Bidding wars are common in real estate markets. Not only can they make purchasing a home more challenging, but they can force buyers to prolong their search for their dream home. Before the pandemic, there were already bidding wars. We may see the same thing when it ends, but for different reasons.
With the housing inventory dropping so low in many provinces across the country, buyers entering the real estate market in post-pandemic times may run into some issues. If people are not looking to sell, are taking their houses off the market, or are waiting to sell, there will be fewer properties available. This means there may be many buyers interested in one property.
85 East Liberty Street, Suite 81A is a condo townhouse at Phase 3 of the King West Condominiums development in Liberty Village. The third phase is just as alluring as the first two condominiums with residents having access to various shared amenities. Gyms, a rooftop party room, outdoor terrace, movie theatre room, and hair salon to name a few.
This 999 square-foot, two-bedroom, two-bathroom condo townhouse received visits from 250 prospective buyers and 16 offers were brought forward in February. The asking price? $695,000. The selling price? $965,000. Nearly $300,000 over asking price and only seven days on the market.
If you are a buyer looking to begin your search once restrictions ease, keep in mind that there will be other buyers who are looking to do the same thing. Will there be more bidding wars like this? Time will tell.
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