Could the Realtor be the PROBLEM?

Posted on www.Zoocasa.com

Question:

Do we need to drop our price again, or could the Realtor be the problem? My home has been on the market for six weeks and not one showing. The broker did an open house after I asked him about holding one. He never initiates updates and after four weeks on the market he said we should drop the price. We did drop the price but have not gotten any interest. Do we need to drop our price again, or could the Realtor be the problem?
Frazer (3 months ago) - Chaplin Estates, ON

Jas's Answer:

Frazer, you are in a prime location... Yonge and Eglinton. So we can most likely remove location as the barrier unless of course you are on a street that isn't "prime".

Frazer, most home owners don't know this but "Realtors do not determine the price your house sells for but they do determine what homes are shown to their Buyers". The over all market conditions determine the price.

The market is slower than it was back in the spring and prices have fallen. For example a house worth $500,000 in April would most likely be going for around $475 or less. So if you are looking to get what your neighbors received in April, I'm sorry but that is next to impossible. Multiple offers are far and few today.

From you question I'd say the biggest factor that you are NOT getting any "showings" has to be that your listing is over priced. As an agent, I would have never taken your listing if that was the case. What happens with over priced listings is that Agents will use it to sell other homes that are priced right. Your home is becomes a tool to sell your neighbors.

If the house is priced right and is in a nice location you will get the greatest traffic in the first 3 weeks. If it also SHOWS well, then you are highly likely to receive an offer and be sold within a month. But not to see any traffic is rare and clearly points to an overpriced listing. Over priced listings will linger indefinitely and either expire or terminate through mutual consent between home owner and the listing brokerage.

Unfortunately, most home owners will start making price reductions after the fact and statistically get less for their home than if they had originally priced it right.

I'd recommend talking to your agent and pricing it right to sell as soon as you can but if you can't trust him and have no communication with him, it doesn't seem your "agency" relationship is working for you.

I think you know what you need to do. Be brave and do it before your listing becomes stale and you lose a boat load of money.

Have a question?  E-mail jas and he'll blog it if its a good one.

Jas Jagpal,BSc. York University Sales Representative
E: jasjagpal@rogers.com Cell: 647-272-6629  W: www.JasJagpal.com

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Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
 

 

 

 

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Toronto (GTA) Mid-May Resale Market Update

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

 

GTA REALTORS® Report Mid-Month Resale Housing Figures


TORONTO, May 19, 2010 - Greater Toronto REALTORS® reported 4,887 sales

through the Multiple Listing Service® (MLS®) during the first two weeks of May.

This represented a seven per cent increase compared to the 4,561 sales recorded

during the same period in 2009. New listings increased by 48 per cent annually to

10,059.

 

“The average household looking to purchase a home continued to benefit from

affordable opportunities in the first half of May,” said Toronto Real Estate Board

President Tom Lebour.

 

"The number of done deals will remain high for the remainder of 2010, but will dip from

record levels.”

 

The average price for May mid-month transactions was $448,641 – up 12 per cent

compared to the average of $399,811 recorded during the first 14 days of May 2009.

 

"The total number of homes currently listed in the GTA is now within a more normal

range. As buyers benefit from more choice in the second half of 2010, average selling

prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of

Market Analysis.

 

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For all your real estate needs call Jas Jagpal at: 647-272-6629 or email: jasjagpal@gmail.com

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough  Town Centre Condos
Toronto Real Estate – http://www.jasjagpal.com

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