Comments on: House Bidding Wars

By: 11 Tips for First-Time Homebuyers ? Get Rich Slowly

11 Tips for First-Time Homebuyers ? Get Rich Slowly — Wed, 09 Jul 2008 12:00:49 +0000

[...] your market. It’s critical that you�know the market you are looking in. The asking prices for houses are often not indicative of their true value. The only way to be able [...]

By: Why You Can’t Trust Real Estate Agents When Buying A House

Why You Can’t Trust Real Estate Agents When Buying A House — Mon, 18 Feb 2008 10:05:34 +0000

[...] be afraid to start lower and work your way up. As I mentioned before it’s important to know the market so that you don’t have to rely on the asking price or your agent to tell you the proper [...]

By: 111th carnival of personal finance - glastonbury edition « Financial Security Quest

Mon, 30 Jul 2007 14:02:39 +0000

[...] blog. I submitted my “Absolutes” post, and Mike submitted his interesting “house wars” [...]

By: plonkee money » 111th carnival of personal finance - glastonbury edition

plonkee money » 111th carnival of personal finance - glastonbury edition — Mon, 30 Jul 2007 10:04:54 +0000

[...] house wars @ four pillars, if it sounds too good to be true, then there’ll probably be a bidding war [...]

By: FourPillars

FourPillars — Sat, 28 Jul 2007 01:54:04 +0000

Thanks for reading the blog Boca!

I read the article – very interesting. It said that it was real estate agent & brokers who were lining up…are they buying the units for clients? Shouldn’t the clients be lining up?

Mike

By: homeinboca

homeinboca — Fri, 27 Jul 2007 23:09:11 +0000

Since I own homes in South FL and Toronto Canada, I follow both markets and enjoy your blog.

This article in The Star reminds me of the time I was dragged out by my uncle to wait in line to buy condos in Boynton Beach.

http://www.thestar.com/Business/article/240381

When people start camping out overnight to buy a condo, and I’m sure most of them were investors, surely this means the end of the condo boom is near!

By: FourPillars

FourPillars — Thu, 26 Jul 2007 03:08:57 +0000

FJ - I believe there are some discount real estate brokers here although there is some debate about whether they can advertise on MLS or not.

You're right about the market being overvalued (esp. in VAN!) but I was thinking more along the lines of someone who has decided they definitely are going to buy a house (regardless of the market). They need to look at as many houses as possible - and take notes too.

And feel free to overlap as much as you want.

Mike

By: FinancialJungle.com

FinancialJungle.com — Thu, 26 Jul 2007 00:50:35 +0000

Thanks for the link, FP.

This may not be applicable to you, but One Percent Realty charges just slightly over 1%, but they’re primary located out west. I believe they’re setting the stage for more “discount” real estate brokers to come. This is quite exciting.

One peril I like to point out about comparison shopping is that the entire market may be overvalued. The fair market price isn’t necessary the intrinsic value.

I actually started a post on renting. Hope you don’t mind if I overlap a bit.

By: FourPillars

FourPillars — Wed, 25 Jul 2007 23:19:31 +0000

Hi Guinness, yes I did read that article. I’m in Toronto.

Real estate agents are definitely overpaid. 10 years ago they charged 6% and now they charge 5% but the houses are worth twice as much as 10 years ago.

I don’t mind paying them but I’d rather pay a fixed amount like a real estate lawyer.

Mike

By: guinness416

guinness416 — Wed, 25 Jul 2007 20:46:28 +0000

Did you read the article about bidding wars in the Star at the weekend (don't know where you are geographically)? Thought the sidebar about Australia's system was really interesting. At home in Ireland there was something of a furore recently when estate agents were trying to raise their fees .... from 1% to 1.5%!