How Should Toronto Sellers Deal with Multiple Offers?

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Welcome back everyone, today we are answering some of the most common questions we get from sellers regarding multiple offers. With a shortage of inventory and very low interest rates, multiple offers are becoming a lot more common in Toronto. We want you to be prepared, and you will be after you hear the answers to the following questions:

"As a seller, what should I do before I list my property in order to get multiple offers?"

Preparation is very important when offering your home to the market. It's our most valuable asset and we want to show everything in your home in its best possible light.

There are a few critical things that must be done to maximize your list-to-sale price. Staging the home is important because it can increase your home's value by 5% or more. Online marketing is critical for getting your home in front of the highest amount of buyers possible. Finally, pre-listing home inspections are a good way to get out in front of any problems with your home, and demonstrate your authenticity with your buyer.

"If you receive multiple offers in the first few days after your home is listed, should you accept the first one, or wait for more?"

This is an excellent question. If we received one or more offers before our presentation date, this is what's commonly called a "bully offer." When a bully offer comes in, you have to know the market value of your home. When sellers are holding out for multiple offers, they usually list a home for 10% less than its market value. Just because a home is sold over asking price doesn't mean it's sold for market value. 

Thanks for taking the time to watch today. If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you soon!