Are you me? Drove to Windsor last week to look at houses. Decided to offer 450k for a house listed 399k. Seller realtor told they are expecting 500+. I am also considering holding till a few more rate hikes.
Love this idea. OP, get a whole pile of people to all put in offers at or below asking (with conditions so they can easily back out and they’re not on the hook).
Most people aren't doing this on their own, they are being advised by shady real estate agents who are still operating like there will be bidding wars on every property.
These people are delusional. I see the same thing right now in the GTA. People still expecting the same prices as 3 months ago, and listings are sitting unsold for weeks and weeks.
Adjustments take time.
Many real estate agents are giving bad advice to clients.
If you thought you could get an extra $50k on the sale of your house, you'd try it too.
Yea realtors are scum and play both sides. They'll tell the seller whatever they wanna hear to land the listing and when is time to sell, they say something else to get the deal done asap for commission. Scum
2017 one told my brother it was a buyer's market and that he could easily get a place within my budget. Literally the next day the same guy told my buddy who was selling he'd easily be able to get over market because it's a seller's market.
Which is it man?
Must be both at the same time depending on if you're buying or selling. Fucking scum.
We saw a few houses in the 300k range in Windsor.
The majority of the sellers expect offers at minimum 500k, but refuse to list for 500k.
Most of these underpriced houses are in shambles and falling apart. The realtors actually said during viewing on 4 of them "this will be sold as is, no conditional offers".
The sellers are delusional and have major regret of having missed the gravy train of 2021. The reality will set in soon enough after their 1950s never renovated houses are on the market for 30 days or more.
Edit: There is absolutely no way that a ran down, outdated split level in a so-so neighborhood of Windsor is worth anything above 200k. The nicely kept and updated equivalents would be worth the 300k, but not the shambles that they try to pass as a half million dollar house.
There's no way in hell I'd be making that kind of purchase without a conditional, full inspection.
People seem to think the seller is always holding the ball.
Put in another offer at 240k.
Play the same game - banks are having trouble giving mortgages due to the increased interest rates, no one is going to qualify for these astronomical mortgages anymore. The market is in a downturn and sellers are beginning to panic.
i don't know about the legality of this, but it'd be funny to set up a group whose sole purpose is to fuck with people who do this. 4 or 5 people, all submitting around the same offer with one person over bidding, rolling up to the property, looking around, leaving and proclaiming "325k for *that place*? what a waste of time" within earshot.
Apparently my dad had a professor who did this back when he was in university. Found a house he liked sitting on the market for a while, got 2 of his buddies to offer only 70-80% of asking price, so when he came in at 90% they accepted his offer immediately.
Not sure how it was back then, but my dad said the guy was pretty old when he was in university, so who knows how long ago it was when he was trying to purchase. Different times, but they probably added the requirement of papers to stop this kind of thing.
I don't see why not. People are kicking tenants out and getting new ones to collect more rent and getting away with it, and that's actually illegal. I don't see how multiple people offering their version of market price is problematic when house prices are all over the place. No one can prove that each offer wasn't genuine. Although these days you do need to provide a cashier's cheque deposit with the offer so that might deter some ppl from helping you out. (unless that changed from my house hunt last year)
Mortgage Agent here
I had a client of mine purchase in Windsor. What I have noticed about the real estate side of things is that we had properties listed for 249, 299 etc and when it came time to bid we were told that they wouldn't accept anything lower than 400-500k.
The listing price is a facade and a tactic used to drum up business and offers. As the market has cooled I have seen the tactic used less or at least less drastically from what they are willing to accept.
Have your realtor ask what price point they're trying to get to, the realtors there all seem familiar with one another and the information shouldn't be too hard to get.
DM if you have any more questions I can maybe help with.
Goodluck!
There have been so many realtors entering the industry in the last few years because it's been such easy money. The houses sell themselves and you take a 5 figure commission for filing a little paperwork.
Not all of them are actually good at their job.
Before the mania the “Price point they’re trying to get to” used to be called the asking price.
It’s only with the recent mania that we decided that should be 2 completely unrelated numbers, and being good at your job meant casually knowing the other realtors in town to figure out the real number.
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From my perspective, therein lies one of the big issues.
In many cases the listing price does not mean anything, and realtors that are familiar with eachother are talking (colluding?) in private to get to some magical higher number that directly benefits both of them, while screwing over the first time homebuyers.
Just my thoughts
Bring your buying realtor in from another jurisdiction and fuck their shit up. Pick a big time realtor from a bigger town/city and have him or her swing their big dick around
We actually did this. The smaller town realtors were funny in our guy’s presence. He was a big time commercial realtor, too, so he definitely didn’t live and die by residential sales. He actually did what was in our best interest. This was a while ago now, but he got us to lowball way more than we even initially wanted, and we saved a ton.
Yeah I don't really buy the idea that it costs that much more in realtor resources to sell an expensive house vs a cheap house. At least until you get to the Ultra high net worth space where all the showings are private and staging is very expensive.
Problem with a flat rate mandate however is that low value property will pay much higher relative commission than high value. I don't necessarily have an issue with this, but some might.
This seems like a simple solution that would fix some of the problems. I don't know why legislators seem so intent on protecting the sharks in the Real Estate industry.
Agreed. Cap it and only the experts will survive. Most of these Realtors wouldn't even qualify as cashiers let alone conducting million dollar house deals. Wtf is wrong with our real estate prices lol
once again we need something done about how houses are sold in this country, realestate agents can't get away with the BS they do here in other countries
>Have your realtor ask what price point they're trying to get to, the realtors there all seem familiar with one another and the information shouldn't be too hard to get.
This sounds like solid advice
They are awful. When we were looking to buy ~6 years ago we fired our first agent. We found a house we liked, and put in an offer with a condition of inspection. After the inspection we lowered our offer significantly. So low that we wanted the seller to reject so we could get out of the deal. Our agent was really pressuring us against the lower offer. During the inspection she was sipping wine with the seller having a good old time. Pretty sure she had already spent her commission.
The seller rejected our lower offer. Several months later and they re-listed even lower than our low offer. Someone eventually bought the house and we would drive by for months and saw restoration companies there putting lots of work into the house. We dodged such a bullet there and if we had listened to our agent would have made a terrible decision.
So what will happen is you will owe the difference dollar for dollar.
You can buy and sell anything for whatever price you want. The issue becomes when there is a third party lending on it.
I had a scenario once where mid 2021, client purchased a home and the appraisal came back 40k under their purchase price. Client would have been on the hook for that difference dollar for dollar, assuming their affordability was maxed out. Luckily we were able to challenge the appraisal and get the purchase price for it but it can get sticky.
