[2021-09-28] Proud of my son
In Comparing options, I talked about my supporting Shane as he looks for his first place. Today was offer day on the unit we both liked―the one that fared best in comparison to two other properties that were in the running.
Bids were due at 5:00 p.m. and expired at 9:00 p.m., so we knew that the window to hear back from Shane's real estate agent would be short.
Given the low list price for the unit and how well it was staged, it was not surprising that the seller received 13 offers. The winning bid was $46,000 over asking. Shane put his best offer forward, the highest he was willing to pay, and is at peace with the final result.
I am proud of how my son acquitted himself through the entire process. He did his homework and listened to advice. He was able to see the possibilities in the units we viewed, but also understood features that might detract from the apartment's resale potential. He was decisive and consistent. He was prompt and courteous in his responses to his real estate agent.
He has learned from this experience and is starting to get a feel for the market. So am I.
Coincidentally, just before he signed the paperwork for the unit, I read (and shared with him) an article with this lede: "Canada Mortgage and Housing Corp. says the country's housing sector moved from a moderate to high degree of vulnerability during the second quarter, with Toronto, Ottawa and Montreal among the markets shouldering the most risks." He noted the article, but remained steadfast in his offer.
Even though this property wasn't the one, we are certain that other options will present themselves. The search continues, and, as it does, Shane and I will enjoy the opportunity for a little more mother-son bonding. That seems fitting on National Sons Day.
