Topic: realestate agents

[Wetson]

I know I do.   I just painted a client's solarium and bedroom ceiling before the condo went on the market this past Tuesday.  Also changed door hardware, staged, cleaned grout with a toothbrush, cleaned windows and did a few minor repairs.  Sooooooooo ..... there are agents out there that are willing to chip in.  When i went into the business I vowed not to be an 'absent agent'.... one who gets the listing then forgets about the client until offer comes in. 

[SeasideLass]

Late to join this discussion, but here's my opinion:

The agent I used for the purchase wouldn't give me the time of day after the sale.   And he seemed to work the same way with the sellers agent (his buddy too).  At least I wasn't the one paying the commision that time.
So when it comes time for me to sell again, providing I'm not in a rush and the market is somewhat warm, I'll do it myself, with the help of a good notary public.
What do they do for you?   They make you feel like you're their best friend, but they don't respect you in the morning.

Our clients have sold (and bought) more than one home using the brokerage. We keep in touch with our buyers and sellers....and believe me, there's been many times the realtor has picked up a broom or a mop.

The buyer's agents are normally not friends of the listing agent. It's strictly business and the commission is agreed to on the listing agreement (listing agent & seller). Here in BC, dspite the horrendous prices, the listing agent "usually" rakes in 6% on the first 100,000, & 3% on the remainder. The buyer's agent gets half of that percentage. It's all negotiable. Sometimes the buyer themselves pays their own agent.

[Wetson]

Here in BC, dspite the horrendous prices, the listing agent "usually" rakes in 6% on the first 100,000, & 3% on the remainder. The buyer's agent gets half of that percentage. It's all negotiable. Sometimes the buyer themselves pays their own agent.

HOLY CRAP!!!!!  In Toronto it's a total of 5% (sometimes 6%) divided equally between Seller & Buyer agent.

[mrthompson]

Is it best to list your house PRIOR to finding a home to purchase, or the opposite?  I am wanting to sell my 2 bedroom home and purchase a fixer-upper 3 bedroom home for the same amount or less.  I am inclined to wait to list my house, as it will likely take weeks/months for me to find a house that fits my needs and my meager budget.  And I don't want to be in a position where I'm pressured to make a desperation purchase. 

I am almost finished readying the house for selling and have been in discussions with a realtor.  Thoughts?

[accordingly]

Is it best to list your house PRIOR to finding a home to purchase, or the opposite? 

I think it will depend on your local market and the availability of housing stock that fits your needs. If your target house is in scare supply, whereas your own house is relatively desirable, then you may want to hold off selling until you have found the right property (since you will have less trouble setting yours).

You must decide if the risk of carrying two houses is worse than the risk of closing your house and not having a place to live.

On the other hand, spring is a good time to sell, especially if you have a good, marketable, and desirable house. Ask for a long closing and hedge your bets by identifying a rental unit in the event you don't find the right fixer-upper.

[SeasideLass]

Is it best to list your house PRIOR to finding a home to purchase, or the opposite? 

I think it will depend on your local market and the availability of housing stock that fits your needs. If your target house is in scare supply, whereas your own house is relatively desirable, then you may want to hold off selling until you have found the right property (since you will have less trouble setting yours).

You must decide if the risk of carrying two houses is worse than the risk of closing your house and not having a place to live.

On the other hand, spring is a good time to sell, especially if you have a good, marketable, and desirable house. Ask for a long closing and hedge your bets by identifying a rental unit in the event you don't find the right fixer-upper.

I agree. As well, ask your realtor that question. He should know the market in the area very well, and if he doesn't get another opinion or two. That's always a good idea anyway IMO, unless you are a repeat client.

[mrthompson]

We used this realtor to find the house in 2004 (our first home) and were happy with our dealings.  She is a long time (but not close) friend of my wife's family, so I feel I can trust her.   She has been a realtor for 10+ years.  When we met with her in February, she advised us to put the house up for sale then start looking for the next house.  We have been preparing the house for listing at the end of this month.  At the time I agreed with her logic, as she is the expert.    However there are a number of factors that come into play which make me question this logic: 

1.  There are 3 homes for sale on my street at the moment.  These are 3 bedroom homes, mine is a 2 bedroom.  Two of these houses have been for sale for months yet don't have any perceivable flaws.  A friend who lives in the south end of the same subdivision has had no offers on his house after almost 2 months on the market.  He at risk of losing the house he intends to purchase as the closing date is fast approaching.  Is the localised market saturated or has it stagnated? I've been keeping track of houses on MLS, and few homes in my price range have sold.