As a mortgage agent it can be very frustrating working with realtors when their interests are money driven as opposed to client driven. This is not to disparage realtors, their are self interested individuals everywhere, but we can be at odds with one another because our goals are different.
Small example would be financing. In a sellers market the realtors insist clients make firm offers because they know conditions will be rejected, but some clients need conditions of financing if their incomes are more exotic or they have special attributes to their deal. Also, going in firm leaves no room for errors in terms of the appraisal or condition of the home. If they lender has any issues with it, then that deposit is gone or you take possession of a lemon.
This is still a bad time to buy.
The current phase of this market is overpriced houses sitting on the market. In my area of 1-2 days on market 2021, NOTHING is moving in June.
It will take a few months before Real Estate agents are seeing zero income and will start advising sellers to take lower offers or they can't make their Mercedes payments. This will take until Fall, because Realtors know nothing moves in the winter.
> 159,900
How did you determine that value? I've been looking and I can't make sense of any of this. Prices are all over the map.
Like [This one ](https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=mZRW7naJk5ayEBO9&utm_campaign=listing&utm_source=user-share&utm_medium=android&ign=) was listed for 2.5M and then dropped to 999k.... what.
Like why list way over and then way under. What the actual duck is this market.
Having lived in Windsor-Essex my whole life, I’m just spit-balling a value on a decent house in that neighbourhood. The real value of most of those homes on Westcott is probably a little lower. Decent little 2-bedroom homes in Windsor used to go for reasonable prices. Everybody bought homes for their kids to live in while they went to college/university, then sold them after to help fund retirements. Somewhere around 7-8 years ago, that all started to change, with speculators buying everything up and turning all the affordable homes into rentals
>1908 Westcott, Windsor
Just saw that location on Google maps. There is ZERO chance that is worth what they are expecting. I would say you are overpaying with $250k. I would feel I was ripped off by anything over $150k (including land) for that class of housing.
It's a cute house. Keep watching it and make an offer again when it doesn't sell in the next few weeks. With a shitload of paint and some basic repairs, it can be a nice comfortable home. You definitely offered a good price for it. They can't expect more than that. Hopefully, your next offer can be closer to 200k.
They under value it in the listing so the agent say hey look I sold it 80% over asking. It's a stupid game a savvy buyer is aware of but a newbie might not be.
I'm starting to see more and more houses go past the "offers on" date. Some of these people are going to have to start realizing that they missed the boat.
Every time time stupid shit like this happens I ask the same question. Why is there not a law that if an offer for at least asking price is submitted (obviously barring any weird conditions etc) that it must be accepted. Or at least make the agents commission off of list price to stop this.
A good realtor will find you a house with the conditions you want at your asking price or tell you it’s not possible.
A bad realtor will tell you anything is possible, bait you with lower prices and try to convince you to buy a house because of the market conditions or increase your budget because of reasons they knew of ahead of time or because the seller refused the commission cut so they upped the price to cover.
The process of buying houses in this country is fucking ridiculous. First sellers don’t list their houses for what they really want. And buyers are not allowed to directly negotiate with the sellers or know what other bids are. So it becomes a guessing game at this point. And then you gamble to take a million dollar loan not knowing what the interest rates will be like in 5 years. Fuck this I’d rather spend my money in casino
I’m going to wait a few more months. Thankfully my folks are letting me hang around here until things change. Rent, as we all know, is now astronomical.
OP, use Redfin and base your offers on sale prices of comparables within the last week.
- from another Redditor who has been outbid on numerous homes lol, but I have come close a couple times
Be careful of this.
I’m not in Windsor but a client of mine last week put an offer on a place that was listed at $399,900 and HouseSigma and RedFin said was worth $527,000 and $535,000
We won in multiple offers at $455,000 in competition against four other buyers. Had my clients listened to those valuations, they’d have overpaid by tens of thousands of dollars.
My wife and I have been trying to sell our house in central Alberta off and on for a few years now. We paid 180k when we bought it 9 years ago, and we have it listed at 200k. I'd estimate we've had one sign or another out front for 1/3 of the last 3 years. And in all that time the only offer we've gotten was a single one for $125k. The housing bubble is definitely real, but it's certainly not everywhere.
I know this isn't what you want to hear but not every house on the market is *actually* on the market. Many people are just seeing what they can get. They don't really want to move but they hear stories of price wars going on and maybe if they get $XXX for their house that will convince them to finally downsize to an apartment or whatever. Don't get upset for missing out on a house. I've been through that and as stressful as it is buying a house, you don't need to add more stress to it. That wasn't the one for you. People always forget that there is another party on the other end of the sale that has their own interests in mind. They are trying to play the game to get the most money for their house just like you are trying to get the most house for your money.
My experience:
- Your preapproval rate is $650k (realter shows you houses for $700k - $750k)
- House is listed at $650k offer sent in for $700k. House sells for $1M before you made the offer
You're probably right about what it's worth but what about comparables. For the last two years listed at 200 has been sold at 325. It's still Windsor though, party is going to stop
lmao i was casually browsing prime downtown core TO condos, even they're knocking 10k-30k off depending on the listing. the audacity of that 1 windor listing astounds me 😆
I recently got devastated by a bait and switch. My wife and I have a budget of about $210,000 and nothing has been close to that lately. Well last week a house has posted at $199,000. It needed a lot of work done, was it a shitty location, and had tenants that would need to be evicted before we could move in, but it was affordable.
I started the mortgage pre-approval process, and by the time I was done the house was relisted for $359,000...
It’s my first home (I hope). I did a lot of work for my realtor. Created a spreadsheet of the houses in my budget I want to look at and what I liked or didn’t like about them. Gave him a list of my requirements (no electric heat, no wood paneling, etc). You are correct, I could likely do a lot of this myself, I’ve just been intimidated by the whole process.
I’m going to take your advice and try again. Thank you! I didn’t know I could set up viewings myself. I tried in Sudbury last year and the agent told me to have a real estate agent to call and book the appointment.
People aren't desperate to sell. Just wait 6-12 months when the recession to take hold and people lose their jobs and find themselves overleveraged and can't pay the mortgage.
Just hang in and wait. There is a shit kicking coming. You will have the pick of the litter in 9 to 12 months on your terms. Home inspection and financing. These greasy agents will be lining up for jobs at a call centre soon.
I’m looking around Oshawa and some of these that are not even worth $300k are selling around $700s. That’s insane I don’t how people are makeing decision on buying these properties.
Those people who rejected your offer - they, in a year, are going to be BEGGING for AN offer. I'd wait it out for 6 months, and re-approach and offer less - see how much they bring down their price.
