario, RECO takes multiple offers very seriously as well. Here is a link to some information on the RECO website regarding multiple offers: http://www.reco.on.ca/ask-joe-question-tag/competing-offers/. Due diligence and research is always strongly recommended when it comes to selling or buying property, and resources such as this are a great place to begin.
Due to our many years of experience in the Real Estate profession, Rick – 31 years and Sandra -26 years, we have represented many, many Buyers and Sellers in competing and multiple offer situations. We would be remiss to say that our client was successful in each and every instance, but we are comfortable in saying that we have been successful for our Buyers and Sellers more often than not. The other thing which we feel comfortable in saying is that due to our years of experience, and perhaps even our maturity, we are comfortable with the process and procedures; so we can be the steady hand on the tiller amidst what can feel like a storm during a competing offer situation.
If you happen to be in the market for a cottage, home or condo in and around the Huntsville area, put the care and expertise of The Wearing Parrott Team to work for you. Please call us at 705-788-3535 or email at info@WearingParrottTeam.com today!
This information is taken from sources deemed to be reliable. The Wearing Parrott Team does not guarantee accuracy; we recommend information be validated independently.
When you are ready to buy or sell your home, cottage or condo, you want a team whose expert advice you can trust and count on. Achieving your real estate dreams begins with an in-depth conversation about your wants and needs. The Wearing-Parrott team not only provides over 55 years of combined experience helping their clients, they believe in the power of listening too. You will be center stage through the entire process. Contact us to set up an obligation-free appointment, and find out how you can put our real estate team and experience to work for you.
Please call 705-788-3535 or email us at: info@WearingParrottTeam.com today!