It is no surprise to anyone to hear that house prices have reached an all-time high. You hear it every day - "the house market in Durham Region is crazy!". And it's true. All you need to do is look at a sale that took place in Oshawa last night.
The house is a bungalow, with finished basement, located in the Lakeview area. It was built in 1960. The property was listed on Thursday, February 9th with offers being accepted for presentation/delivery on February 15th. Positioning the sale in this manner, is intended to bring about a bidding war with as many offers as possible, ensuring that the final purchase price will be as high as the buyers will go. In this particular case, there were 40 offers presented on this house. That's 40 buyers who wanted the same piece of real estate.
And the end result? See for yourself.....
SOLD PRICE: $602,000
LIST PRICE: $375,000
Price Differential: 161%
Yes, the market is pretty crazy. There is bare bones inventory out there - just over 400 listed properties in MLS in Durham Region. Few houses for sale, loads of buyers looking. It's definitely a Seller's dream market!