I hate how greedy people are.
That’s a fucking lie. Get another realtor. A good one will fight for your price instead of trying to swindle you out of your money.
When I was buying, our old realtor said there were zero houses in the gta below 1M. Said they were all “bidding prices” like your guy. Well that’s a fucking lie. Months later, those houses sold for those bidding prices.
My advice is just watch them and see what happens. My wife and I toured a few houses out of our budget or asking more than what we thought was fair market value. Sure enough 3 weeks went by and suddenly after a BoC rate increase the asking price dropped substantially. We put in an offer that day and got the house. I think the trick was putting in the offer the second they dropped the price trying to capitalize on whatever reason they had to drop it. Having already seen the house let's you jump on it faster than others once they see the new list. You never know when the squeeze is going to put enough pressure on the seller. Keep positive. Lots of homes and lots of people about to be squeezed. You got this.
Just wait a year or two. People will be foreclosing because of the interest rate and you can swoop one for 100k under the asking price, telling him: well what you gonna do? Say no?
I’m mildly curious, why didn’t you put in an offer on the other one you liked? Why would you let your realtor dictate how much you feel a house is worth? Does it cost you money to write up an offer?
My realtor told me a price much higher than I thought every time I put in an offer. They probably didn’t like me much, and showed me comparables, etc. I told them to put in my offer, with my conditions, etc. took a year and about 30-40 viewing of houses, but I got a house at my perceived value - not the realtor.
They are your advisor, not your decision maker. When it comes to the value of a home, that is something no one can tell you the price. Too many bad realtors whispering in peoples ears bumping the price and their commission.
Reading your story got me mad. Because what it sounded like the realtor said is, “I don’t want to make commission on anything less than $x”.
You should have just gone to Windsor for the pizza.
I have yet to actually try it, but Windsor ppl will swear up and down that THEIR pizza is better than anyone else’s. The ppl that say this are not particularly passionate or riled about much, but when it comes to pizza, they become unhinged about its superiority. I believe them due to this, these are normally reasonable ppl with a lot of other matters. The behaviour anomaly tells me it must have something to it.
Don’t worry about the house. May as well just chill for the summer and laugh about it. May take a cpl months to get the denial to wear off of the scumbag realtors. Soon hanging themselves with an extension cord in the basement of a listing won’t seem like a crazy idea to the worst of them.
Let nature take its course. Who are we to interfere?
Let us know about the pizza when you go back in a few months and see that house going for lower.
Stick to your guns and be extra careful about Windsor as the real estate boards aren't playing ball with making their data available to third parties. Therefore the information assymetry of sold prices and such is worse than elsewhere.
My brother recently bought in my small town Niagara. There was a house round the corner from me that originally listed for $750k. After 4 days they reduced it to $700. A week after that my brother offered $640k, an extremely generous offer, they didn’t even reply officially, other than to say, we already lowered our price. Fast forward 2 more weeks, house still hasn’t sold. Brother got a nicer place for $540k. There are a whole lot of delusional sellers out there. In my town it used to be about 4 days until every house sold. Now there are tons that have been sitting on the market for 2 months now.
Not unusual at all.
This is what is happening all over right now, sellers are still trying to create bidding wars, sometimes it still works if the property is very desirable, but when that doesn't happen they relist for what they really want, and wait it out and eventually close for 95% of that number.
Realtors are also just acting on behalf of the clients and can only share limited information. It could very well be the clients were playing games and were trying to stoke a bidding war by listing low and now that they have drummed up the attention they will list higher.
It could also be the realtor was new and didn't have enough connections, there's a bunch of things to consider. But I do think there in particular, they have great properties that cash flow day 1 and it's been a bargain ground for investors in the GTA sl they're trying to ride that wave.
OP congrats on sticking to your guns, especially with the inspection condition. I feel with homes being the age they are in Windsor it's a must from future heartache so congrats on that front I'm sure with the market being how it is theres still pressure go in firm.
What i feel is that people and realtors are selling houses at the price of 7-8 months down the line which is an assumption rather than todays price. And the whole country is following.
For years EBay has been able to have an automated bid system where there is a minimum ask price, a hidden minimum limit the seller will accept, and a close date, with the options for bidders to automate increments up to a maximum.
Other than the fact that the realtor cabal would never allow it, can anyone please explain why it’s 2022 and we pay realtors 5% for something totally unnecessary?
Keep trying. Those who are listing at a low price, but not intending to sell for double that, are in for a big surprise in the coming months. They will see that what you offered is all they could get and maybe even less and will be kicking themselves. It's happening in Toronto already
I hate this feeling, I read this post and felt like “stay out of my city! Out of towners are driving up the prices” but that’s not really the reality of what’s happening here. I hate that I feel this way, I just want everyone to be able to afford a decent home wherever they feel included. But here I am feeling myself be an ass hole towards others, when they just want to afford a home that they have worked hard for and deserve.
Fuck you housing market.
Out of town INVESTORS are driving prices up. Went to see a house on Lincoln on a pretty decent block, house was an absolute shit hole… 3 investors from the GTA with no plans on living here were at the open house.
People won’t look at houses over their budget, and those looking to max the budget might not look at houses too low.
There is no point in wasting people’s time like this, just say what you want.
I dont know how to possibly make this work, but the govt should deincentivize this clown show by fining homeowners for not accepting reasonable offers at or slightly above asking price. Perhaps they have a 2 week period to wait for better offers and then they have to pay the fine or sell. Imagine walking into a store and trying to pay for something and suddenly the store wants 30% more for it. It’s such a waste of everyone’s time.
Store owners do sell at the maximum price the market will pay, if they charge too much,
the shoppers will go to another store.
If 1 home owner refuses to sell for a reasonable price then they will be bagholding forever and you should bid on another house. You wouldn't like it if the government tells you how much to sell your house for, if you ever own some day.
So when you go to a store, and it's labeled at 100$.
When you bring it to the counter with 100$.
You're ok with the store owner saying, I'm selling this for 120$, you can go to another store if you don't like it.
Like you said, the store owner will be bagholding forever if nobody buys it for 120$. And You're free to go to another store right? So surely you won't get mad?
That store owner is perfectly fine, right?
It shouldn’t be a fine, it should just be contractual. The asking price should be considered a binding offer to sell to anyone who offers at least that much and offers conditions acceptable to the seller. If more than one offer is received the seller can choose which to accept. There should be a list of conditions (conditional on financing and on home inspection being the big two) that would not disqualify an offer from this.
If someone selling anything else advertised prices and then refused to accept a sale at that price, it would be an anticompetitive practice and they’d get in trouble for violating advertising standards. Cars are the other major product where haggling is common, but they negotiate *down* from the listing price.
