Even for a veteran realtor like Mark Faris, some recent sales have been jaw-dropping.
Faris, CEO and Broker, Royal LePage First Contact Realty The Faris Team, Brokerage, says bidding wars and multiple offers in Barrie are now the norm, especially in the $400,000 to $600,000 price range.
"We're seeing offers close to $200,000 over list. We sold a property in Kingswood earlier in the year at Big Bay Point and Hurst. It was listed at $450,000 and it sold at $630,000," said Faris.
"That kind of opened up the door and we started seeing these list to sale ratios spread by a lot."
The early start to the spring market Faris attributes to early bird sellers trying to capitalize on increased home values.
The Faris Team hit 100 sales this month compared to 70 last March but April is typically the busiest for the spring sales.
"Sellers are looking at what's happening now and they don't want to miss it," he said.
In this fast-paced, competitive market, Faris says education is key.
The Faris Team is hosting its second, free Inside Track seminar in Barrie this Saturday.
In addition to a complimentary hot breakfast, keynote speaker Faris will offer tips to navigate 'these sometimes scary waters.'
"It's definitely a different environment now than even a year ago with the whole multiple offer situation," Faris said.
"Whether you're a buyer, seller or investor there's something that you'll learn from the seminar. We're going to be talking about the current developments in this local area, multiple offers, some tips for buyers to save them money, tips for sellers. There's value there for everyone."
Faris says the level of service today's realtors must provide to clients has also changed.
"Gone are the days when the buyers and sellers have to go to the agents for all the information. There's a lot of information that's at the fingertips of buyers and sellers. Realtors must provide an abundance of value."
How long the market will boom is anyone's guess but there appears to be no cooling in sight, even with a bit more inventory out there.
"I am predicting that it will continue to be a strong market for sellers," said Faris, who says with multiple offers and tough competition, buyers can get understandably frustrated.
And if you rely only on surfing realtor.ca to buy your next abode, Faris says you could be very disappointed.
"Those properties, the majority of them are sold before they even hit realtor.ca," according to Faris, who has worked in the Simcoe County area for almost ten years.
"It becomes more and more important that you're working with somebody that is tapped into what's coming up on the market, tapped into the new inventory that's coming and then how to handle and position your offer to give you the edge rather that just picking a number out of hat of how high to go with your offer."
The Barrie Inside Track seminar is Sat. April 1 from 9 to 11 a.m. at the Barrie Country Club at 635 St. Vincent St.
There will be another Inside Track seminar in Orillia on April 6 at the Hawk Ridge Golf and Country Club and a third seminar is scheduled for Midland on April 22 at the Brooklea Golf and Country Club.
To learn more or to register visit http://www.faristeam.ca/events/
