What a whirlwind year! When I think back to this time last year it is almost impossible to believe only one year has passed with so much happening in our market. Last year I had listings that had prospective buyers crawling all over them like ants BUT only because they wanted a bargain. My poor sellers debated whether the ride out the tide or take their homes off the market and in the end they took a variety of approaches. Some took less than what we hoped they would sell for when we first began. Other took their properties off the market and returned in the New Year to a market where the initial panic was settling and prices were stabilizing. Others considered numerous lowball offers and held their ground until an offer they could live with finally came in.
What a year. I have never felt so torn between the uncertainty that some clients endured, and the literal wave of buyers looking for a bargain - all of them wanting an explanation from me or at the very least a forecast on where things were heading. In the end, there weren't really that many bargains and a lot of very disappointed buyers expecting prices that never happened.
Fast forward to the spring 2009, and the pent up demand burst like a dam! No matter what happened in the markets at the end of 2008 - the reality was that life did not stop. People still wanted to move for all different reasons - growing families, downsizing, job transfers and many, many other reasons. But many sellers, were not ready to put their homes back on the market so the supply was pretty limited, yet the buyers were there - armed with excellent interest rates and mortgage approvals. And so the bidding wars were back! Honestly, for a few months it felt like everything I touched, I was in multiple offers - even a lease in Toronto for my daughter had four offers!
I sold homes in days compared to months last year. It was like a switch was flipped - having a listing was a piece of cake, but finding a home for an eager buyer was a very different story! It didn't change over the summer or so far this fall, it has been crazy....I will keep you posted as we head into winter!