In a competing offer situation where more than one buyer is vying for your property, it’s easy to focus on the price.  Which one is highest?  But price alone doesn’t tell the whole story.

Are there subject conditions?  If so, what are they and how long are they? For instance, a vastly higher price may be attractive on the surface but what if the buyer needs to sell their home?  Even worse, what if their house is not even on the market and unlikely to be so for several weeks?  A lower offer unencumbered by conditions offers a far greater degree of certainty.

Does the high offer have a Whim and Fancy clause?  Those are conditions which make the situation unpredictable, such as Subject to Viewing or Subject to parent approval.  Neither you nor the buyer have any control over the outcome.

If both buyers require a financing condition, which is the more safe bet?  Here’s where the seller’s agent discusses with both buyer agents where their buyers are at in the cycle of pre-approval.  Is the seller’s agent familiar with the mortgage broker/banker? Does the buyer’s agent have a reputation of working only with fully qualified buyers?  This is where professional relationships are helpful, especially in a small community like Victoria. 

Closing dates, inclusions and exclusions, deposit amount and terms are other factors which need to be considered in addition to price.  Making the best choice is often not as clear as it appears.

Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com

We have experienced a resurgence in multiple offers, or bidding wars, in days of late. This occurs when more than one party offers on the same property at the same time.  Working for both buyers and sellers, we at the PRIME team fully understand what the nervous buyer is experiencing and what the anxious seller is feeling in the bidding war process.

Organized real estate employs “rules of engagement” in the handling of multiple offers to give all buyer parties a level and fair playing field, favoring no single party.  Unlike Australia, where live open bidding occurs (often on the front lawn of the house), a blind bidding process is employed.  Buyers are encouraged to write their final and best offer, with the Seller reviewing all (in private) and accepting the offer with best terms and conditions.  They are not obligated to counter offers or to give second chances: often it is simply a matter of accepting the best package.

For sellers, the probability of selling high (at list price or beyond) plus reduced or eliminated number of subject conditions means the seller stands a lot to gain.

For buyers, it is an emotional roller coaster not knowing whether their best foot forward is good enough.  Some buyers go thru this process several times until finally landing their home.  Some actually give up, especially in a rising market, created by continued bidding wars.

Working with agents who are well versed in the process- from both buyer and seller perspectives- is crucial.  Give us a call to learn more about how we can help.

Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com

When a property is new to market, Sellers are excited at the prospect of garnering a swift sale at maximum dollar, encouraged by the fact that showing activity is high since the new listing is “fresh” on the market.

Often, an offer to purchase materializes from an interested buyer in the first days of the listing, posing a critical juncture which has the potential to alter the path of the seller’s journey to success.

If the offer is good- asking price or slightly below- at this early stage, Human Nature steps in and we hear from sellers words which often go something like “I’ll wait until something better comes along”.  Here’s the problem: sometimes a better offer never comes along.

A property is most marketable in its first 14 days of listing.  Buyers are receiving daily updates from their agents, seeking new or “fresh” listings as they hit the market.  Those are the ones which are most desirable, receive the most attention and as a result, traffic and showings hit their peak in those first days. After that point, the freshness wears off and buyers are looking elsewhere.

At the very least, consider countering the early offer to keep the ball in play.  A role of the agent is to negotiate every offer to terms acceptable by their client.  Sometimes an acceptance is not possible.  But if the offer is good, or one that you’d take in future, consider the ramifications of not acting now.  We’ve seen too many sellers later regret that they didn’t take “the one that got away”. 

Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com

The real estate licensing program trains candidates on legal matters, agency, mortgages and construction & structural topics. Individuals leave the course having a higher knowledge in these areas relative to the task of helping consumers buy and sell real estate.

What isn’t covered is why being involved in the community is important.  While agents are instrumental both in the selling and buying transaction for consumers, we don’t just sell bricks and mortar.  We sell the community too. From schools to recreation to faith centres to shopping and amenities to transit access, home buyers are buying the complete package beyond just the home.

We are fortunate that Victoria already possesses the attributes that continue to bring Canadians here- both for tourism and for relocation - but there’s so much more to offer here than what is seen on the surface.

Some time ago, we realized that our roles as REALTORs means we are ideally positioned to serve clients in their relocation while also supporting local business and commerce.  We are constantly networking with trades and service providers and learning more about local businesses and amenities to best serve our clients.  This is why community involvement is a core value for us at The PRIME Real Estate team.

The investment in relationships we’ve built means we can connect clients with services which have proven themselves to be trustworthy and effective.  This is very different from just finding a positive review online or in a directory.  We know these people personally and have usually had a positive prior experience thru the eyes of our clients.

We’re involved in many groups including Rotary, Sovereign Order of St. John, Knights of Columbus, Think Local First, Oak Bay Tourism, Belfry Theatre, Victoria Symphony plus many other organizations.  We roll up our sleeves as engaged members of the community, so we can be a high value to our clients.  We’d be pleased to help you as well.

Tony is the 2026 Victoria Chamber of Commerce Member of the Year.  Listen to The Whole Home Show Saturdays 12 noon on CFAX1070.com