Topic: realestate agents

[Marc_]

Selling yourself is actually fairly easy (I have done a couple condos that I had rented out.).  As long as you remember to market the house, and have the proper paperwork (offer letters, able to handle deposits with your lawyer etc).

You also have to find buyers who are willing to BUY from a private seller - buyers use agents because there is no perceived cost to them as a buyer in terms of commissions.

BUT

Agents do make the process easier, and usually sell faster with better exposure (MLS)

[Wetson]

A good realtor is worth their weight in gold.  Like any profession there are good ones and bad ones.  Active hard working ones and lazy ones.  Competent ones that put their client's best interest first and incompetent ones that put their own best interest first then their client's. 

It is a free country and any home owner is more than welcome to sell their home privately.  Just make sure that in your agreement of purchase and sale you are legally protected against future liability incase the purchaser decides to sue over something.  Also make sure your negotiating skills and knowledge of market values are up to snuff.  Be prepared to put your emotions aside.  It's difficult to make a sound competent decision when emotions are in the way.

That's my input and all I'm going to say.  I'm reading all of your comments with interest and learning a thing or two in the process.  Keep them up.

[Slow_lane]

    We have bought 2 houses privately and sold 2 house privately.

    I would sell it on your own if your house is a gem that is extremely well maintained and makes a good impression when shown to people. If on the other hand your house if a little rough around the edges and has some issues you are aware of I would tend to use and agent.

Here is why:

    We sold our townhouse last fall. It was very well maintained and nicely decorated. It had features that made it stand out from other in the area. It was truely a gem. We sold it in 2 weeks for $10,000 more that an agent wanted to list the house at and $5000 more than our asking price. At our 2nd open house we had 5 people calling wanting to make and offer. We were shocked and worried about how to deal with multiple offers and not get ourselves in a legal mess. We really liked the 1st couple to come to formally make an offer (you do not want to get involved with poeple you precieve to be a pain in the ass). They offered us $5000 below asking. We told them there are 4 more offers coming and this offer has to be their best or they might loose the house. My wife and I went off to the side and came back with a proposal.  We told them that we would prefer not to deal with mulitple offers. We told them that if they would rais their offer by $10000 ($5000 more than our asking), that we would sign the aggreement and not even look at other offers. They went for it and the house was sold. We were confident about the house and got top dollar and feel everyone is happy.

    The other house we sold was my Father in law's house after he past away. It was a house in need of major updates and had not been kept up very well. I spent 3 months stripping wall paper, painting, updating a powder room and the kitchen (new counter, sink and range hood). We also found cracks in foundation which we had fixed. It was the opinion of some that the foundation needed major work not just sealing the cracks. When it was ready for showing it looked like a freshly painted old house in need of updating. It was not a gem!!!! I did not feel good about the house and felt I was selling a house I myself would not want to touch. Not a good feeling. We were honest about the foundation with people looking and in the end it took over 13 months to sell. We were able  to sell it without legal warranty because it was an estate sale and we never lived in it. Would I do that one again without and agent. No way......

[dash]

The last real estate recession that started in the late 80's sure weeded out the good brokers and serious agents.

So what are the predictions for the future? I guessing that we will see either flat or decreasing real estate values within the year-not based on any facts, it seems we have had a long run on the upside and given the US economy and it's effects globally.

[Wetson]

The market, although still robust, has been showing signs of tardiness due to the amount of snow we've had in the GTA.  I'm expecting another busy spring.  As a whole we're not expecing a decline in the market.... perhaps a slight flattening but that should correct itself once the sub-prime mortgage fiasco is fixed south of the border.  No prediction on the time it will take though.

[inco]

I hope you are right Wetson, but in the Toronto area what with the new tax, I think it might have an impact. Time will tell.

[Ex-airbalancer]

I would have agree about the snow, hard to buy a house when everything is covered in snow
But i DID BUY MY FIRST between Xmas & New Year and there was snow everwhere

[jcon]

The market, although still robust, has been showing signs of tardiness due to the amount of snow we've had in the GTA.  I'm expecting another busy spring.  As a whole we're not expecing a decline in the market.... perhaps a slight flattening but that should correct itself once the sub-prime mortgage fiasco is fixed south of the border.  No prediction on the time it will take though.

