Scott Radley from am900 CHML interviews Rob Golfi of Re/Max Escarpment Golfi Realty Inc., Brokerage regarding the story on the front page of The Hamilton Spectator this week. “The Hamilton Real Estate Market has apparently gone bananas…clearly berserk” says Scott Radley regarding the article.
A home in Hamilton has sold for 150 percent of asking price. It’s a typical two-and-a-half-storey red brick home just east of downtown. The neighbourhood is not trendy and the house needs work. So why did the home sell for 100,000 over asking?
Homes selling for above asking price is not unusual in this current Hamilton Market but this sale is a record breaker. New investors are migrating to Hamilton to take advantage of the still low housing market prices of the area. Rob Golfi says that his intention was to get multiple offers on the Grant Avenue home but was shocked when 9 offers produced a selling price of $300,000 for a home listed at $199,900. Rob says he was hoping for an offer in the $225,000-$235,000 price range. “There is a shortage of homes on the market right now, interest rates are very low and Hamilton is a great place to live” says Rob Golfi.
The buyers in this real estate deal came in with no conditions…no home inspection and a cash deal. Buyers (and their real estate agents) are doing their homework and are making sure that they are pre-approved for mortgages because of the probability they will have a lot of competition for the same home. Multiple offers is becoming the norm for the up and coming Hamilton Real Estate Market. Rob explains the meaning of “a holdback” and why this real estate selling technique was used very successfully to build interest and frenzy in this particular real estate transaction and how it yielded unbelievable results. Doing your homework is the key to getting the home you want, says Rob Golfi and that’s what a good agent will do for you.