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My clients will ask “what is the right price to offer in competition or when competing with multiple offers in Real Estate?” I tell them the right price is the one where you say
Scenario One: I come back and say “you lost” and you say “that’s Okay because that’s what I was willing to pay” and or I say “you got it” and you are thrilled.
Scenario Two: I come back and say “you lost” and you say “I would have paid a little more” or I say “you won” and you think, “oh no, I paid too much”.
Having said that you must consider that in competition you will likely pay at the top end or over the current perceived market “value”.
By the way market value is defined as “what a willing educated buyer will pay without undue pressure“. Is competing in multiple offers undue pressure ? Not if you keep your head on straight and make calm educated decisions.
I can only speak with regards to my local market and my experience and knowledge in helping people with their Real Estate needs in the Hamilton, Burlington, Ancaster and Stoney Creek area but the basics remain the same.
Does this house meets and exceed my needs and maybe even my wants?
Is what I’m looking for hard to find?
Is time on my side?
Are you in an area that will likely continue to go up in price at a fast pace?
Is your plan to stay in the house for a reasonable amount of time? Say over 3 or 4 years.
If it’s the perfect or near perfect house and time is of the essence then you just might just have to bite the bullet and pay more than you think the house is “worth” (remember the definition of value).
You will get the house you want and need and over time your perceived over-payment will be absorbed.
You have to adjust your behaviour in competition based on your own situation after answering the questions above.
One thing to remember is you have complete control over what you are willing to offer on a house you are interested in. As long as you are willing to put your best foot forward, there is no harm in trying. If you don’t put an offer in on a multiple offer situation, you know you definitely won’t get that house. So take your best shot and rely on the advice of your local trusted Real Estate professional.
The first European settlers came to this area around the time of the American Revolution and the War of 1812. In 1815, after the war George Hamilton settled here and created a town site. Hamilton became a city in 1846.
Hamilton became a city of heavy industry and was a hot bed of working-class activism. In 1872 it was a strong voice encouraging the maximum nine hour work day. Hamilton became an imprtant city providing iron and steel. During the First World War Hamilton boomed as the demand for steel, arms, munitions and testiles increased. This created a building boom. However, in the 1930’s Hamilton was greatly affected by the Great Depression. The Second World War created a turn around in Hamilton’s economy but cost the city dearly in lost lives of young men at Dieppe.
Hamilton has been nicknamed Steeltown, Ambitious City, The Hammer, Hammertown, and the Lunch Bucket City all due to Hamilton’s history as a major steel producing industrial city.
Things have changed and today different aspects of Health Care have taken over as the number one employer in Hamilton. There has also been extensive growth in the areas of Education, Government Services and Technology as well as Agriculture/Food Processing.
It is very exciting for me to watch the evolution of this beautiful waterfront city as we change and re-define ourselves. All the while we are still enjoying a vibrant manufacturing and transportation sector.
What an incredible location we have in the “Golden Horseshoe“. We have bragging rights as “The Waterfall Capital of the World“. Beautifully situated between Lake Ontario and the Niagara Escarpment and extending over the escarpment.
Hamilton has a population of over 500,000 people and a stable economy and Real Estate Market. In 2011 Hamilton was ranked by the Real Estate Investment Network of Canada as the best place to invest in over the next five years and the third best in all of Canada. The FDI Magazine a publication of the Financial Times ranked Hamilton in third place of the large North American cities for quality of life.
Hamilton boasts a diverse community rich in culture, history and incredible architecture. Hamilton is also a city with a fast growing vibrant community in the arts, including music, theatre and art. If this is of interest you won’t want to miss the Art Crawls!
We are a city with a desire to grow and improve and a wonderful city to raise a family.
I Love my city!