My realtor in Toronto told me to lowball on a fixer upper and I regret it 8 months later

Back in February my realtor said don't offer more than 50k under asking because the market was cooling off. I found this house in Scarborough that needed new windows and a roof but had good bones. I listened to her and offered 20k under and the seller didn't even counter. Now I look at similar houses in that area selling for 100k more and I can't find anything in my budget anymore. She was too cautious and I should have just gone with my gut and offered closer to asking. The house sold a week later to someone else for 15k over asking. Has anyone else had a realtor give advice that cost them a good deal?

2 comments

2 Comments

the_tara7d ago

I used to be the person who always told people not to get emotional about houses. I thought numbers and logic should win every time. But after watching my cousin lose out on three houses in a row in Mississauga because his realtor kept telling him to wait for prices to drop, I totally changed my mind. That was two years ago and he still hasn't bought anything. Now I think you have to trust your gut sometimes. If a house feels right and you can afford it, you should go for it even if the market seems soft. Your realtor probably meant well but they don't have to live with the regret like you do.

the_jessica7d ago

The realtor's advice to wait probably came from a good place, but here's something people miss: realtors make money on volume, not on one client's perfect timing. Your cousin's realtor could afford to play the waiting game because they have other sales coming in. Your cousin doesn't. That dynamic is totally backwards from how most buyers think about it. If you're living in the house, not flipping it, the "price drop" strategy is gambling with your own roof over your head. Numbers matter, but so does having a place to live while you wait for a market that might never come.