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Tough time selling homes in Toronto ....

M

MBS-Guru

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Sellers are starting to have a tough time selling their homes in Toronto .... free car with this house but still no buyers. Realtor believes market value is $379,000 for this one when it should really be around $325,000 tops.

http://network.nationalpost.com/np/blogs/toronto/archive/2008/11/19/seller-throws-in-a-free-car-and-still-the-house-doesn-t-sell.aspx

Looks like shit will hit the fan pretty soon ..... They rather give away incentives like appliances, gift certificates, vacations, free maintenance and even cars now but eventually reality will hit and they won't even know it. Or maybe it's a Chrysler vehicle so that's why nobody's interested.
 
MBS-Guru said:
Sellers are starting to have a tough time selling their homes in Toronto .... free car with this house but still no buyers. Realtor believes market value is $379,000 for this one when it should really be around $325,000 tops.

http://network.nationalpost.com/np/blogs/toronto/archive/2008/11/19/seller-throws-in-a-free-car-and-still-the-house-doesn-t-sell.aspx

Looks like shit will hit the fan pretty soon ..... They rather give away incentives like appliances, gift certificates, vacations, free maintenance and even cars now but eventually reality will hit and they won't even know it. Or maybe it's a Chrysler vehicle so that's why nobody's interested.
Click to expand...

Yeah...they're getting pretty creative with trying to sell these days. In my opinion I would recommend that sellers take their properties off the market if they are in a position where they don't need to sell. I get the impression that sellers that waited just a tad too long are trying to cash in, but it may be too late. In the U.S. they have even had raffles and draws to try to sell their properties. The vendor would sell raffle tickets at about $100 a pop, and then they would choose the winning ticket after a few months of generating potential buyers. So if they sold about 3000 tickets @ $100, they would have generated about 300,000 in cash for their property and the winning ticket (lucky guy) would have gotten a house for a mere c-note :). We'll see if Canadians get pushed to resorting to those tactics as well...
 
my bigger concern is the number of people waiting until Spring to unload their properties.

1) Many have pulled their properties off the market since Sept and are waiting for spring 2009 to re-list again. Personally, i know 4-5 who are waiting until spring to list since they have moved or have bought another condo waiting for completion in mid to late 2009.

2) A shit load of condos are nearing completion from now until spring of 2009

3) A lot of buyers were people who were moving up or down. With many of these off the market since they are content to sit still rather than move then demand has bascially dried up. The only hope is first time buyers and renters but that won't be enough to offset the supply coming up.
 
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