This home just sold in Brampton for $166,000 above asking price.
The home, a small detached O Lot Line, located at 9 Holmstead Court had an initial asking price of $400,000 and sold for $566,000.
In total, the house received 225 showings and 77 offers.
According to Paula Mitchell from Mitchell Saldanha Real Estate, 8 more offers came through after the final one had been accepted.
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Mitchell believes the house sold way above asking price due to the initial price being an average price that many buyers can afford. The home itself also needed a lot of work.
The number of showings and offers is a clear indicator of the competitiveness that exists in the real estate market in Brampton.
“It’s definitely getting more competitive due to the lack of inventory,” said Mitchell.
Do you plan on purchasing a home in Brampton this year?
Photo courtesy of Mitchell Saldanha Real Estate