The Surrey real estate market is out of control and it’s much the same across most of Canada. With so much demand from buyers with easy access to cheap lending and a massive lack of properties for those buyers to pick from, almost every transaction we are a part of in 2022 involved the dreaded “bidding war”. This is when there are competing offers from multiple buyers to try and purchase a single listing.
In this video, Surrey REALTOR® Steve Karrasch of Macdonald Realty, discusses what many of those competing offers look like in today’s market. And without trying to be insensitive to anyone having trouble getting into the market, Steve and his partner Chandani both suggest that if some buyers and their agents would just stop making “Stupid Offers” to purchase homes, that the market may stop rising so fast as a result.
The core idea is that a property that receives 3 offers should sell for less than the same property that receives 11 offers. So now that we have tried to not offend everyone (probably with little success), please enjoy the video and comment below with your thoughts on the matter.
#MultipleOffers #SurreyRealEstate #BiddingWar
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The opinions expressed herein are solely that of Steve Karrasch PREC, not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.