Let's talk about the madness of multiple offers.
I feel for you buyers out there. This seems to be getting crazier by the day with no end in sight. Understanding how and why this is all happening will maybe shed some light on how to finally gain a victory in this crazy market.
Why is this all happening?! Well, it's all a matter of supply and demand. When inventory is low, and buyers are in plenty it drives the prices of homes up. In the case of the current market, dramatically. There isn't much that can be done unfortunately, except try and figure out how to make your offer the one the winning offer. Working with an agent that understand the current trends in your desirable neighbourhoods is step one. Your agent should know what other properties were listed and sold for as well as how many showings/offers were received on those homes in recent days . They should al so know how surrounding neighbourhoods are trending, which will ultimately impact those you are looking to purchase in. Since the "ripple effect" will send the same trends into the surrounding neighbourhoods and cities it's a look into what is ahead. Know your product, knowledge is power.
It's easy to blame the GTA for coming here and stealing our available inventory out from under us, but the truth is that just makes up a portion of this madness . In recent weeks, properties I have sold have only had a small portion of buyers offering from the GTA. Locally, we are running out of inventory quickly, and the buyers pool is growing even faster. My assumption is we have more people who wouldn't have otherwise been looking to buy a new home now hoping to cash out of their homes while values are high, but don't want to sell until they buy. It's a situation that is perpetuated by the problem.