We're listing this Friday. Obviously things in K-Town are a little different than TO, but our agent has said that sales are down 20% ( ). Bad timing for us, but what can you do?

On the other hand, where we're buying, houses are still selling over list (I've seen many around $40,000 - $50,000 over list price for $300,000 to $350,000 range).

We're shrewd.

[Wetson]

I hope you are right Wetson, but in the Toronto area what with the new tax, I think it might have an impact. Time will tell.

So far People seem to be accepting it as another expense that comes with purchasing a home.

[baumer00]

I hope you are right Wetson, but in the Toronto area what with the new tax, I think it might have an impact. Time will tell.

So far People seem to be accepting it as another expense that comes with purchasing a home.

it's a load of sh*t to live in this city, I cant find anything to buy right now and I'm going to get taxed heavily when I finally do...Miller needs to be removed, he sucks (I'm really looking forward to him caving in to every demand of the useless "worth a million" ttc union employees)

[initial_D]

The market, although still robust, has been showing signs of tardiness due to the amount of snow we've had in the GTA.  I'm expecting another busy spring.  As a whole we're not expecing a decline in the market.... perhaps a slight flattening but that should correct itself once the sub-prime mortgage fiasco is fixed south of the border.  No prediction on the time it will take though.

We're listing this Friday. Obviously things in K-Town are a little different than TO, but our agent has said that sales are down 20% ( ). Bad timing for us, but what can you do?

On the other hand, where we're buying, houses are still selling over list (I've seen many around $40,000 - $50,000 over list price for $300,000 to $350,000 range).

We're shrewd.

Sold my last house 2 months ago, local housing market was flooded more than twice the normal listings. Good for buyer and bad for seller. Sold it below market value and way below asking price. Not a good position to be in right now as a seller.

[ghost]

While we tend to think realtors make off an obscene of money than they should, which I do not necessarily disagree. However one must not forget that they have to pay back some dues to the firm that they are with. There's a few % in there for the real estate firm too.
Our current way of selling/buying homes does not promote self-selling unfortunately because:
- MLS. Only registered realtors can get accessed to them and they pay for this service so naturally they want to hog it. There are a few listing services available but they are not nearly as widely used by the public vs. the MLS.
- would you trust some stranger coming into your house while you are gone? Or even if you are around?
- There are some realtors who purposely steer their clients away from low commission properties. Sad, but it happens. So if you try to sell it yourself, be prepared to set aside $$$ for the buying agent or no one's gonna visit. However if your property is not on the MLS how would realtors know? Spend money on advertising? Very quickly your cost will escalate.
- Would you buy a home that was sold by its owners? Maybe but most wouldn't.

Someday....

[Ex-airbalancer]

GTA house sales drop 22% http://www.thestar.com/Business/article/410042

With slow houses , car sales and lay off in the manufacturing sector ,will there be enough fast food places built to employ everyone that use to work in those areas

[jcon]

2 weeks on the market. Not too many showings. This is definitely a buyers market.

Hopeful for a good weekend.

Anyone want to buy a townhouse?

[baumer00]

GTA house sales drop 22% http://www.thestar.com/Business/article/410042

With slow houses , car sales and lay off in the manufacturing sector ,will there be enough fast food places built to employ everyone that use to work in those areas

I'm not sure if they said so in the article and I'm too lazy to read it, but housing sales were down 27% but prices were still up 2% in Toronto and 4% in the GTA.

I'm searching now for a house and am finding the market to be as tight as possible, considering putting an offer at $30k over asking, sigh.

[Leviathan]

  I've got $5.00 burning a hole in my pants and if I give up eating I can go as high as $10.00 by the end of next week. Deal? 

[jcon]

Leviathan - I assume that is directed at me?

I reject your offer and counter at full list (flexible possession date). Deal?

[safristi]

fer $5 and a hole in yer pants..........I'm sure ya could schwing a deal in certain parts of town....................

[Leviathan]

I reject your offer and counter at full list (flexible possession date). Deal?

That would seriously cut in to my beer budget  I can live without the food but ne touch pas mon bière. I guess I'll have to take my offer off the table, sorry 

[jcon]

You can make your own beer in the basement! Serious savings.