{"id":12951,"date":"2017-07-07T01:00:38","date_gmt":"2017-07-07T05:00:38","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=12951"},"modified":"2017-06-21T11:05:49","modified_gmt":"2017-06-21T15:05:49","slug":"is-it-time-to-change-your-offer-night-strategy","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/","title":{"rendered":"Is It Time to Change Your Offer Night Strategy?"},"content":{"rendered":"<p>Are the days of bidding wars and panicked buyers going hundreds of thousands of dollars over the asking price a thing of the past? At least for the time being, the answer appears to be yes, as some measure of normality has returned to <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto real estate<\/a>. The average price of a home in the region still exceeds $860,000, so while price growth has slowed down somewhat, buyers can still expect to shell out a considerable chunk of change when buying a home.<\/p>\n<h2>Selling Requires a New Strategy<\/h2>\n<p><a href=\"https:\/\/www.zoocasa.com\/company\/our-team\/doug-vukasovic\">Doug Vukasovic<\/a> is an agent with Zoocasa and the changes in the marketplace since the Fair Housing Act certainly haven\u2019t escaped him. In selling a home, it now requires a different strategy than just setting the price artificially low then waiting for the inevitable bidding war to kick in.<br \/>\n\u201cThere are still people that try to price like that, but it\u2019s not as effective as it once was,\u201d he says. \u201cThe way the market has turned right now, sellers are more likely to use a conventional pricing strategy using the most recent comparable home sales in the neighbourhood.\u201d<\/p>\n<h2>A Rapidly Changing Market<\/h2>\n<p>In the process of buying and selling homes across Toronto, Vukasovic is able to see first-hand how the overall market has shifted. He recently represented a buyer that purchased, 6,500-square-foot, five-bedroom home in Rosedale for $7 million &#8211; but selling homes isn\u2019t as easy as it was earlier in the year, as he outlines.<\/p>\n<p>\u201cI have a condo unit right now at King West that has been on the market for a couple of weeks,\u201d he says. \u201cThe same property, if it went on sale at the beginning of April, would probably have sold in three or four days.\u201d<\/p>\n<p>It was the process of trying to sell this particular property that he realized the <a href=\"https:\/\/www.zoocasa.com\/blog\/toronto-homes-for-sale-rise-33-6-following-fair-housing-plan-reveal\/\">Ontario government\u2019s measures in April<\/a> had put some power back in the hands of the buyers.<\/p>\n<p>\u201cWe tried doing what everyone else had done in that building, in terms of setting it up for a bidding war,\u201d he says. \u201cWhen it came to offer presentation night, we only had one offer, so that means the buyer will try to take advantage of the situation and really try to leverage.\u201d<br \/>\nThe offer in question was significantly below what the sellers had hoped for, so Vukasovic went back to the drawing board. The property was duly placed back on the market, but this time priced at a level comparable to other similar properties in the neighbourhood.<\/p>\n<h2>More Choice for Buyers Means a New Dynamic<\/h2>\n<p>Another factor working against the seller was the fact that buyers now had more choice in this area than was previously the case.<\/p>\n<p>\u201cIn that particular area inventory was up by 12 per cent; I compared the area before and after April 20,\u201d explains Vukasovic. \u201cThat change saw 49 per cent fewer sales and prices had decreased by 9 per cent. It was up on last year in terms of price, but it was trending downward. I expect we are going to see that for the next month or two\u201d<\/p>\n<h2>What\u2019s Next for Toronto Real Estate?<\/h2>\n<p>Trying to assess where Toronto\u2019s property market might be headed isn\u2019t an exact science, but there is a pretty obvious comparison: Vancouver also experienced rapid price growth that saw the province step in to curb foreign speculation. The legislation did have the desired effect, at least initially, but the West Coast city appears to have regained its momentum when it comes to home price appreciation.<\/p>\n<p>\u201cThe foreign buyers\u2019 tax was introduced in Vancouver last year in August, the market for condos really slowed down up until the end of the year,\u201d says Vukasovic. \u201cWe saw it pick back up in February. The condo market is doing quite well there again, so if we follow a similar path here, we will have some slow months then pick up again. Right now could be a good time for buyers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are the days of bidding wars and panicked buyers going hundreds of thousands of dollars over the asking price a thing of the past? At least for the time being, the answer appears to be yes, as some measure of normality has returned to Toronto real estate. The average price of a home in the [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":12952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[113],"tags":[],"class_list":["post-12951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling-your-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is It Time to Change Your Offer Night Strategy? | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is It Time to Change Your Offer Night Strategy? | Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-07T05:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-06-21T15:05:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/06\/Offer-Night-Strategy.