With a recent spike in multiple offer presentations and bidding wars, how likely are your clients to get involved?
A new Canadian survey conducted in March shows that one-in-four would readily take part in a bidding war, and half of this group would bid as much as 110 percent of the asking price. Furthermore, one-in-three men would bid as much as 20 percent above the listing price, while only one-in-five women would bid 20 percent above list price.
1,000 house and condo owners participated in the study, which was conducted last month by Leger Marketing for BMO Bank of Montreal. Moreover, respondents from Ontario, Manitoba and Saskatchewan were more likely to join in on a bidding war, while those surveyed in the Maritimes were less likely to participate.
[See full article written by Sean Kilpatrick/Canadian Press on CBC.ca on April 19, 2012: Click Here]