the hot market • Real Estate
The most unofficial but cyclically popular strategy in hot real estate markets is the consumer concept of “bidding wars.” Unless in private conversation, professional realtors don’t acknowledge “bidding wars” and innocuously refer to them as “multiple offers.”
Agreement is a helpful consumer protection with the various responsibilities spelled out in writing.” A few consumer-driven trends, common in most “hot” real estate markets like Calgary, Toronto and Victoria, have also become popular aspects of local real estate selling and buying life in 2014. Neither CREB nor AREA feel comfortable with official comment. Both groups are governed by and comply with formal definitions and protocols that do not include consumer trends and strategies. The most unofficial but cyclically popular strategy in hot real estate markets is the consumer concept of “bidding wars.” Unless in private conversation, professional realtors don’t acknowledge “bidding wars” and innocuously refer to them as “multiple offers.” Informally, many seasoned real estate pros explain that with multiple offers, there are invariably two winners (the seller and the buyer) and multiple losers. CREB doesn’t and couldn’t comment on multiple offer deals because it has no details about multiple offer situations. The board factually and meticulously tracks only details like specific listing and sale prices of Calgary real estate. But with Calgary real estate prices and tight listings, many realtors privately vouch that “bidding wars” are becoming common in Calgary real estate. BiC
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businessincalgary.com | BUSINESS IN CALGARY November 2014 • 35