Real Estate

X over ask doesn't mean jackchit

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  • Jul 2nd, 2020 11:24 pm
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[OP]
Sr. Member
Feb 8, 2015
618 posts
682 upvotes
Kanata

X over ask doesn't mean jackchit

I don't get why you guys keep posting "omg this house sold $150,000 over ask!!!"

Honestly, I can put a shack in Winnipeg on the market and ask for $4,000,000 and it will simply sit there forever.

On the other side of the spectrum I can price a 2020 lux penthouse in downtown Toronto for $1 and get a million offers and it will probably sell $2,500,000 over my $1 ask.

Sold over ask doesn't mean jack right now. Do your research. See what nearby properties sold/list prices and then figure out the true value.
6 replies
Deal Addict
Jan 5, 2020
1047 posts
1511 upvotes
I agree with you.

And I'm sure everyone else would agree with you also. Nobody said otherwise, maybe except for realtors trying to promote and advertise themselves on getting the best sale prices.
[OP]
Sr. Member
Feb 8, 2015
618 posts
682 upvotes
Kanata
Newuserid wrote: I agree with you.

And I'm sure everyone else would agree with you also. Nobody said otherwise, maybe except for realtors trying to promote and advertise themselves on getting the best sale prices.
I still see posts on it and it is starting to get annoying now.
robmuranyi wrote: 100k over asking?!?!? Ridiculous...
ottawa-real-estate-market-discussion-1051489/604/
cartfan123 wrote: Semi detached. South Oshawa. With shared driveway. Ok shape but not renovated to modern stds.

Ask $399K
Sold $500k

1334 Lakefield St, Oshawa.

Ouch.
coronavirus-impact-real-estate-2351524/394/
Deal Addict
Jan 12, 2017
1633 posts
962 upvotes
Yea, agree with you. The fact is that many people fall for it... It's pretty sad, but a reflection of the world we live in.

Same as people that fall for many of the scams out there, belief that demerit points affect insurance, people who bring their cars to Canadian Tire for auto service...... The list goes on.
garmium wrote: I still see posts on it and it is starting to get annoying now.



ottawa-real-estate-market-discussion-1051489/604/



coronavirus-impact-real-estate-2351524/394/
Deal Addict
May 23, 2017
1357 posts
1343 upvotes
garmium wrote: I still see posts on it and it is starting to get annoying now.



ottawa-real-estate-market-discussion-1051489/604/
Agree with your post in general, however just want to point out, for that Ottawa example it was shocking because the original listed price was already considered quite high (10%+ increase compared to a similar house on the same street last year) so it surprised many of us when it went another 100k over (25% increase compared to the house last year).

Anyways I do agree not all cases of "over ask" mean anything (especially if listed artificially low), but some certainly do when the list price is already very high.
Deal Expert
Feb 29, 2008
19068 posts
17389 upvotes
Tarrana & The Ri…
Over ask and under ask mean nothing. Tried to explain this to so many bears such as @desolatioN
Deal Addict
User avatar
Nov 1, 2001
1150 posts
470 upvotes
Toronto
garmium wrote: I don't get why you guys keep posting "omg this house sold $150,000 over ask!!!"

Honestly, I can put a shack in Winnipeg on the market and ask for $4,000,000 and it will simply sit there forever.

On the other side of the spectrum I can price a 2020 lux penthouse in downtown Toronto for $1 and get a million offers and it will probably sell $2,500,000 over my $1 ask.

Sold over ask doesn't mean jack right now. Do your research. See what nearby properties sold/list prices and then figure out the true value.
It should be sold over $xxx vs comparables in the same neighborhood and time period. But doesn't have same ring

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