Real estate websites always feature a number of popular listings on their front page. You’ll find these gorgeous properties on their landing pages to wow you and get you excited about browsing the different properties they have.
But are they worth looking checking out? Especially in the competitive nature of Toronto real estate, should you even bother?
Honestly speaking, it’s a yes and no. Yes, because they may be able to offer something different. There will always be something about popular listings that make them stand out. If you plan to relist later, this can be helpful to you.
The most popular listings are often some of the most eye-catching properties available that they were able to catch the eyes of house hunters, interior designers, editorial staff, and regular folks with keen eyes. So if you want a property that will wow you, popular listings are the best place to start.
However, there are a lot more reasons why you should shy away from these listings. The following are very compelling reasons why you should think twice about sending an offer for a popular listing:
1. They are likely swamped with offers.
The first issue you’ll encounter with popular listings is that there’s a good chance that they’ll receive lots of offers from other buyers. If you’ve found one that’s just a little bit over your budget and you want to give it a try, you should manage your expectation. These properties can cause bidding wars so it might be difficult for those with limited budgets.
Because of the large number of offers, there can also be fewer chances for striking a good deal (for the buyer). The owners may be less inclined in entertaining haggling because they have other offers to consider. So if you’re hoping to save some money, popular listings might not be the best picks.
2. Some popular listings fall below expectations.
While lots of popular listings get to gain attention for how they look, there’s also a lot of marketing techniques at play. For one, they can have an amazing photographer who can play with angles and proportions well. Some can look certain spaces look more spacious and enticing than how it looks like in person.
Others use the right keywords and other search engine optimization techniques to catch people’s eyes. There are also lots of realtors who use sponsored ads that link to their listings to draw people in. It’s a costly way to promote their listings but it pays off.
3. They may be overpriced.
Sometimes, the property’s price can also be the very reason why a listing is popular. They can have a shock factor that will draw people in and boost its rankings on search engines and listing websites. You might only realize that they’re asking for so much more than what the property is worth upon visiting the property.
There are also some instances when a popular listing is only buzz-worthy because of the unique features it has. They’re not always worth the extra thousands of dollars as a lot of them are superfluous additions that you might not need in your everyday life. So if you’re going to be practical, such properties might not be the perfect fit for you.
Of course, there’s nothing wrong with checking out popular real estate listings. It will help you be more thorough, so they’re always worth checking out. However, just like lots of other properties out there, they’re not always guaranteed to be the best options for you. It’s up to you whether you want to spend time checking them out or if you should immediately move on to something that suits you better.