Another year, maybe more, this will continue
I sold my listing in Waterloo on Bronco Crescent. We put it on the market on a Wednesday, there were about 25 showings. After a week, on the following Wednesday at 6pm we took offers. There were five. All were above asking price and without conditions. My clients took the best offer which was $31,000 over asking price.
This is public information.
I don’t mind talking about it.
My clients were elated of course. They only bought the place about two years ago. They made money. I was surprised. I knew it would sell but not for that much. And second best offer was very close behind the first. And the other three offers were all over asking price and without conditions.
We, as local real estate agents have all learned the new rules of real estate
Neighbourhood was the main driver of that sale on Bronco going over by so much. That and serious lack of inventory. We were the only townhouse on the market in the neighbourhood at the time, and there hasn’t been another since. A few days later I showing a new listing a little further north into Eastbridge. There were five other realtors with their clients there at the same time. That single family home likely had fifty showings in the first week. That one sold too, over asking.
I think this is going to continue for at least another year
We have a strong local economy that is not insanely expensive and overbuilt. That is a relative, real time statement. People are moving here and putting down roots, starting careers and families. All three cities in Waterloo Region are excellent places to live and this is reflected in our overall market. The differences between our three cities and neighbourhoods are many. These differences are manifested in the school rankings and prices and in other things, but all in all, we are still way worth it and like my clients who sold on Bronco happily discovered, home prices are going up which is a great thing for home owners and home sellers.