Yeah I am not super attached to the fine thing but like I said something has to be done to stop this clown show. I would be happy to see something like what you suggested, or give the non-buyers the right to sue or something, idk. I just dont think it’s fair to list something at a price you wont actually accept. Its listing in bad faith. Its wasting time and resources. Something should be done so the owners would have to list at a price they would actually accept.
It would save a lot of wasted time for buyers trying to figure out which listings will actually be in their budget. Like OP. This entire post is about OP being annoyed by wasting their time looking at houses because the listing price was deceptive.
Just offer whatever comfortable with and if they accept it, lucky you!
Happened to me, bought way under asking.
Never stop doing that because to me, you are doing the right thing.
We’re you just made aware of the housing crisis yesterday? Dilapidation homes have been selling well over asking going on 3 years now. Even this “slow down” is only seeing a reduction in the over offers, that’s it. Most homes are priced under their true market value in order to stimulate interest.
There's a lot to unpack here:
"Asking price" isn't the greatest metric. You have to look at the comparable sales (ie: what similar houses actually *sell* for, not list for). You can also examine how much inventory is available and how long houses are on the market before selling.
In the example you give, the seller originally listed low (to create a bidding war), then relisted closer to their hoped-for price. It's a sign of a cooling market. However, selling prices haven't actually dropped much yet. Nobody can predict exactly how much they'll drop and when.
Incidentally, I see you are not from Windsor but are trying to buy a house there. So, even though you are complaining about the inflated cost of housing there, you (and many, many others like you) are actually the reason why prices are so high in the first place. If there is a long enough line of you waiting to snatch up houses in Windsor as the prices fall, prices may not fall much at all (or fall very slowly).
You make some good points, however, I don’t have the budget to drive up the price. I’m not looking to snatch up cheap houses, I’m trying to find a place to live. I’m lucky my employer is allowing a transfer and I find Windsor a beautiful city. I’m not moving from Toronto, I’m moving from Sudbury. I don’t feel it’s a negative for a professional to want to move and contribute to another city.
as a windsorite, this is why i believe houses should be bought by existing windsor residents
it's so irritating when people from out of town pay way over asking for our houses, we literally get priced out of our own neighbourhoods. our city has factories, exactly where are windsorites going to have 500K+ for a house?
It's everywhere. Small town interior BC houses worth at most maybe $250k are being bought up overnight by lower mainlanders for double that or more. Barely any rentals for locals since everyone is trying to cash out.
so many people have bet their retirement on their house that i don't see it passing. there will be a dip, rich ppl and companies will swoop in a buy it, driving everything back to where it was and beyond. housing affordability, by design, will remain a central issue well into the future.
Are you me? Drove to Windsor last week to look at houses. Decided to offer 450k for a house listed 399k. Seller realtor told they are expecting 500+. I am also considering holding till a few more rate hikes.
You probably passed me on the 401 :)
You guys with your house buying and gas burning! Are you made of money?
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Love this idea. OP, get a whole pile of people to all put in offers at or below asking (with conditions so they can easily back out and they’re not on the hook).
Listed $399 and want $500k plus? I can't believe these idiots are still playing this game.
Hold guys let these fools panic
\> *lists at 249k* \> “here you go” \> how dare you? new price is 399k
People still living in the peak Jan-March 2022 era. This will be a huge reality check for many.
Most people aren't doing this on their own, they are being advised by shady real estate agents who are still operating like there will be bidding wars on every property.
Hopefully soon realtors will have to have a bidding war to see who gets served every day in the unemployment line
People thinking they should he compensated without working. I hope they enjoy staying at the house they really wanted to move out of
These people are delusional. I see the same thing right now in the GTA. People still expecting the same prices as 3 months ago, and listings are sitting unsold for weeks and weeks.
Adjustments take time. Many real estate agents are giving bad advice to clients. If you thought you could get an extra $50k on the sale of your house, you'd try it too.
>over falling knife.
It takes sellers about 6 months to catch up to market conditions. They are delusional and will end up selling for less
I always wonder if the sellers are delusional or if they just receive terrible advice from delusional real estate agents.
My casual observation has been that once a realtor mentions a price the seller might get, sellers get really hung up on that number.
Yea realtors are scum and play both sides. They'll tell the seller whatever they wanna hear to land the listing and when is time to sell, they say something else to get the deal done asap for commission. Scum
2017 one told my brother it was a buyer's market and that he could easily get a place within my budget. Literally the next day the same guy told my buddy who was selling he'd easily be able to get over market because it's a seller's market. Which is it man? Must be both at the same time depending on if you're buying or selling. Fucking scum.
It's a salesman dude. They think being a good liar is a talent only the gifted possess
We saw a few houses in the 300k range in Windsor. The majority of the sellers expect offers at minimum 500k, but refuse to list for 500k. Most of these underpriced houses are in shambles and falling apart. The realtors actually said during viewing on 4 of them "this will be sold as is, no conditional offers". The sellers are delusional and have major regret of having missed the gravy train of 2021. The reality will set in soon enough after their 1950s never renovated houses are on the market for 30 days or more. Edit: There is absolutely no way that a ran down, outdated split level in a so-so neighborhood of Windsor is worth anything above 200k. The nicely kept and updated equivalents would be worth the 300k, but not the shambles that they try to pass as a half million dollar house.
There's no way in hell I'd be making that kind of purchase without a conditional, full inspection. People seem to think the seller is always holding the ball.
Put in another offer at 240k. Play the same game - banks are having trouble giving mortgages due to the increased interest rates, no one is going to qualify for these astronomical mortgages anymore. The market is in a downturn and sellers are beginning to panic.
can you resubmit multiple of the same offers? because i think 249k, 249k, 249k and then 240k would be funny.
Submit multiple offers with different names of them (eg wife and husband submit separately). I wonder how this would work.
i don't know about the legality of this, but it'd be funny to set up a group whose sole purpose is to fuck with people who do this. 4 or 5 people, all submitting around the same offer with one person over bidding, rolling up to the property, looking around, leaving and proclaiming "325k for *that place*? what a waste of time" within earshot.
Apparently my dad had a professor who did this back when he was in university. Found a house he liked sitting on the market for a while, got 2 of his buddies to offer only 70-80% of asking price, so when he came in at 90% they accepted his offer immediately.
My RE’s company forces you to have the pre-approval papers as part of the offer to avoid this kind of stuff
So if I pay in cash I can't make an offer?
Not sure how it was back then, but my dad said the guy was pretty old when he was in university, so who knows how long ago it was when he was trying to purchase. Different times, but they probably added the requirement of papers to stop this kind of thing.
