This Week in Real Estate brings you Part 1 of 2016’s real estate Year in Review. This week I present the Top 10 houses sold over asking price. Real estate is one of few industries where we shield potential consumers (sellers) from the amount of money buyers spent on any particular house. This is currently not allowed, but I have decided to forgo the rules and show what houses held the title for highest over asking price. Changes to this rule have been proposed and may be coming, but until then I will offer you the top 10 houses that went over asking price in Peterborough – displayed with a reasonably hand drawn facsimile.
Coming in at number 10: Close to highway 115, inlaw potential comes complete with student tenant downstairs. The description mentioned an ideal starter home, close to schools and shopping with a pool. 4 beds, 2 baths. $63,000 over asking
Number 9 features four great bedrooms, 3 decent baths, 2 fireplaces but no partridge in a pear tree. Hardwood floor with eat-in kitchen. Plenty of updates including A/C and furnace. A 10 on the scale. $65,000 over on the asking
We stay in the north with this 3 bed, 2 bath hardwood under carpet home. Close to shopping, schools and parks comes with A/C and gas fireplace. That’s it. $65,000 over asking
Huge lot on this perfect starter home/retirement beauty. In a super desirable area, this one comes with no central air and an untouched basement. $65,000 over asking
At number 6, this house has 3 beds, 2 baths with sliding doors to the back patio. Gas fireplace in lower rec room with man door to the garage. All windows replaced as well as furnace and A/C. $66,000 over asking
This one mentioned it shows well and was well maintained. Updated kitchen with lots of counter space and open concept. Rec room has a gas fireplace. Decked fenced yard. $68,000 over asking
Moving farther west, this gem sits on nearly a quarter of an acre with well kept grounds, in-ground pool, unfinished basement to add to the four beds and 3 baths already on board. $70,000 over asking
This is an immaculate well maintained brick bungalow, 3 beds, 1 bath unfinished basement beauty. Updated windows, eat-in kitchen and close to the highway. $72,000 over asking.
At number 2, this one really had some very nice finishes. Enough bedrooms for a family of 8, 4 bathrooms, 2 kitchens, stainless steel and quartz kitchen with island and crown moulding. Hardwood, gas fireplace, spacious master with walk-in closet and spa-like ensuite. New furnace, new central air and nicely finished landscaping. $75,000 over asking
You’ll have to use your imagination for number 1. This one was a super model. Park on the runway with exquisite manicuring leading you inside the inviting foyer with a curvy stairway. Nearly a third of an acre in size, had all high end kitchen finishes, large principal rooms, close to the hospital. 4 beds, 3 baths, the master had a sitting room. Unfinshed basement. $126,000 over asking.
You understand I couldn’t show you the houses themselves. The Real Estate Council of Ontario Advertising Guidelines do not allow me to use any images or text that could be used to identify a specific property. Here’s what I will say: All of the descriptions above were of those real houses used in the description of said house while it was offered for sale. The hand drawn facsimiles were also of real houses, the houses that went over asking and had outside detailing missed or embellished and they may be out of order……well doesn’t matter.
What does matter is that all of these houses all have one thing in common. Yes, they all are in the City of Peterborough, they all used the holding offer strategy, they all went over asking. The real characteristic that binds the ten houses together is that they all happened within the past six months, despite nearly 200 more houses being sold in the first six months than the last six.
January 1 to June 30 – 813 houses sold with 223 over asking = 27.4%
July 1 to Dec 22 (date published) – 628 houses sold with 229 over asking = 36.4%
What does that tell us? Tells me that inventory is severely limited and consumers are paying more based on pressing need than they are based on choice. For people taking advantage of the market – and you can if you are willing to play the game and work to build your equity – you can make out like a bandit in 2017.
50% 36 SOLD DECEMBER – 18 OVER ASKING
38.00% 84 SOLD NOVEMBER – 32 OVER ASKING
37.40% 107 SOLD OCTOBER – 40 OVER ASKING
33.30% 120 SOLD SEPTEMBER – 40 OVER ASKING
35.10% 131 SOLD AUGUST – 46 OVER ASKING
36.30% 145 SOLD JULY – 53 OVER ASKING
40.20% 174 SOLD JUNE – 70 over asking
34.20% 178 SOLD MAY – 61 over asking
21.40% 182 SOLD APRIL – 39 OVER ASKING
23.50% 119 SOLD MARCH – 28 OVER ASKING
15.50% 103 SOLD FEBRUARY – 16 OVER ASKING
17.30% 52 SOLD JANUARY 9 OVER ASKING
The second quarter opened up a big number of solds, likely the spring market being influenced by the hot fall market and real estate related news headlines. In 2017, I can be quite sure that January and February will experience a significant increase in over asking solds relating to overall solds. The last six months of this year will finish with no month having less that a third of its sales over asking. The Canadian Mortgage and Housing Corporation tells us the resale home market should stabilize while seeing an increase in new home builds, which we may not see the effects of until the final quarter next year – if at all in 2017. Part 2 will focus on what to expect next year – new versus resale listings, how to come out ahead real estate wise and how you can beat a hot market at it’s own game.
TWIRE VOLUME 12, TWIRE VOLUME 11, TWIRE VOLUME 10, TWIRE VOLUME 9, TWIRE VOLUME 8, TWIRE VOLUME 7, TWIRE DOUBLE ED. VOLUME 6, TWIRE VOLUME 5, TWIRE VOLUME 4, TWIRE VOLUME 3, TWIRE VOLUME 2, TWIRE VOLUME 1