Toronto’s Real Estate Seller’s Market Embarking On a New Road Pilgrim

Those of you who know me realize I love marketing strategy, statistical analysis and any specific tool which assists me in establishing a realistic evaluation…whether it be a property or the Toronto housing/condo market in general.    I was going through my Google Analytics and it’s here where I get data of who is coming to my website and how they got there.   There was one search term which stood out just due to the specific nature of the query.   It was “Second showing and still no offer”.

Wow! Talk about unrealistic expectations. I don’t know a thing about this person or their property, but it strikes me as unusual is their limited perception of what it takes to sell a home in Toronto.  Wake up!   We are no longer is a Seller’s market and as soon as everyone accepts the changing landscape the better it will be.   Today’s Toronto real estate market has shifted to a balanced market and for the condominium  market it has gone over to a buyer’s market…lots of unsold condos on the markets soliciting sporadic showings and fewer offers.

I don’t know what conversations this seller and their realtor had, but what it appears to me is they had expectations but no measurable targets to achieve planned results.  This realtor is certainly not managing their client and if this pair think just by listing a home it will sell…they avoiding a major communications issue.  I would love to hear the conversation with the realtor and this seller after 30 days and still no offer.  There will be blood on the floor.

What I do is when I go to a seller’s home we talk about what today’s housing market is like.  Following that, I build gantt charts which specifically details deliverables, actions designed to generate results and the strategic plan to sell the property. What we have created is a realistic plan defining the selling process, therefore both our expectations regarding results are clearly measurable.

Maybe for this seller they think the third showing will be the charm; however I believe they will be embarking on a long and hard journey thorough Toronto’s much, much changed housing and condominium market.

PS.  Just on a slightly related topic.  Some realtors still advise sellers to hold back offers for a week and think this is a guaranteed method of raking big $$$.  Just because you held back offers pal doesn’t mean you are going to attract them.  Check out a previous blog of mine on multiple offers.