This detached house in Toronto under $ 1 million was not sold in 45 days. Why?

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Price: $ 900 000

Neighborhood: Scarborough – Woburn

X-factor: This detached house in Scarborough can be ideal for a small family eager to move out of apartment life. It’s the only house in town that’s been on the market for over three weeks, priced at $ 900,000.

It is a 3 + 2 bedroom house equipped with two bathrooms, an upgraded basement for possible rental and also has a good plot size of 40 by 126 feet.

The house is less than 10 minutes from Eglinton GO station, which can take you quickly to and from the city, as the Scarborough Bluffs are fairly close.

If you are a first time buyer, you may be wondering, why was it not sold? We brought in our knowledgeable real estate agent Othneil Litchmore, to gain a better understanding of why this property costs what it does.

Why is it so priced: It’s listed at only $ 900,000, probably because of how small the house is despite new renovations, says Litchmore. It is difficult to speculate why it is not sold, as it has been on the market for over 45 days now.

A similar house that was less renovated on the same street took just 10 days to sell in October and went above the asking price at $ 985,000. As the market becomes more aggressive by the day, with fewer homes available than buyers, Litchmore says the property is on 87 Shier Dr should have been bought by now.

It got to the point where Litchmore thinks the house can be negotiated, perhaps as low as $ 870,000.

“The market has since become warmer. This is a similar size house with all kind of the same features. What could be the problem? ” says Litchmore.

Litchmore mentions that buyers tend to avoid homes that are not of great interest in the first few days and with this place being on the market for so long, they may think something is wrong here. This is why he urges people to visit, as it may become clear why it has not been sold yet.

“At this stage it is possible that the seller will negotiate a bit. You might just get it a little under demand, ”Litchmore said. “But to know what the market is like, they do not have to. If they are not in a hurry to sell, they do not have to negotiate. ”

On listing, the sellers provide a layout of the property and Litchmore says it could be a gift or a curse. Some might like to get an idea of ​​what the house looks like, but others may find it too small and lose interest.

Despite this, Litchmore thinks the market is hot enough that someone will eventually come in and be willing to buy the bungalow. The house was last sold in 2016 for $ 552,500.

“It looks like the real renovations have been done, the floor looks very good and the kitchen looks nice enough. There is no work to be done here. ”

Tips for finding a place like this: Litchmore says this place is ideal for those who do not want to live too close to the city center but still have transportation routes to go there whenever you want.

“Scarborough is bigger than most of these other places in the city. There are a lot of real estate houses, so no apartments and no buildings, ”Litchmore said.

He also advises people to look at properties that are currently on the market for weeks, as this is where the deals are.

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Reference-www.thestar.com

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