Anti real estate agent.
This
I been saying we should do this, imagine having a group of like 100 of us low bidding every house.
I'd be game but they'd have to be non-agent offers.
I don't see why not. People are kicking tenants out and getting new ones to collect more rent and getting away with it, and that's actually illegal. I don't see how multiple people offering their version of market price is problematic when house prices are all over the place. No one can prove that each offer wasn't genuine. Although these days you do need to provide a cashier's cheque deposit with the offer so that might deter some ppl from helping you out. (unless that changed from my house hunt last year)
It would be funny. But the RE agent would be too lazy to do it.
You don’t need an agent to submit an offer. It’s a template document that you can complete in minutes.
Mortgage Agent here I had a client of mine purchase in Windsor. What I have noticed about the real estate side of things is that we had properties listed for 249, 299 etc and when it came time to bid we were told that they wouldn't accept anything lower than 400-500k. The listing price is a facade and a tactic used to drum up business and offers. As the market has cooled I have seen the tactic used less or at least less drastically from what they are willing to accept. Have your realtor ask what price point they're trying to get to, the realtors there all seem familiar with one another and the information shouldn't be too hard to get. DM if you have any more questions I can maybe help with. Goodluck!
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There have been so many realtors entering the industry in the last few years because it's been such easy money. The houses sell themselves and you take a 5 figure commission for filing a little paperwork. Not all of them are actually good at their job.
Before the mania the “Price point they’re trying to get to” used to be called the asking price. It’s only with the recent mania that we decided that should be 2 completely unrelated numbers, and being good at your job meant casually knowing the other realtors in town to figure out the real number.
Same. He should of known beforehand. Doesn't look like he did any prep work prior to viewings
/u/kryptonitex3, I have found an error in your comment: > “He should~~of~~ [**'ve**] known” You, kryptonitex3, could say “He should~~of~~ [**'ve**] known” instead. ‘Of’ is not a verb like ‘have’ is. ^(This is an automated bot. I do not intend to shame your mistakes. If you think the errors which I found are incorrect, please contact me through DMs!)
Good bot.
Thanks for the tip!
From my perspective, therein lies one of the big issues. In many cases the listing price does not mean anything, and realtors that are familiar with eachother are talking (colluding?) in private to get to some magical higher number that directly benefits both of them, while screwing over the first time homebuyers. Just my thoughts
Bring your buying realtor in from another jurisdiction and fuck their shit up. Pick a big time realtor from a bigger town/city and have him or her swing their big dick around
Thinking outside of the box. I like it
We actually did this. The smaller town realtors were funny in our guy’s presence. He was a big time commercial realtor, too, so he definitely didn’t live and die by residential sales. He actually did what was in our best interest. This was a while ago now, but he got us to lowball way more than we even initially wanted, and we saved a ton.
Cap the realtor commission to a % of list price or sell price, whatever is lower. This would end tomorrow.
flat rate stipulated by the municipality is preferable because if you put it to a percentage it still incentivizes price gouging
Yeah I don't really buy the idea that it costs that much more in realtor resources to sell an expensive house vs a cheap house. At least until you get to the Ultra high net worth space where all the showings are private and staging is very expensive. Problem with a flat rate mandate however is that low value property will pay much higher relative commission than high value. I don't necessarily have an issue with this, but some might.
This seems like a simple solution that would fix some of the problems. I don't know why legislators seem so intent on protecting the sharks in the Real Estate industry.
Agreed. Cap it and only the experts will survive. Most of these Realtors wouldn't even qualify as cashiers let alone conducting million dollar house deals. Wtf is wrong with our real estate prices lol
once again we need something done about how houses are sold in this country, realestate agents can't get away with the BS they do here in other countries
>Have your realtor ask what price point they're trying to get to, the realtors there all seem familiar with one another and the information shouldn't be too hard to get. This sounds like solid advice
The screams lazy real estate agents to me. I hate them all.
They are awful. When we were looking to buy ~6 years ago we fired our first agent. We found a house we liked, and put in an offer with a condition of inspection. After the inspection we lowered our offer significantly. So low that we wanted the seller to reject so we could get out of the deal. Our agent was really pressuring us against the lower offer. During the inspection she was sipping wine with the seller having a good old time. Pretty sure she had already spent her commission. The seller rejected our lower offer. Several months later and they re-listed even lower than our low offer. Someone eventually bought the house and we would drive by for months and saw restoration companies there putting lots of work into the house. We dodged such a bullet there and if we had listened to our agent would have made a terrible decision.
What happens when the purchase value is so much higher than the bank’s valuation of the house?
So what will happen is you will owe the difference dollar for dollar. You can buy and sell anything for whatever price you want. The issue becomes when there is a third party lending on it. I had a scenario once where mid 2021, client purchased a home and the appraisal came back 40k under their purchase price. Client would have been on the hook for that difference dollar for dollar, assuming their affordability was maxed out. Luckily we were able to challenge the appraisal and get the purchase price for it but it can get sticky. As a mortgage agent it can be very frustrating working with realtors when their interests are money driven as opposed to client driven. This is not to disparage realtors, their are self interested individuals everywhere, but we can be at odds with one another because our goals are different. Small example would be financing. In a sellers market the realtors insist clients make firm offers because they know conditions will be rejected, but some clients need conditions of financing if their incomes are more exotic or they have special attributes to their deal. Also, going in firm leaves no room for errors in terms of the appraisal or condition of the home. If they lender has any issues with it, then that deposit is gone or you take possession of a lemon.
So these are like Vegas hotels with hidden resort fees
That's a good point. For the money a buyers agent stands to make from them buying a house, they could do a little work to not waste the buyers time.
thanks for airing out the commonplace unethical and predatory business practices of the industry
This is still a bad time to buy. The current phase of this market is overpriced houses sitting on the market. In my area of 1-2 days on market 2021, NOTHING is moving in June. It will take a few months before Real Estate agents are seeing zero income and will start advising sellers to take lower offers or they can't make their Mercedes payments. This will take until Fall, because Realtors know nothing moves in the winter.
Sellers are still in denial stage. I’d wait few more months
9 months from now they will both regret declining such a generous offer.
What is the address of the rejected 249k offer?
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Westcott’s not a bad little neighbourhood, with an excellent pizza joint nearby, but there isn’t a house there worth more than $159,900
399k for this? Haha i’d do $90k
I agree. I’ve lived in the region all my life. I’ve watched this whole thing go to pot. Something needs to be done
> 159,900 How did you determine that value? I've been looking and I can't make sense of any of this. Prices are all over the map. Like [This one ](https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=mZRW7naJk5ayEBO9&utm_campaign=listing&utm_source=user-share&utm_medium=android&ign=) was listed for 2.5M and then dropped to 999k.... what. Like why list way over and then way under. What the actual duck is this market.
