Hiring Wrong Realtor Once Again Will End In a Train Wreck

A listing came out this week in Toronto’s east end and at first look you knew that the sellers got sandbagged by their real estate agent.   Now this is a well known east end realtor who you would think would be putting his client’s interests first and not his.  Here were just two key flags:

  1. the house obviously over priced, coming in at $30,000 over any comparable home in the area
  2. they were holding back offers for a week

Now, maybe both the sellers and the agent were on the space station for the last 3 months so they were not aware of how Toronto’s real estate market has changed.   Our housing market has certainly shifted as we have fewer listings, there’s a smaller pool of buyers and those looking to buy are reluctant to purchase considering what is being reported in the media.

I want to phone this realtor and tell him that this is not May 2012 but January 2013.   What he’s doing is blindly leading this sellers to think that they can get $30,000 more than their home is worth and when Monday night comes there will be dozens of buyers all throwing buckets of cash to secure the deal.   It ain’t happening!    The road they will be traveling will be littered with broken promises, unrealistic expectations, months of sporadic showings, low offers and a lot of frustration.

The housing market has changed and smart homeowners can still do well selling, however you can not apply last years strategy and expect to win in today’s Toronto housing market.    As they say, if you don’t like change you are going to like being redundant even less.

You want a realtor who is informed and not one who is taking you for along and an expensive ride.

PS.  The listing information is a mess, it seems that it did not load onto mls.ca.   So the sellers have no online presence, they are a ghost….a house for sale that no one knows about.

Update January 25 :  The date for holding back offers has past and, of course, no offers.   I would like to have heard the realtor’s explanation.

Update February 5:  So the new plan is to drop the price by $15,000 and hope that by offer other realtors a free lunch it will help sell the house.  The problem still is the house remains overpriced by $15,000.