High Demand
After just a week on the market, our lovely townhouse SOLD firm! We were lucky that the timing worked out with a very hot real estate market in the Greater Toronto Area in the spring of 2016. Our particular neighbourhood is in high demand, being close to Hwy 404 for easy access to the city and close to coveted amenities like Canadian Tire and T & T Supermarket. With limited available stock, houses were being snapped up fast this spring at premium prices. We followed the trend, listing low, running weekend open houses, and holding off offers for a week.
We worked with our favorite real estate agent and friend, Taylor Sugar, who also assisted me with purchasing my last 2 rental properties. Open houses were busy and we were expecting multiple offers but only one registered. Fortunately for us, they were a motivated buyer, having lost out on purchasing 4 previous houses to other bidders before falling in love with our home. Taylor did an excellent job in showing them the comparables and setting their expectations on a realistic price range in the current market. The buyer cut right to their bottom line quickly in the negotiations and, recognizing a fair price, we accepted. The buyer had inspected the day before, also anticipating a bidding war, and gave us a firm offer with a substantial deposit and a closing date in late July. The deal was done.
A Mini-Crisis
We had one unexpected hiccup in the process: less than 2 hours before the first open house, our 14 year old hot water heater sprung a leak – a tiny spray shooting out the side. Moving fast, I caulked it to turn the spray into a drip and put a towel beneath to prevent the water from soaking the carpet which covered the floor drain at the bottom of the basement stairs in the finished area. Unfortunately when we returned that evening, the towel hadn’t been enough and the carpet had soaked though thankfully only after the open house! With another open house the following day, we dried the carpet overnight with fans and a dehumidifier and drained the hot water tank so the problem wouldn’t recur. The hot water heater was a rental – it wouldn’t cost anything to get a new one but it would lock in the buyer to another 10+ year-long rental contract. Some buyers prefer to own their tank (cheaper in the long run) or even put in an on-demand system – I had held off replacing the old one because it was working fine and I felt it was an advantage for the buyer to have the option. Continue reading SOLD!