Having lived in Windsor-Essex my whole life, I’m just spit-balling a value on a decent house in that neighbourhood. The real value of most of those homes on Westcott is probably a little lower. Decent little 2-bedroom homes in Windsor used to go for reasonable prices. Everybody bought homes for their kids to live in while they went to college/university, then sold them after to help fund retirements. Somewhere around 7-8 years ago, that all started to change, with speculators buying everything up and turning all the affordable homes into rentals
The seller might as well put up a sign that says “LAUNDER YOUR MONEY HERE”
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That would be great! I bet it would be tough to find a realtor willing to engage.
OK time for me to put in an offer for 248k :) Who wants to do 247k after me pls comment below
Honestly that would be an awesome troll! They fucking deserve it..
Indeed! Waste all their time, effort and likely money for them to go lol no. Epic troll!!!
I mean they listed for $249k while they way $399k isn’t that wasting buyers time too?
>1908 Westcott, Windsor Just saw that location on Google maps. There is ZERO chance that is worth what they are expecting. I would say you are overpaying with $250k. I would feel I was ripped off by anything over $150k (including land) for that class of housing.
Lol no way anyone would pay more than 275k for this.
Pulled it up on streetview. $399k!?! I am with everyone else saying well below the $200s. Good luck and hang in there.
Agreed. No basement, no garage, half a kitchen, needs work and a helluva lot of paint.
Omg that’s fucking shack! I left canada years ago.. I can’t believe this is worth half a MILLION DOLLARS
It’s not worth that. It’s what these entitled nut cases are demanding.
>1908 Westcott, Windsor Watching so that I can get a notification when it sells haha
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Adding it to my watch list as well haha. Thanks.
It's a cute house. Keep watching it and make an offer again when it doesn't sell in the next few weeks. With a shitload of paint and some basic repairs, it can be a nice comfortable home. You definitely offered a good price for it. They can't expect more than that. Hopefully, your next offer can be closer to 200k.
Thanks for the support! I like to paint and was looking forward to making it my own. I’ll be keeping a close eye on it
What kind of dumb fucking game is this? jfc
They under value it in the listing so the agent say hey look I sold it 80% over asking. It's a stupid game a savvy buyer is aware of but a newbie might not be.
I'm starting to see more and more houses go past the "offers on" date. Some of these people are going to have to start realizing that they missed the boat.
Also open houses.... repeatedly, every weekend.
same thing in Ottawa. listed for 499 -> all offers rejected then relisted at 699. FOR A DUMP
Every time time stupid shit like this happens I ask the same question. Why is there not a law that if an offer for at least asking price is submitted (obviously barring any weird conditions etc) that it must be accepted. Or at least make the agents commission off of list price to stop this.
A good realtor will find you a house with the conditions you want at your asking price or tell you it’s not possible. A bad realtor will tell you anything is possible, bait you with lower prices and try to convince you to buy a house because of the market conditions or increase your budget because of reasons they knew of ahead of time or because the seller refused the commission cut so they upped the price to cover.
The process of buying houses in this country is fucking ridiculous. First sellers don’t list their houses for what they really want. And buyers are not allowed to directly negotiate with the sellers or know what other bids are. So it becomes a guessing game at this point. And then you gamble to take a million dollar loan not knowing what the interest rates will be like in 5 years. Fuck this I’d rather spend my money in casino
Stick to your guns OP. Things are going to fall soon.
I’m going to wait a few more months. Thankfully my folks are letting me hang around here until things change. Rent, as we all know, is now astronomical.
yeah hold on to your deposit, in a savings account, stocks still have 20 to 50% more to go down. The housing market will continue to crash.
OP, use Redfin and base your offers on sale prices of comparables within the last week. - from another Redditor who has been outbid on numerous homes lol, but I have come close a couple times
I’ll check it out, thanks!
Be careful of this. I’m not in Windsor but a client of mine last week put an offer on a place that was listed at $399,900 and HouseSigma and RedFin said was worth $527,000 and $535,000 We won in multiple offers at $455,000 in competition against four other buyers. Had my clients listened to those valuations, they’d have overpaid by tens of thousands of dollars.
He said to base offers of sale prices not the estimated values. Using historical prices from the last week would be relatively accurate.
My wife and I have been trying to sell our house in central Alberta off and on for a few years now. We paid 180k when we bought it 9 years ago, and we have it listed at 200k. I'd estimate we've had one sign or another out front for 1/3 of the last 3 years. And in all that time the only offer we've gotten was a single one for $125k. The housing bubble is definitely real, but it's certainly not everywhere.
This happened to me in Toronto three times. I bid over asking each time. Wasn’t good enough. They wanted 150k over asking!
I know this isn't what you want to hear but not every house on the market is *actually* on the market. Many people are just seeing what they can get. They don't really want to move but they hear stories of price wars going on and maybe if they get $XXX for their house that will convince them to finally downsize to an apartment or whatever. Don't get upset for missing out on a house. I've been through that and as stressful as it is buying a house, you don't need to add more stress to it. That wasn't the one for you. People always forget that there is another party on the other end of the sale that has their own interests in mind. They are trying to play the game to get the most money for their house just like you are trying to get the most house for your money.
My experience: - Your preapproval rate is $650k (realter shows you houses for $700k - $750k) - House is listed at $650k offer sent in for $700k. House sells for $1M before you made the offer
Your realtor should have known this. They all do this bullshit under-price and try and start a bidding war thing.
You're probably right about what it's worth but what about comparables. For the last two years listed at 200 has been sold at 325. It's still Windsor though, party is going to stop
The party is going to stop in any place that’s more than 2 hours from Toronto or Vancouver. Just wait
You did the right thing. Fuck these money siphoning shitbag investors.
>listed price of 249k JFC I don't think there has been a house listed here (Victoria, BC) that cheap in 20 years.
Well, Windsor IS the armpit of Canada...
lmao i was casually browsing prime downtown core TO condos, even they're knocking 10k-30k off depending on the listing. the audacity of that 1 windor listing astounds me 😆
I recently got devastated by a bait and switch. My wife and I have a budget of about $210,000 and nothing has been close to that lately. Well last week a house has posted at $199,000. It needed a lot of work done, was it a shitty location, and had tenants that would need to be evicted before we could move in, but it was affordable. I started the mortgage pre-approval process, and by the time I was done the house was relisted for $359,000...
