Bidding wars and bully offers: strategies for success

The Toronto housing market is witnessing an increase in multiple offers and aggressive buyer tactics, as demand remains high and inventory is low. Bidding wars are common where buyers compete against each other to buy a property, and a low listing price can attract those in a lower budget range, who might not have otherwise considered the property. It is essential to have a solid understanding of market value, be rational while deciding the offer limit, put in the best offer right away, go in firm with no conditions for financing and home inspection, be accessible, and be prepared to walk away. Buyers can use a more aggressive tactic, the bully offer, where they make an offer well above asking price before the seller's offer date. However, this strategy is debatable.