Mississauga house sells for just under $1M after 85 offers
In a surprising turn of events, a charming three-bedroom house in Mississauga stole the spotlight by fetching just under $1 million after receiving a jaw-dropping 85 offers. This unprecedented sale left everyone, including Justin Bregman, the founder of Justin Bregman and Associates, astonished.
The Wild Ride: From $749,000 to $999,999
The semi-detached two-storey house, located at 3479 Longleaf Crt., initially listed at $749,000, eventually sold for a whopping $999,999. Justin Bregman, the listing agent, admitted that the house was deliberately priced lower, reminiscent of its 2017 selling price.
Strategic Pricing Pays Off
Bregman’s estimate suggested that the three-bedroom house secured a sale seven to ten percent above its market value, approximately $930,000. This strategic pricing set the stage for a remarkable turn of events.
The Lucky Winners: First-Time Buyers’ Journey
Channing Prater, the representative of the fortunate young couple who clinched the deal, shared insights into their three-week house-hunting journey. Despite the initial listing price of $749,000, Prater set realistic expectations for his clients, anticipating a competitive bidding scenario.
Market Evaluation and Multi-Offer Situation
Prater meticulously assessed the property’s actual value by comparing it with similar houses in the Erin Mills area of Mississauga, where only around 16 semi-detached properties were available. The low inventory market contributed to a multi-offer situation, catching many off guard, with a staggering 85 offers flooding in.
Unprecedented Strategies: Insights from Industry Experts
Toronto realtor Desmond Brown, an external observer in the industry, expressed his amazement at the unprecedented 85 offers. Brown acknowledged the strategy behind underpricing a property, stating, “There are no rules against underpricing a property.”
Shattered Dreams or Strategic Moves?
While Brown believed that the low-ball sale price might have shattered potential buyers’ dreams, he also suggested an alternative approach. He proposed that listing the property at $999,999 could have achieved the same result, avoiding the disappointment of aspiring buyers.
Behind the Scenes: Sorting through 85 Offers
Bregman shed light on the chaos that ensued with 85 offers on the table. Surprisingly, approximately 80 percent of the offers were far from being competitive. This highlighted the lack of research conducted by some realtors before bringing their clients to the nearly 300 showings that were booked.
The Ideal Outcome: Lessons Learned
Bregman expressed his preference for a more streamlined process, stating, “I would have loved to get the same result with 10 offers.” Despite the overwhelming response, the clients ultimately chose the winning buyer based on the absence of conditions in their offer, a prompt deposit cheque, and alignment with the seller’s desired closing date.
A Heartfelt Conclusion: A Fresh Start for the New Homeowner
In a heartwarming twist, Bregman shared that the chosen buyer presented a lovely letter, and the seller was proud to pass the property to a fresh, new home buyer rather than an investor. This added a sentimental touch to the incredible journey of the Mississauga home sale.
Conclusion: A Real Estate Marvel Unveiled
In conclusion, the unprecedented sale of the Mississauga home for just under $1 million, with 85 offers in the mix, showcased the dynamic and unpredictable nature of the real estate market. The strategic pricing, competitive bidding, and unexpected outcomes provided valuable insights for both industry experts and aspiring homebuyers. This real estate marvel is a testament to the ever-evolving strategies that shape the housing market landscape.
