#8662613 - 05/18/16 01:23 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: c2k]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44865
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Not the first time someone has done it, dat renewed publicity is good on slow days tho.
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#8663509 - 05/19/16 09:00 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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You have to put a bit of the onice on the buyer as well. Asking price is exactly that, an asking price. It's not like they're asking 350k for that house that's selling for 800k. Now that would be a bait and switch.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8663537 - 05/19/16 09:34 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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It's got everything to do with the buyer because you think they're too stupid to realize what's going on
People shopping houses in the Toronto market know what these houses sell for, the 'asking' or 'advertised' price doesn't make a lick of a difference.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8663547 - 05/19/16 09:47 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: LNXGUY]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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People shopping houses in the Toronto market know what these houses sell for...
No they don't!
Did you not read of my example of a house listed for $750 when it really should've been listed in the 800s ?
Did you not see the recent ruling that forces the TREB to reveal the ACTUAL sale prices for homes?
That was done in an effort to help buyers better understand the real prices they should be looking at. That's because they DON'T really know what the prices really are.
Granted the $1 thing is silly, everyone knows they won't be scooping up a house for $1. But will it be a $600K, $700K, $800K, $900K, $1Mil house? You really have no idea because the $1 thing obfuscates the fact that the seller won't sell for under $700K in this case.
The only time you should list anything for $1 is if you intend on have an auction. If you're going to do that, then you abide by Auction rules. You set a date for inspection. You set a date for the sale. You set a reserve price. Then the auction proceeds as normal with people putting in their bids. The Auctioneer determines the winner and then it's done!
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I don't need to use this space to show off my car or my camera gear.
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#8663574 - 05/19/16 10:04 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44865
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What are you yammering about, no one is blindly putting offers in on house. Everyone has looked at comps, the issue is that the market is so hot you don't know what the next yokel is going to offer, so you never really know what the selling price will be. It's a fluid situation and properties are unique/not always comparable. Our real estate market isn't like the states where everything is priced on the square foot metric.
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#8663593 - 05/19/16 10:13 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Euphoricuck]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19293
Loc: Wiesloch-Walldorf, Germany
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They like to keep the data secret. Helps drive the hype train
Real Estate Market = Expert right hurr.
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Who cares
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#8663659 - 05/19/16 10:41 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: c2k]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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http://www.cbc.ca/news/business/treb-housing-data-competition-bureau-1.3557504
The two sides have been fighting for years over who should have access to detailed data about home sales. The bureau argues that the Realtor group limits competition and subsequently keeps costs high by restricting access to data on its proprietary Multiple Listing Service, on which more than 90 per cent of all Canadian home sales get processed.
TREB "restricts how its member agents provide information to consumers, such as previous listings and previous sale prices, thereby denying agents the ability to introduce new and innovative real estate brokerage services using the Internet," is how the bureau put it in a release Thursday.
The data won't be secret any longer.
For the moment the buyer's aren't well informed. But they soon will be.
I once again point to my case: If I had known that the whole neighbourhood I was looking at was about $50K over my budget, I wouldn't have bothered with that area.
One thing I do know is that I shouldn't even bother with places like Mississauga Road. But this was Bristol and McLaughling. Where houses were advertised in the 600ks and 700ks but they ALL sold in the 800ks this year. Now, not all neighbourhoods are like that. Houses around 9th line, at the extreme west border of Mississauga, list in the 600s and 700s and they do sell in that price range.
I ended up around Hurontario and Eglington within my budget.
_________________________
I don't need to use this space to show off my car or my camera gear.
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#8663805 - 05/19/16 12:19 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44865
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Lol secret data
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#8663819 - 05/19/16 12:32 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Risky Business]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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Houses sell for over asking? No shit?
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8663988 - 05/19/16 01:46 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19672
Loc: Toronto
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http://www.cbc.ca/news/business/treb-housing-data-competition-bureau-1.3557504The two sides have been fighting for years over who should have access to detailed data about home sales. The bureau argues that the Realtor group limits competition and subsequently keeps costs high by restricting access to data on its proprietary Multiple Listing Service, on which more than 90 per cent of all Canadian home sales get processed.
