We’ve had our eye on a particular listing for weeks. We made three good offers, all of which were rejected. Now the home has been taken off the market. Can the seller even do that? It seems like they had no intention of selling in the first place. – BEWILDERED BUYER
DEAR BEWILDERED: While this turn of events is uncommon, it’s not unheard of. Sometimes a seller can get frustrated with the listing process. This tends to be more likely if they’re unsure of their next step.
I recently encountered a similar situation with a buyer I was representing. We submitted a very strong offer on a home and after some back-and-forth with the listing agent, I discovered that the senior homeowner had not been able to secure the next property he wanted. Our offer was declined. A few days later, the listing was cancelled and the home was taken off the market.
PRO TIP: No matter what their age or stage, I offer every seller the same advice: know where you’re going next. Mature sellers tend to be especially risk-adverse. For this reason, it’s often extremely important for them to have their next chapter planned out.
We’re trying to figure out retirement options that will keep us close to family, but properties in this region are getting so expensive. Any suggestions? – STICKER SHOCKED
DEAR SHOCKED: You may love it here in K-W, but as many first time or move-up buyers discover, branching out to surrounding communities can expand your options and often help your home buying dollars go further.
Throw a pebble in a lake and you’ll see a pattern of concentric circles. The splash is biggest in the centre, but the ripples grow increasingly gentle as the circles expand. The same can be said for housing prices, which tend to be high in urban centres and more moderate in outlying areas. Waterloo Region and the GTA are both good examples of this.
If your family is in K-W, the perfect place for your next chapter might be somewhere close by. Woodstock is an example of a smaller area where your purchasing power can go much further. A few years back, I represented a move-up buyer who wanted a larger home for his family. He was finding himself priced out of the market in Kitchener, so opted for a 40-minute commute to Ingersoll. This allowed him to buy a home which would otherwise have been out of reach.
PRO TIP: Proximity to family is important, but before you compromise your lifestyle, think about how often you’ll be getting together. If it’s once a week or once every few weeks, it’s worth considering something that would be ideal 28 days a month, even if it means a bit of extra driving on the other two or three days for these visits. #AskDavid #Advice