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"612\" \/>\n\t<meta property=\"og:image:height\" content=\"408\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\"},\"author\":{\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\"},\"headline\":\"Is It Time to Change Your Offer Night Strategy?\",\"datePublished\":\"2017-07-07T05:00:38+00:00\",\"dateModified\":\"2017-06-21T15:05:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\"},\"wordCount\":669,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Selling Your Home\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\",\"name\":\"Is It Time to Change Your Offer Night Strategy? | Zoocasa Life\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2017-07-07T05:00:38+00:00\",\"dateModified\":\"2017-06-21T15:05:49+00:00\",\"description\":\"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?\",\"breadcrumb\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.zoocasa.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is It Time to Change Your Offer Night Strategy?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"name\":\"Zoocasa Blog\",\"description\":\"Home Buying &amp; Selling Tips, Real Estate Market Trends &amp; News\",\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\",\"name\":\"Zoocasa\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"contentUrl\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"width\":800,\"height\":800,\"caption\":\"Zoocasa\"},\"image\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Zoocasa\",\"https:\/\/twitter.com\/Zoocasa\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\",\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"caption\":\"Daibhead O\u2019Ceallach\u00e1in\"},\"description\":\"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is It Time to Change Your Offer Night Strategy? | Zoocasa Life","description":"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/","og_locale":"en_US","og_type":"article","og_title":"Is It Time to Change Your Offer Night Strategy? | Zoocasa Life","og_description":"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?","og_url":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/","og_site_name":"Zoocasa Blog","article_publisher":"https:\/\/www.facebook.com\/Zoocasa","article_published_time":"2017-07-07T05:00:38+00:00","article_modified_time":"2017-06-21T15:05:49+00:00","og_image":[{"width":612,"height":408,"url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/06\/Offer-Night-Strategy.jpg","type":"image\/jpeg"}],"author":"Daibhead O\u2019Ceallach\u00e1in","twitter_card":"summary_large_image","twitter_creator":"@Zoocasa","twitter_site":"@Zoocasa","twitter_misc":{"Written by":"Daibhead O\u2019Ceallach\u00e1in","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#article","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/"},"author":{"name":"Daibhead O\u2019Ceallach\u00e1in","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3"},"headline":"Is It Time to Change Your Offer Night Strategy?","datePublished":"2017-07-07T05:00:38+00:00","dateModified":"2017-06-21T15:05:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/"},"wordCount":669,"commentCount":0,"publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"articleSection":["Selling Your Home"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/","url":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/","name":"Is It Time to Change Your Offer Night Strategy? | Zoocasa Life","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/#website"},"datePublished":"2017-07-07T05:00:38+00:00","dateModified":"2017-06-21T15:05:49+00:00","description":"As sales - and bidding wars - slow in the GTA, many sellers are left wondering - is it time to change up their offer night strategy?","breadcrumb":{"@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.zoocasa.com\/blog\/is-it-time-to-change-your-offer-night-strategy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zoocasa.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Is It Time to Change Your Offer Night Strategy?"}]},{"@type":"WebSite","@id":"https:\/\/www.zoocasa.com\/blog\/#website","url":"https:\/\/www.zoocasa.com\/blog\/","name":"Zoocasa Blog","description":"Home Buying &amp; Selling Tips, Real Estate Market Trends &amp; News","publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zoocasa.com\/blog\/#organization","name":"Zoocasa","url":"https:\/\/www.zoocasa.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","contentUrl":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","width":800,"height":800,"caption":"Zoocasa"},"image":{"@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Zoocasa","https:\/\/twitter.com\/Zoocasa"]},{"@type":"Person","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3","name":"Daibhead O\u2019Ceallach\u00e1in","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","caption":"Daibhead O\u2019Ceallach\u00e1in"},"description":"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.","url":"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/"}]}},"_links":{"self":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/12951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/comments?post=12951"}],"version-history":[{"count":0,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/12951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media\/12952"}],"wp:attachment":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media?parent=12951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/categories?post=12951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/tags?post=12951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}