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No Luck Selling House

check_mate

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Jun 27, 2005
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A few weeks have gone by and I've had no luck in selling, only 2 showings so far..... I lowered the price and that's when the buyers showed up .... got me wondering if there's a report from mls.ca that shows price changes etc .... anyone know .... the agent wanted a price WAY LOWER than i thought was right
 

wikiwild

Member
Feb 29, 2004
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check_mate said:
A few weeks have gone by and I've had no luck in selling, only 2 showings so far..... I lowered the price and that's when the buyers showed up .... got me wondering if there's a report from mls.ca that shows price changes etc .... anyone know .... the agent wanted a price WAY LOWER than i thought was right
Agent is probably right. They have a nose for these things.

Oh, and yes, the buyer's agent will know if a price was recently reduced. The listing shows old price and new price, probably not on MLS.ca though, but on the toronto real estate board's system.
 

Svend

New member
Feb 10, 2005
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Agents are knowledgeable, but their main goal is a sale - not necessarily at the best possible price. Use them, but also keep your own goal in mind.
There was a post showing that agents get a better value for their own home, which shows that when their self interest is on the line, they work a bit harder.
 
W

WhOiSyOdAdDy?

3 weeks is not a lot of time. Was it your agent or the buyer's that thought it should be much lower?

Some agents just want an easy sale, so that they do not have to work very hard for their percentage.
 

Dizzle

All my Ex's live in Texas
Aug 19, 2005
39
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Waterloo Region
Buyers set the price

If you have ever bought a house, you know when you're looking which ones are fairly priced and which ones are too much money. It's not the agent that decides... it's the buyers. Also, there is a daily hot sheet that reports price changes to the agents, so they are up to date. A well priced house should sell within a month in these present market conditions.

Good luck
 

Vancouver Femme Fatale

Multihour Specialist
Apr 25, 2005
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Vancouver
www.ironicalamour.com
Have you looked around the neighbourhood to see what else is listed and at what price? If folks are going around in the general vicinity and seeing similar houses at lower prices, they're going to expect gold-plated dancing girls at your place.

Are you living in the place? Presentation is incredibly important. Watch cable shows like the House Doctor, Sell this House, and Property Ladder. Simple things like paint colour changes, furniture editing, and curb appeal can tremendously affect what you'll get and how long you'll wait to get it. If Joe and Joanne Random just can't imagine living in your space, or see outdated appliances and cabinets in your kitchen they know they'll have to pay big bucks to replace or renovate, they'll walk. Basically, you're putting your house in a cage match with every other similar house for miles around. Make sure it's ready to kick some ass :)
 

check_mate

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Jun 27, 2005
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My agent said it should be lower...obviously in his best interest... the prices in the area are all over the place because of semis, smaller lots, lots backing onto parkland, older/newer homes etc. i've seen the same size 4 bedroom detached home sell for +- $100k each way. i think the buyers are scraping the low priced ones, anything at or above average is ignored. with the snow coming, there's not much time left, the bargain hunters will be scavenging for bargains now, looking for desperate sellers, am i right ??
 

shack

Nitpicker Extraordinaire
Oct 2, 2001
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check_mate said:
My agent said it should be lower...obviously in his best interest... the prices in the area are all over the place because of semis, smaller lots, lots backing onto parkland, older/newer homes etc.
It's also in your best interest to sell. If time is on your side and you can afford to wait, then do so 'til you get your price. If not, then at some point you're going to have to suck it up and take your best offer. Your post makes it sound like you're getting nervous after just 3 weeks.

Also when comparing prices to other houses in your area, no sense looking at properties that do not have similar stats to yours. You have to compare apples to apples.
 

Svend

New member
Feb 10, 2005
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It's tough if you can't compare to something exactly the same that is on the market, ultimately it's up to you. The agent could be right, but I'm not in a position to say.
I hope you're not in a position where you are desperate - try to stay cool and don't give in to pressure if you don't think it's right.
 

Vancouver Femme Fatale

Multihour Specialist
Apr 25, 2005
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Vancouver
www.ironicalamour.com
Actually, two episodes of Sell This House! followed by an episode of Flip This House are coming on in a few minutes Pacific Time, on Channel 31 or A&E.

