Wrong Realtor With An Overpriced House Always Ends In a Train Wreck

 

There is one Toronto agent (I refuse to give her the professional title of realtor) who continues to upsell gullible home owners.   The reason she does this is we all want the most money but tell me would you put up with this.

This Greater Toronto Area home was listed in January for $1,100,000.  It should be noted the best price on the street had been $800,000.  So for 28 cold wintery days it sat until this agent most likely said let cancel the listing and relisted at $999,000 then it will sell.

Again, after  37 days we are now in early march and I can hear the conversation.  “We’re starting the hot spring housing market, so let’s cancel and relist the house at $899,000…I know it priced to sell now”.  For 57 days nothing happened, except she was helping all the other realtors sell other neighbourhood homes.

Early May and our super agent, yes again, cancels then relists at the new price of 879,900.  31 days pass and you are starting to see a pattern is definitely emerging.   With June comes the warmer weather so pick a new price, how about $839,000.  Seems our award winning agent has a problem with determining the square footage as well as pricing, with the living space now adjusted from 4,900 sq ft to under 3,500 sq ft.

Super agent must be exhausted and takes a long summer holiday so she waits 78 days before repeating the same failed plan. It is the end of August and hoping to cash in on a fall housing market she takes a shot in the dark with the new price $799,000. Sure, why not.

September price of $799,000 and 26 days it the same story cancel and relist.

Late September the price is $774,900 and again after 23 days cancel and relist..

In late October the house is priced at $759,900 and after 42 days sells for less than $70,000 asking price.  Now, the sellers and the neighbours must be big fans of super agent for taking almost a year to sell a home.  If the house had been priced right it at around $800,000 the sellers would have additional $100,000 in their pocket and not had to wait 322 days to sell their home.

So here are the statistics:

  • Took 322 days to sell
  • Sold for less than $400,000 from original asking price
  • Cancelled/listed 8 times
  • Home listed as 4,900 sq feet turned to be under 3,500 sq feet
  • Home was on the market for 11 months
  • House celebrated every holiday except Christmas and New Years