TREB "restricts how its member agents provide information to consumers, such as previous listings and previous sale prices, thereby denying agents the ability to introduce new and innovative real estate brokerage services using the Internet," is how the bureau put it in a release Thursday.
The data won't be secret any longer. For the moment the buyer's aren't well informed. But they soon will be. I once again point to my case: If I had known that the whole neighbourhood I was looking at was about $50K over my budget, I wouldn't have bothered with that area. One thing I do know is that I shouldn't even bother with places like Mississauga Road. But this was Bristol and McLaughling. Where houses were advertised in the 600ks and 700ks but they ALL sold in the 800ks this year. Now, not all neighbourhoods are like that. Houses around 9th line, at the extreme west border of Mississauga, list in the 600s and 700s and they do sell in that price range. I ended up around Hurontario and Eglington within my budget.
If you are serious about putting in an offer, doesn't your realtor send you recently sold in that area so you are better informed? If tire kicking then who cares?
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#8664030 - 05/19/16 02:07 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Euphoricuck]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44865
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Tell me one person, JUST ONE, that went and bought a house without knowing the recent comps...I will wait.
Just because it's not publically available on the internet like everything else, doesn't mean people are making uneducated decisions. Yes it sucks and gives realtors a guaranteed job since you have to go through them, but everyone is well informed through their agent on what the market is doing and comparable sales. Let's stop with this "secret data"
Would it be more beneficial for it to be public? Yes.
When that happens will it change the craziness in pricing? No, it's just going to put a bunch of agents out of work, the market will continue what it does. It's not like releasing this info would create an efficient real estate market.
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#8664038 - 05/19/16 02:15 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: LNXGUY]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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secret data? shiet
you mean the sold prices i get in my inbox every single day are all lies?
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#8664046 - 05/19/16 02:20 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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Houses sell for over asking? No shit? this totally depends on the area and what the listing price is. They don't always sell for over asking. Based on the selling prices i get (via email) I've noticed many selling under lately. Could be because people are getting greedy and asking too much. Could be certain areas are cooling off. Or a combo of that and other factors. The stupidest thing are those "sold over asking " sign.
I hate the 'coming soon' signs. Like fuck, just put the god damn house up for sale
I read those emails daily (For Barrie/Simcoe) I'd say depending on the neighbour hood it's either at asking or a bit over. Buddy down the street sold his for 6k over asking. I even got over asking for my townhouse in Sept (Although it wasn't much over)
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8664088 - 05/19/16 02:53 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: LNXGUY]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44865
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Isn't over asking pretty much standard.
Down here it's generally 100k+ over asking on most shit. Biggest one I saw was half a mil over asking LOL
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#8664428 - 05/19/16 06:21 PM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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Houses sell for over asking? No shit? I got mine ... UNDER asking.
We both must be lucky, cause I got mine for 15k under asking Definitely not the norm, especially in this neighbourhood.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8664791 - 05/20/16 07:48 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: LNXGUY]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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Houses sell for over asking? No shit? I got mine ... UNDER asking. We both must be lucky, cause I got mine for 15k under asking Definitely not the norm, especially in this neighbourhood.
$19K under for mine. So almost the same as you. I wonder if some people do better than a mere $20K under asking in this market.
I think one reason I was able to pull this off is because I bought before the spring rush and the person was desperate to sell due to divorce.
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I don't need to use this space to show off my car or my camera gear.
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#8664805 - 05/20/16 08:05 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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Houses sell for over asking? No shit? I got mine ... UNDER asking. We both must be lucky, cause I got mine for 15k under asking Definitely not the norm, especially in this neighbourhood. $19K under for mine. So almost the same as you. I wonder if some people do better than a mere $20K under asking in this market. I think one reason I was able to pull this off is because I bought before the spring rush and the person was desperate to sell due to divorce.
Good deal. Ours was untouched from '92. Even had the flower borders in the kitchen. I think that's what scared most people and the fact that those houses back then were so chopped up (room after room, no wide open spaces). We took care of that though. We were under the impression we'd reno and flip, but I think we might stay here a while.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8664826 - 05/20/16 08:30 AM
Re: Toronto house listed at $1 in hopes of starting bidding war
[Re: Just A Troll]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107038
Loc: Barrie, Ont,
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Thanks man, you as well!
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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