As an indication of just how hot the real estate market is in Southern Ontario, a Kitchener agent recently was flooded with 53 written offers for a home that was advertised as needing extensive updating.
Re/Max Twin City sales rep Michael Saunders listed a home for sale at 285 Connaught St. The list price was $299,900. Within one week, Saunders had 53 written offers, ultimately resulting in the sale of the home for $491,000.
“We held the offers for one week and then basically focussed on price and zero conditions,” says Saunders. “Next, we went back to anyone who had offered $450,000 or higher, drilling down to eight offers. Then, we gave them a chance to improve their offer and took the best of the best.”
Saunders, a 30-year industry veteran, formed the Saunders-Tremblay Realty Team in 1992 with broker Looey Tremblay. The team now has six agents.
The Kitchener-Waterloo real estate market remains strong with a median price of $630,000 for detached homes sold in Kitchener-Waterloo in February, says The Kitchener-Waterloo Association of Realtors.