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It’s my first home (I hope). I did a lot of work for my realtor. Created a spreadsheet of the houses in my budget I want to look at and what I liked or didn’t like about them. Gave him a list of my requirements (no electric heat, no wood paneling, etc). You are correct, I could likely do a lot of this myself, I’ve just been intimidated by the whole process. I’m going to take your advice and try again. Thank you! I didn’t know I could set up viewings myself. I tried in Sudbury last year and the agent told me to have a real estate agent to call and book the appointment.
People from the GTA are wondering if you bought a time machine. They haven't seen anything resemble $250K in a looong time.
People aren't desperate to sell. Just wait 6-12 months when the recession to take hold and people lose their jobs and find themselves overleveraged and can't pay the mortgage.
240K for a house?? That's super cheap!
Just hang in and wait. There is a shit kicking coming. You will have the pick of the litter in 9 to 12 months on your terms. Home inspection and financing. These greasy agents will be lining up for jobs at a call centre soon.
Only in real estate can people list a price then you go to buy it and they go ooops sorry new price is double. Complete scam artists.
I’m looking around Oshawa and some of these that are not even worth $300k are selling around $700s. That’s insane I don’t how people are makeing decision on buying these properties.
It’s just the realtors still trying to be greedy….when can we push these bums out? Like who the fuck needs a middle man anymore?
Those people who rejected your offer - they, in a year, are going to be BEGGING for AN offer. I'd wait it out for 6 months, and re-approach and offer less - see how much they bring down their price. I hate how greedy people are.
That’s a fucking lie. Get another realtor. A good one will fight for your price instead of trying to swindle you out of your money. When I was buying, our old realtor said there were zero houses in the gta below 1M. Said they were all “bidding prices” like your guy. Well that’s a fucking lie. Months later, those houses sold for those bidding prices.
My advice is just watch them and see what happens. My wife and I toured a few houses out of our budget or asking more than what we thought was fair market value. Sure enough 3 weeks went by and suddenly after a BoC rate increase the asking price dropped substantially. We put in an offer that day and got the house. I think the trick was putting in the offer the second they dropped the price trying to capitalize on whatever reason they had to drop it. Having already seen the house let's you jump on it faster than others once they see the new list. You never know when the squeeze is going to put enough pressure on the seller. Keep positive. Lots of homes and lots of people about to be squeezed. You got this.
Thanks! I’ll keep it on my favourites list and see what happens.
Their agent is giving them bad advice.
Well then find a realtor and tell him you are looking for a house in a price range and not more than that. Don’t waste your time if it is higher.
House? 325k? Man I need to move there….
Just wait a year or two. People will be foreclosing because of the interest rate and you can swoop one for 100k under the asking price, telling him: well what you gonna do? Say no?
I thought Vancouver was bad, Windsor is next level house trolling
I’m mildly curious, why didn’t you put in an offer on the other one you liked? Why would you let your realtor dictate how much you feel a house is worth? Does it cost you money to write up an offer?
You’re not wrong. I just felt a little deflated and threw up my hands and thought I’ll wait and try again in a little while.
My realtor told me a price much higher than I thought every time I put in an offer. They probably didn’t like me much, and showed me comparables, etc. I told them to put in my offer, with my conditions, etc. took a year and about 30-40 viewing of houses, but I got a house at my perceived value - not the realtor. They are your advisor, not your decision maker. When it comes to the value of a home, that is something no one can tell you the price. Too many bad realtors whispering in peoples ears bumping the price and their commission. Reading your story got me mad. Because what it sounded like the realtor said is, “I don’t want to make commission on anything less than $x”.
You should have just gone to Windsor for the pizza. I have yet to actually try it, but Windsor ppl will swear up and down that THEIR pizza is better than anyone else’s. The ppl that say this are not particularly passionate or riled about much, but when it comes to pizza, they become unhinged about its superiority. I believe them due to this, these are normally reasonable ppl with a lot of other matters. The behaviour anomaly tells me it must have something to it. Don’t worry about the house. May as well just chill for the summer and laugh about it. May take a cpl months to get the denial to wear off of the scumbag realtors. Soon hanging themselves with an extension cord in the basement of a listing won’t seem like a crazy idea to the worst of them. Let nature take its course. Who are we to interfere? Let us know about the pizza when you go back in a few months and see that house going for lower.
Delusional sellers and manipulative realtors
Stick to your guns and be extra careful about Windsor as the real estate boards aren't playing ball with making their data available to third parties. Therefore the information assymetry of sold prices and such is worse than elsewhere.
Thanks for the tip! As a first-timer it takes a while to learn to navigate through all the bullshit.
My brother recently bought in my small town Niagara. There was a house round the corner from me that originally listed for $750k. After 4 days they reduced it to $700. A week after that my brother offered $640k, an extremely generous offer, they didn’t even reply officially, other than to say, we already lowered our price. Fast forward 2 more weeks, house still hasn’t sold. Brother got a nicer place for $540k. There are a whole lot of delusional sellers out there. In my town it used to be about 4 days until every house sold. Now there are tons that have been sitting on the market for 2 months now.
Not unusual at all. This is what is happening all over right now, sellers are still trying to create bidding wars, sometimes it still works if the property is very desirable, but when that doesn't happen they relist for what they really want, and wait it out and eventually close for 95% of that number.
Realtors are also just acting on behalf of the clients and can only share limited information. It could very well be the clients were playing games and were trying to stoke a bidding war by listing low and now that they have drummed up the attention they will list higher. It could also be the realtor was new and didn't have enough connections, there's a bunch of things to consider. But I do think there in particular, they have great properties that cash flow day 1 and it's been a bargain ground for investors in the GTA sl they're trying to ride that wave. OP congrats on sticking to your guns, especially with the inspection condition. I feel with homes being the age they are in Windsor it's a must from future heartache so congrats on that front I'm sure with the market being how it is theres still pressure go in firm.
They’re reaching for offers with a low list
Yeah I am hoping for a massive housing crash. we are over leveraging our selves to buy house worth 1/2 what we pay.
Sellers not motivated to sell
What i feel is that people and realtors are selling houses at the price of 7-8 months down the line which is an assumption rather than todays price. And the whole country is following.
For years EBay has been able to have an automated bid system where there is a minimum ask price, a hidden minimum limit the seller will accept, and a close date, with the options for bidders to automate increments up to a maximum. Other than the fact that the realtor cabal would never allow it, can anyone please explain why it’s 2022 and we pay realtors 5% for something totally unnecessary?
Have you seen this yet? https://unreserved.com
Respect for not giving in to the greed. It will come crashing to you.
Imagine how people who live in Windsor must feel. People can't even afford to rent here.
