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Hyungwon Kang / Reuters
Winning the housing market game can be viewed in a number of ways. To some, winning means getting the home they love -- at any cost. To the smart buyers out there, winning means knowing the difference between good value and over-value, and making a sound purchasing decision that you can live with for years to come.
On one hand, sellers and listing agents are loving this flurry of fruitful activity. They are obtaining record-setting prices for homes in record-setting times. Prospective homeowners hoping to buy, however, are faced with largely stressful, emotional experiences in which many end up empty-handed.
Realtor Manjit Singh of HomeLife Superstars Real Estate Ltd., Brokerage, said the home was his own, and wanted to unload it quickly. He earlier had listed the three-bedroom, four-bath house for $899,000, but it didn't sell. This time, he was going to hold a one-day auction on Wednesday, May 18, with bidding starting at $1.
After 32 months of house hunting in Toronto, I finally "won" a home bidding war -- and was then handed the unsavoury task of selling my previous house. Imagine our surprise when we learned that there were SEVEN registered offers on our home!
Sold. A four-lettered word I was longing to hear. And finally after five l-o-n-g months, and one false start, the deed is done. We've sold our home of 28 years. To be honest it has seemed quite the marathon and I've learned a lot about myself in the process. But I have also learned some important lessons.
Despite what many sellers think, setting an offer date does not automatically result in a bidding war. A house or condo does not simply sell itself and it certainly doesn't sell itself for top dollar,...