In February, the Greater Toronto Area (GTA) experienced a significant shift in its real estate dynamics, with 25% of its neighborhoods entering overbidding territory, compared to none in the previous month. This marked a notable escalation from November of the preceding year when no neighborhoods were in overbidding territory. Despite the majority of neighborhoods being in underbidding territory earlier in the year, bidding wars were still prevalent, particularly for houses priced below $1 million. These properties garnered considerable attention, often selling for hundreds of thousands over asking price and attracting dozens of offers, even amidst an overall trend of underbidding.

The top overbidding neighborhoods in February were spread across the GTA, including areas in Ajax, Brampton, Markham, Pickering, and Toronto. Conversely, neighborhoods with higher home prices tended to be in underbidding territory, a pattern consistent with previous observations. While the condominium market saw an increase in overbidding activity, with 7.3% of neighborhoods entering this territory in February compared to none in January, it remained relatively less competitive than the non-condo segment.

The non-condo segment, comprising detached and semi-detached houses, row homes, and townhomes, witnessed a substantial surge in overbidding activity, with 88 neighborhoods entering this territory in February, up from none in January. This contrasted with the condo market, where only 10 neighborhoods experienced overbidding. The majority of these overbidding neighborhoods for condos were located within the City of Toronto. While both segments were displaying increased competitiveness, condos appeared to be a relatively less intense arena for bidding wars compared to non-condo properties.

Reference: https://www.remaxhallmark.com/news/940779/Dynamic-Shifts%20GTA%20Real%20Estate%20Trends%20in%20February

Read the full article: https://realestatemagazine.ca/theyre-back-the-gta-is-seeing-bidding-wars-once-again/

At Yin-Lynn Low Real Estate, we aim to sell your home for top dollar quickly. In today’s Toronto real estate market, it takes a skilled team to achieve the best outcome, but we’re ready for the job. Follow these tips to stage your home in today’s market.

Schedule a professional, deep clean

In a competitive market, ensure your home makes a positive impression. A deep clean of carpets, walls, moulding, windows, and other areas allows your property’s true value to shine. It also allows buyers to see your home as an easy, move-in-ready property.

Declutter as much as possible

Reduce any of the clutter in your home down to the bare bones, especially removing any personal items like family pictures. The goal is to allow a home buyer to see themselves in your home rather than thinking of it as your property.

Add mirrors and open the drapes

Natural light is a fantastic selling point, and mirrors reflect that light throughout the space. That helps each room to look bigger and brighter. 

Crush curb appeal

It’s the first and main selling point. For the spring, it’s critical to get outside to clean up the flowerbeds and trim back the shrubs. That lets your home’s structural beauty stand out, too.

If you need recommendations, give our real estate team a call. Let us offer truthful insight into what you can do to boost the value of your home without actually spending a lot of money to do it.