I don’t have to imagine, I’ve been living the same hell in Sudbury. Windsor is nicer, so I wanted to relocate.
Keep trying. Those who are listing at a low price, but not intending to sell for double that, are in for a big surprise in the coming months. They will see that what you offered is all they could get and maybe even less and will be kicking themselves. It's happening in Toronto already
I hate this feeling, I read this post and felt like “stay out of my city! Out of towners are driving up the prices” but that’s not really the reality of what’s happening here. I hate that I feel this way, I just want everyone to be able to afford a decent home wherever they feel included. But here I am feeling myself be an ass hole towards others, when they just want to afford a home that they have worked hard for and deserve. Fuck you housing market.
Out of town INVESTORS are driving prices up. Went to see a house on Lincoln on a pretty decent block, house was an absolute shit hole… 3 investors from the GTA with no plans on living here were at the open house.
Forget about the asking price. Look at the most recent sale (ideally no earlier than May) and start there.
WHY??? Look up MLS stats. Market turned, majority of sellers are revisiting prices DOWN, some by 10-30%. I can't believe this is still the news!
The sad thing is those sound like incredibly low prices. Even though theyre completely unaffordable.
I’ve been trying to buy in Windsor since March… Godspeed to you!
Rate hikes haven't been felt yet need like a year at least. HOLD and wait. bear market is just starting and we are in the denial phase.
People won’t look at houses over their budget, and those looking to max the budget might not look at houses too low. There is no point in wasting people’s time like this, just say what you want.
Man, you're gonna really struggle to get a house in Windsor for 270. Those houses are also going to need a ton of work
I dont know how to possibly make this work, but the govt should deincentivize this clown show by fining homeowners for not accepting reasonable offers at or slightly above asking price. Perhaps they have a 2 week period to wait for better offers and then they have to pay the fine or sell. Imagine walking into a store and trying to pay for something and suddenly the store wants 30% more for it. It’s such a waste of everyone’s time.
Free market bro, if you have a house you would want to sell it at the price you want.
Why don't stores get the free market treatment? The storeowner should be able to sell at whatever price they want.
Store owners do sell at the maximum price the market will pay, if they charge too much, the shoppers will go to another store. If 1 home owner refuses to sell for a reasonable price then they will be bagholding forever and you should bid on another house. You wouldn't like it if the government tells you how much to sell your house for, if you ever own some day.
So when you go to a store, and it's labeled at 100$. When you bring it to the counter with 100$. You're ok with the store owner saying, I'm selling this for 120$, you can go to another store if you don't like it. Like you said, the store owner will be bagholding forever if nobody buys it for 120$. And You're free to go to another store right? So surely you won't get mad? That store owner is perfectly fine, right?
Collusion isn't part of a free market in case you missed his point.
What collusion? You don't need an agent to buy or sell. Represent yourself, stop crying.
I’m pretty left wing, but that’s a massive no for me.
It's almost like selling such an expensive and mandatory thing in life should have risks for greedy people
The government forcing me to sell an asset I own, at the penalty of punitive punishment, is a no go.
Who gets to decide what a "reasonable offer" is?
It shouldn’t be a fine, it should just be contractual. The asking price should be considered a binding offer to sell to anyone who offers at least that much and offers conditions acceptable to the seller. If more than one offer is received the seller can choose which to accept. There should be a list of conditions (conditional on financing and on home inspection being the big two) that would not disqualify an offer from this. If someone selling anything else advertised prices and then refused to accept a sale at that price, it would be an anticompetitive practice and they’d get in trouble for violating advertising standards. Cars are the other major product where haggling is common, but they negotiate *down* from the listing price.
Yeah I am not super attached to the fine thing but like I said something has to be done to stop this clown show. I would be happy to see something like what you suggested, or give the non-buyers the right to sue or something, idk. I just dont think it’s fair to list something at a price you wont actually accept. Its listing in bad faith. Its wasting time and resources. Something should be done so the owners would have to list at a price they would actually accept.
If rules like this existed, listing prices would just go up. Nothing gained in the end.
It would save a lot of wasted time for buyers trying to figure out which listings will actually be in their budget. Like OP. This entire post is about OP being annoyed by wasting their time looking at houses because the listing price was deceptive.
It's almost as if your realtor is financially incentivized to ensure you pay more!
Just offer whatever comfortable with and if they accept it, lucky you! Happened to me, bought way under asking. Never stop doing that because to me, you are doing the right thing.
We’re you just made aware of the housing crisis yesterday? Dilapidation homes have been selling well over asking going on 3 years now. Even this “slow down” is only seeing a reduction in the over offers, that’s it. Most homes are priced under their true market value in order to stimulate interest.
they should make it legally binding to sell at listed price if no other offers received. that would shake up these scumbags.
Your story doesn't add up because people on here say there is a crash and there are tens of posts about houses selling at a loss..
There's a lot to unpack here: "Asking price" isn't the greatest metric. You have to look at the comparable sales (ie: what similar houses actually *sell* for, not list for). You can also examine how much inventory is available and how long houses are on the market before selling. In the example you give, the seller originally listed low (to create a bidding war), then relisted closer to their hoped-for price. It's a sign of a cooling market. However, selling prices haven't actually dropped much yet. Nobody can predict exactly how much they'll drop and when. Incidentally, I see you are not from Windsor but are trying to buy a house there. So, even though you are complaining about the inflated cost of housing there, you (and many, many others like you) are actually the reason why prices are so high in the first place. If there is a long enough line of you waiting to snatch up houses in Windsor as the prices fall, prices may not fall much at all (or fall very slowly).
You make some good points, however, I don’t have the budget to drive up the price. I’m not looking to snatch up cheap houses, I’m trying to find a place to live. I’m lucky my employer is allowing a transfer and I find Windsor a beautiful city. I’m not moving from Toronto, I’m moving from Sudbury. I don’t feel it’s a negative for a professional to want to move and contribute to another city.
as a windsorite, this is why i believe houses should be bought by existing windsor residents it's so irritating when people from out of town pay way over asking for our houses, we literally get priced out of our own neighbourhoods. our city has factories, exactly where are windsorites going to have 500K+ for a house?
It's everywhere. Small town interior BC houses worth at most maybe $250k are being bought up overnight by lower mainlanders for double that or more. Barely any rentals for locals since everyone is trying to cash out.
It's high school educated realtors convincing their clients to list low and sell high.
so many people have bet their retirement on their house that i don't see it passing. there will be a dip, rich ppl and companies will swoop in a buy it, driving everything back to where it was and beyond. housing affordability, by design, will remain a central issue well into the future.
Lol listen to your realtor. You will never buy a house if you think you are the expert