Surrey home sells for $410,000+ over asking with 17 offers

Surrey home sells for more than $400,000 over asking with 17 offers

This home at 15915 92A Avenue in Surrey recently sold for $410,000 over asking. (Submitted)

A single-family home in Surrey’s Fleetwood neighbourhood sold for $410,000 over asking this month, raising questions about how hot the real estate market could get in 2022.

The listing agent, Mayur Arora, put the nearly 3,000 sq ft home on the market for just under $1.5 million. He thought it was a fair price given the home’s amenities and its location.

The six-bedroom, five-bathroom house is quite nice looking — it’s large and modern with a taupe slatted exterior and a two-bedroom basement suite. But Arora said it’s not leaps and bounds above other homes nearby, which is why he was shocked when the top offer came in at more than $1.9 million.

The home received a total of 17 offers. (Submitted)

“I have never seen anything like this before. The demand was overwhelming,” he told Daily Hive Urbanized. “The one thing that I noticed was the sheer desperation in the eyes of the buyers and the buyer’s agents.”

He thinks that hunger to to buy could be because there’s tremendously low inventory of resale homes right now. The real estate market usually picks up in the summer, with winter being slower.

But fewer homes on the market this time of the year paired with strong buyer demand has created the perfect storm for an open house frenzy like what Arora saw with the Fleetwood home.

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The home had 100 showings in just two days, and received a total of 17 offers.

“As a realtor who has been doing this for 12 years and has sold over 1,800 homes, this sale will definitely go down in memory lane, as the most significant sale in terms of activity and dollars over asking price,” Arora said. “It will be interesting to see what the market does next year with the interest rates expected to rise.”

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