Dozens of Multiple Offers on Homes Still Coming in Despite Rising Interest Rates
Multiple offer situations continue to be on the rise as the real estate market continues to see high demand during the fastest series of interest rate hikes in Canada’s history.
Over 13,000 residential transactions have taken place within the Calgary city limits to date in 2023, and agents at CIR Realty have reported being in a sale with up to 33 competing offers on a single property.
The recent increases in interest rates have introduced new complexities into the real estate market, impacting both buyers' affordability and sellers' expectations. Amidst these challenges, properties are still selling under multiple offer scenarios.
“We had 75 viewers in 8 hours” says Carl Russel, CIR Realtor who represented a listing in Pineridge, Calgary in June, 2023.
“The house was listed on a Friday at 3pm. I was on the phone for 3 hours with people calling about it and trying to get in early,” said Russel.
“The open house took place the next day, with 75 visitors coming through in an 8-hour period. The high demand resulted in 33 offers following the open house, 15 of which had no conditions,” he said.
For agents representing a sale with multiple offers, navigating these offers is complex. As the number of offers increases, so does the final sale price of a property.
Lindsey Smith, CEO at CIR Realty, says hundreds of clients lose out on properties they really want because they lack proper representation in multiple offer situations.
“Knowing how to confidently make a competitive offer within your budget is crucial. Buyers and sellers can be facing 10+ competing offers on a single property. A Realtor representing a buyer is laser focused on advocating for their clients' best interests and providing them with the guidance they need to know that they’ve put their best foot forward in their sale or purchase." says Smith.
“One piece of advice I can give is making sure you are putting in your most attractive offer right off the bat when it comes to properties that are in high demand. You don’t want to feel like you left something on the table that could have won you the property in the first place,” says Smith.
For those in the market to buy or sell, speaking with a Realtor and a Mortgage Broker will help ensure they are best positioned to make the most of their sales and confidently place offers in this competitive market.
About CIR Realty:
CIR REALTY’s journey began in 1983 and today we lay claim to the largest market share in Calgary, as well as a strong claim in many other markets all over Central and Southern Alberta, and BC. We are proud to be one of Canada’s largest and most dominant real estate brokerages with over 900 Realtors and staff.
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