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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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