2.  My tight budget and list of criteria will make it difficult for me to find a house in a short time period. I have found very few homes of interest in the past two months on MLS.  On the other hand our home, according to the realtor, should sell relatively quickly due to it being an attractive house for a first time buyer/young family in a popular area of town.  It will be priced ~$10k less than the 3 bedroom homes on the same street.

Thanks for your input Accordingly and Seasidelass.  I'm planning on meeting with the realtor soon to discuss the situation.  I'll start perusing the classifieds for rental houses to get an idea of the current renter's market. 

If only I could win the lottery jackpot, then surely this house buying business would be a much easier process!   

[SeasideLass]

Hi mrthompson: From you profile it looks like you are in UK.....but that doesn't seem quite right somehow.

You have a realtor you trust, that's great, but another opinion is always worth it (no cost). Why haven't the other properties sold? Are they over-priced? Is the area a factor, or the market flat where you are? If it's family oriented, what about schools, green spaces, roads etc?

In BC you can list your house, it's not carved in stone, then withdraw it if necessary.

[mrthompson]

Actually, I'm in Southern Ontario...about 100 km east of The Big Smoke.   

[inco]

Good strategy to list for less, however if the other listings have gone stale they soon will be reducing theirs close or closer to yours and then the old two versus three comes into play. I think three wins.

[ArticSteve]

 she advised us to put the house up for sale then start looking for the next house.

No matter how honest this lady may be she makes her living by listing homes.  To them anytime is a good time.

 We have been preparing the house for listing at the end of this month.  At the time I agreed with her logic, as she is the expert.

Nobody is an expert in real estate.  Some ppl obviously are better advised than others, but nobody has that crystal ball to say if the market will hold or not in your area.

It seems to me that if you like playing it safe then you'll need to cash out on your current house and rent while you wait for that perfect deal.  It can happen, but it takes some unpleasantness/pain (selling/moving/renting) and that's why most ppl don't do it.

[Ex-airbalancer]

Fixer upper in Cobourg    MLS®: 80308   http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fMode%3d0%26Page%3d1%26vs%3dResidential%26ret%3d300%26sts%3d0-0%26beds%3d0-0%26baths%3d0-0%26aid%3d1988%26MapURL%3d%253fAreaID%253d6312%26mp%3d0-175000-0%26mrt%3d0-0-4%26trt%3d2%26of%3d1%26ps%3d10%26o%3dA&Mode=0&PropertyID=6667025

[ArticSteve]

That's not     It's down right depressing.   

[mrthompson]

My house has 2 bedrooms while the others on the same street for sale have 3 bedrooms, hence my reduced price.  I'm hoping to avoid the 'pain' of renting but I'm certainly planning to keep it as a plan B.

Nice place you picked out there, airbalancer.  You can call me Bubbles. 

[dorin]

I would be surprised if anyone looking in your neighbourhood would choose a 2-bedroom house over a 3-bedroom house if the price difference is only $10k.

[SeasideLass]

I would be surprised if anyone looking in your neighbourhood would choose a 2-bedroom house over a 3-bedroom house if the price difference is only $10k.

For first time buyers, $10k can break the deal.

[dorin]

I would be surprised if anyone looking in your neighbourhood would choose a 2-bedroom house over a 3-bedroom house if the price difference is only $10k.

For first time buyers, $10k can break the deal.

I hope you're right for Mr. T's sake, but as a recent first time buyer I am just throwing up a caution that $10,000 was not enough of a difference to give up on a bedroom on a $300,000+ house purchase.  That seems like an overly hopeful assumption for a seller.

[mrthompson]

What about $10k on a $200k house? 

[dorin]

What about $10k on a $200k house? 

In our case that would still not be enough of a price difference.  It would have to be a 10%+ price difference to settle for 2 bedrooms instead of 3.

I'm not trying to tell you how to price your place or what to do, but it might be something to think about a little more from a buyer's perspective before you settle on a price.  It's quite possible that $10k really is enough of a difference in your case, but I caution against just taking it as a given.

[mrthompson]

Duly noted.