Always informative stuff, and I'm definitely going to tune in.
 

papasmerf

New member
Oct 22, 2002
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42.55.65N 78.43.73W
A fresh coat of paint (white or off white) adds to the house

makes it smell fresh.

Clean the carpets and even the driveway.
 

KBear

Supporting Member
Aug 17, 2001
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west end
www.gtagirls.com
Your agent can tell you what properties similar to yours have sold in your area in the last few weeks. If buyers are buying other similar properties then you may be over priced. If nothing similar has sold, then you still dont really know much, other then you have not missed out on a sale.

3 weeks is not that long of a time to be on the market.

Some agents are very good, and consider the clients best interests first, some do not.

Price reductions do not mean that much to the average buyer, and the agents dont care at all about price reductions.
 

tboy

resident smartass
Aug 18, 2001
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way out in left field
Once again someone is coming to an escort review board to ask about something totally unrelated....like that guy in another forum who complained that he wasn't getting a doctor's input for his question on hiv...LOL doh.

Let's see, I heard stories that a place sold 15 minutes after it was listed and had a bidding war going on (they got 20K over the original asking price) and you've not had anything for 3 weeks.....what's that tell you?

Let me ask you:
what'd you pay for it?
When did you buy it?
What kind of ROI are you after?
 

check_mate

Guest
Jun 27, 2005
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tboy said:
Let me ask you:
what'd you pay for it?
When did you buy it?
What kind of ROI are you after?

a) 300
b) 8 years ago
c) its not an investment, i'll be buying another home after i sell, buying in a more expensive area, so i need all the $$$ i can get
 

tboy

resident smartass
Aug 18, 2001
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way out in left field
Sorry, I forgot D) what is your asking price?

Whether you are looking at it as an investment or not, you want to make something on the sale. Unless of course you are willing to let it go at the price you paid for it 8 yrs ago....

Look at the real estate costs, the land transfer costs on the new purchase, gst (I think it applies to your new purchase) on your new purchase, I should think you'd want to make enuff on your sale to cover all your costs on your new purchase (at least).
 

canucklehead

Active member
Oct 16, 2003
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OK my whole thing if you did not have more then 3 showings in 3 weeks there is something wrong with your price.
My one house i flipped i bought renovated and resold in 6 monthes. I had 15 showings in the first two days and took bids at the end of that week. I researched and viewed other homes in the area. Just because someone else got 100 + k more then what i was asking i knew why because i did the research. Just because you want to buy a more expensive home in a nicer area you can not ask what you want for it to cover your new costs.
The fact you have had only 3 viewing screams over priced to similar homes. Would you pay what you are asking for that home?
I know areas in which over the last 8 years prices have only gone up 30% and other areas where prices have gone up 200% .
Also the price of gas is going to start causing city home values to go up and GTA home values to go down. Are taxes high in your area?
Are many homes in the area on the market for a long period of time? Why should someone want to buy your home?
 

frankcastle

Well-known member
Feb 4, 2003
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Go with Kbears advice, when I dealt with a real estate agent he printed up a list of all the sales in my area that were similar to mine and how much they were listed for and how much they sold for. As for days on the market.... 3 weeks is nothing its not surprising most places stay on the market 60 to 90 days possibly longer. Don't forget that the fastest selling months are over so business may slow down. Winter is when the lowballers come out to try and get a deal so it all depends on how badly you want to sell your place and how quickly.

As for presenting your place.... fresh paint, waxing/buffing the floor and having the carpets cleaned make a big difference. Move out as much stuff as possible to reduce the clutter to make the place seem bigger. Air the place out as much as possible and make the place smell nice. Some agents even suggest getting some cookie dough and baking cookies.
 

KBear

Supporting Member
Aug 17, 2001
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tboy said:
Unless of course you are willing to let it go at the price you paid for it 8 yrs ago.....
What he paid for the house, and how much profit he wants to make is irrelevant.

If he has decided to sell the house, he will get the price that someone is willing to pay for it, no more. It does not matter if he wants more, and can show the buyers that he needs more to get the ROI he wants, they don’t want to hear it, and don’t care.

3 showing in 3 weeks sounds a bit slow, but it depends on the area you are in. If your agent says you are over priced, you just might be.
 
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