Dear Garth, I am a Realtor, not a “realtor”, and I put my name behind whatever that I say or write.
I work downtown with focus on condos and personally participated on behalf of clients in “bidding wars” with up to 17 offers on one single condo (we lost btw).
Multiple bids do do not automatically equate to over-priced properties, as there are many reasons why this would occur, for example, Seller strategically setting low asking price in hopes of attracting prospects, or, the market as a whole gains a few points and a new unit in a requested area or building may reflect that increase in overall prices.
I repeatedly advise my clients and readers to do the required research, consult with professionals – interview several and then pick the one that you think is the best for you – and clearly understand the risk that goes with each type of investment, in our case, real-estate.
Above all, ask questions.
All the best,
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