Now that we are in a balanced market, I am asking all real estate agents to cooperate with one another as we adjust to this market.
Since listings are not selling as quickly as they used to, sellers need more assurances and feedback after open houses and showings.
After every showing on one of my listings, an email is sent to that agent requesting feedback. I would estimate that 1% of those emails get answered. So I have resorted to calling agents requesting feedback.
Surprisingly, very few agents return those calls. I know we are all busy and have a million emails to answer and calls to return, BUT - Feedback from agents and their clients is crucial.
So let's help each other out!
Monday, July 21, 2008
Sunday, July 13, 2008
A Balanced Market at Last!
For the last 5 years, I have been working in the East York and Leslieville real estate markets, in what has been classified as a sellers' market. Not enough inventory and a multitude of buyers. If you didn't hold back on offers, a property would be sold in one day. As a result, bidding wars were a normal part of the real estate business. Thousands of dollars spent by buyers on home inspections for homes they would never buy. I have been involved in so many bidding wars for many disappointed buyers who eventually found great homes to move into but the energy expended was enormous on everyone's part.
Today, the tide has turned. The market has become more balanced. In the most recent Market Watch publication, June sales were down from last year. Not a surprise really - how could we keep on that torrid pace?
There were 18% fewer transactions this past June compared to a year ago , meanwhile, inventory has increased 22% over last year. This means buyers have more selection and more time to make a decision. Prices however have continued to go up but only at a rate of 4% compared to double digit increases in years gone by.
Leslieville Real Estate is one of the biggest beneficiaries of past prices increases. A lot has changed in this neighbourhood as is evidenced by a recent article in the Toronto Star.
Some listings still go quickly like this listing at 262 Westwood - it was sold in 3 days. East York Bungalows seem to be doing well still while other listings take 2 and 3 weeks to sell.
Buyers can breathe a sigh of relief now. Bidding wars don't happen like they used to and as an agent, there is hope to actually negotiate and good deal for your clients. Sellers on the other hand, have to learn to be more patient. A balanced market at last.
Today, the tide has turned. The market has become more balanced. In the most recent Market Watch publication, June sales were down from last year. Not a surprise really - how could we keep on that torrid pace?
There were 18% fewer transactions this past June compared to a year ago , meanwhile, inventory has increased 22% over last year. This means buyers have more selection and more time to make a decision. Prices however have continued to go up but only at a rate of 4% compared to double digit increases in years gone by.
Leslieville Real Estate is one of the biggest beneficiaries of past prices increases. A lot has changed in this neighbourhood as is evidenced by a recent article in the Toronto Star.
Some listings still go quickly like this listing at 262 Westwood - it was sold in 3 days. East York Bungalows seem to be doing well still while other listings take 2 and 3 weeks to sell.
Buyers can breathe a sigh of relief now. Bidding wars don't happen like they used to and as an agent, there is hope to actually negotiate and good deal for your clients. Sellers on the other hand, have to learn to be more patient. A balanced market at last.
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