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The Farce of “Sold Over Asking”

Real Estate Sold Over Asking

“SOLD OVER ASKING” … a sign that frequently brandishes recently sold real estate.  What does it mean?  The lawn to which the sign is attached sits a property that sold for more than the asking price.  What does this imply? The Real Estate Agent did a fantastic job selling real estate for TOP DOLLAR. Now that we’ve established why it’s there and what it means, does it provide any value?  No.  Without context or a clear understanding of the market, it contains absolutely zero value. And, IMO, is a form of false advertising. It may occasionally signify a successful sale, but it often does not.  Here are some great recent examples to clarify my thoughts: Property Number One A quaint piece of real estate in Milton, Ontario, was on the market for a total of 68 days. During this time, the price was reduced twice for a total of $32,000.  Shortly after the second reduction, the house sold for $2,500 more than the reduced price.  Twenty-four hours later, the sign on the lawn read “SOLD OVER ASKING!” an unethical use of the term and certainly misleading in every intended purpose of the sign.  We watched this particular home closely because we had the same model coming for sale shortly after. Property Number Two An exceptionally updated townhouse in the community of Georgetown, Halton Hills was listed for sale at a significantly lower-than-market-value price, and they were holding offers on a specific date. Pricing low and holding offers is a common strategy used to sell real estate depending on the current market conditions and seller motivation.  In this particular case, we had a home for sale a few doors down, so I naturally did my homework and completed a thorough valuation of that property to see how we faired in comparison.  The house ended up selling for significantly more than the asking price, but still $20,000 to $30,000 UNDER what I estimated its actual value.  What did the Realtor put on the sign shortly after the sale? “SOLD OVER ASKING!” –while it was undoubtedly true, it was still misleading as I genuinely believe that they left money on the table. Property Number Three My friend in BC sent me a news article about a house in Toronto that “SOLD for $400K OVER ASKING!” … leave it to the media to make light of something they have little to no knowledge about –whatever it takes to make a headline.  While there have been cases of houses selling for more than what the typical person would perceive to be a fair price, this particular home sold within $20,000 +/- of what two similar homes on the street sold for in the previous month or two. We’re talking 7-figures, so a $20K swing, which a good chunk of change, wouldn’t have garnered the media’s attention even if it was in the $20K above market value range. You will never see a SOLD OVER ASKING label affixed to a KT sign, but we will be sure to boast about our successes by providing context and value so that you understand just how the numbers add up.  The next time you see one of these signs, don’t let them fool you into thinking anything other than asking for more details. ************************************ Adrian Trott is a co-owner and licensed Real Estate Agent of The Kormendy Trott Team, living in Milton, Ontario.  In 2011, Ariel and Adrian left their careers in the Automotive industry to shake up the real estate industry. Both experienced sub-par service when selling their individual properties and saw an opportunity.  They’ve since grown to a team of agents, a Client Care Manager and a multi-media department. They’ve also been recognized by Century 21 Canada as a top-performing team in the country for the second time, 2019.  Their real estate brokerage is in Oakville with a designated team office and studio in Milton, where most of the real estate agents work.  

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Open House Terms & Privacy Agreement

for KT Open Houses

  1.  

1. Visitor Etiquette: All visitors are required to maintain a respectful and safe environment in our client’s property by adhering to the following etiquette guidelines unless otherwise directed by a representative of The KT Team:

  • Footwear: Please remove footwear upon entry to help preserve the property’s cleanliness.
  • Washroom Facilities: Visitors are kindly asked to refrain from using washroom facilities.
  • Personal Belongings and Furniture: For privacy and safety, please avoid touching personal belongings or opening furniture not part of the sale. Examples include dressers, media consoles, and most free-standing furniture.
  • Food and Beverages: Outside food and beverages are prohibited while touring the property.
  • Furniture: To respect our client’s space, please avoid sitting or lying on any furniture.
  • Pets: Pets are not allowed within the property.
  • Children: Parents and guardians are responsible for ensuring children follow these guidelines.

2. Visitor Tracking and Safety: To ensure the safety of our clients’ property and personal belongings and the security of our real estate agents, all visitors are required to provide accurate and complete contact information. This information is used to track attendees and ensure accountability.

3. Digital Communications and Follow-Up: By providing your contact information, you consent to receive digital communications from our real estate team, including information about this property, future open houses, and other relevant real estate opportunities. These communications may include marketing or promotional messages, and we aim to keep them relevant to your interests.

4. Opting Out: You may opt out of receiving digital communications at any time by contacting us directly at the contact points below or following the unsubscribe link provided in messages. Opting out will remove you from future marketing communications, although we may retain your contact information for internal records related to visitor tracking.

KT Realty
229 – 336 Bronte Street South
Milton ON L9T 7W6
info@kormendytrott.com
1 (800) 617-0090

4. Prospecting and Sales Activity: Our real estate team may use your information for prospecting and follow-up purposes. We ensure these communications are conducted respectfully and aim to provide opportunities aligned with your interests.

5. Privacy and Data Protection: We respect your privacy and are committed to protecting your personal information. Your details will not be shared with third parties, except as required by law or for purposes directly related to the safety of open house events.

6. Acknowledgment: By submitting this form, you acknowledge that you have read, understood, and agreed to these terms and conditions. You agree to adhere to any additional requests or instructions the real estate agents provide to maintain a safe and secure environment during your visit.