Buying without a buyers agent / realtor
Nov 11th 2015, 3:38 am
#31
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Joined: Nov 2011
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Re: Buying without a buyers agent / realtor
So the fact we looked at the place with the listing agent means we can't go with a buyers agent anyway?
It's not a case of getting a steal, however having had experience of the realtor who thinks you should just offer the asking price, and having seen some of her asking prices get reduced by over $100,000 when the places don't sell for 2+ years it's hard to know if other realtors are also pricing too high. We're in a buyers market as a lot of places have been listed for at least a year at well over assessed values.
It's not a case of getting a steal, however having had experience of the realtor who thinks you should just offer the asking price, and having seen some of her asking prices get reduced by over $100,000 when the places don't sell for 2+ years it's hard to know if other realtors are also pricing too high. We're in a buyers market as a lot of places have been listed for at least a year at well over assessed values.
A drop of a hundred grand on a normal house is certainly not normal where I live.
A million plus house yes but less than 750,000 screams overpriced to begin with.
Nov 11th 2015, 3:42 am
#32
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Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,032
Re: Buying without a buyers agent / realtor
So the fact we looked at the place with the listing agent means we can't go with a buyers agent anyway?
It's not a case of getting a steal, however having had experience of the realtor who thinks you should just offer the asking price, and having seen some of her asking prices get reduced by over $100,000 when the places don't sell for 2+ years it's hard to know if other realtors are also pricing too high. We're in a buyers market as a lot of places have been listed for at least a year at well over assessed values.
It's not a case of getting a steal, however having had experience of the realtor who thinks you should just offer the asking price, and having seen some of her asking prices get reduced by over $100,000 when the places don't sell for 2+ years it's hard to know if other realtors are also pricing too high. We're in a buyers market as a lot of places have been listed for at least a year at well over assessed values.
Last edited by HGerchikov; Nov 11th 2015 at 3:44 am.
Nov 11th 2015, 1:28 pm
#33
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Re: Buying without a buyers agent / realtor
Moncton, and yeah massively overpriced. One house was 699,000 then dropped to 599,000 after 18 months, still didn't sell, so dropped to 549,000 and sold after almost 3 years. Another listed at 499,000 dropped to 399,000 after a year then sold about 9 months later. Also one that's been listed at 449,000 for at least 4 years, no price change, no sale yet. Obviously some are down to the owner - I know of another which has been listed at 449,000 with a supposedly motivated seller and different realtor. It's the smallest house in the street and neighbouring houses, which are at least 30% bigger, are listed at the same price and also failing to sell.
Nov 11th 2015, 2:52 pm
#34
Oscar nominated
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Location: Moncton, NB, CANADA
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Nov 11th 2015, 3:27 pm
#35
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Joined: Oct 2008
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Re: Buying without a buyers agent / realtor
To respond to the OP, first house over here was purchased without any realtors on either side, so a private sale (seem to recall the seller mentioning "blood sucking leeches" and "realtor" in the same sentence, I got the impression they had dealings in the past and were not overly enthused). Mortgage broker helped us a lot, recommended a lawyer and home inspector, both very good. Was a pleasantly quick and painless process.
Wether we use a realtor to purchase next house, not too sure. Probably staying in the same area, so have some local knowledge myself. Having said that, a second opinion would be handy, plus of course, if there is a good local realtor (and there are a few
) why not avail yourself of their services.
Wether we use a realtor to purchase next house, not too sure. Probably staying in the same area, so have some local knowledge myself. Having said that, a second opinion would be handy, plus of course, if there is a good local realtor (and there are a few
) why not avail yourself of their services.
Nov 11th 2015, 6:13 pm
#36
Dichotomus tinker
Joined: Aug 2013
Location: Ontario, Canada
Posts: 6,678
Re: Buying without a buyers agent / realtor
Moncton, and yeah massively overpriced.
One house was 699,000 then dropped to 599,000 after 18 months, still didn't sell, so dropped to 549,000 and sold after almost 3 years. Another listed at 499,000 dropped to 399,000 after a year then sold about 9 months later. Also one that's been listed at 449,000 for at least 4 years, no price change, no sale yet. Obviously some are down to the owner - I know of another which has been listed at 449,000 with a supposedly motivated seller and different realtor. It's the smallest house in the street and neighbouring houses, which are at least 30% bigger, are listed at the same price and also failing to sell.
One house was 699,000 then dropped to 599,000 after 18 months, still didn't sell, so dropped to 549,000 and sold after almost 3 years. Another listed at 499,000 dropped to 399,000 after a year then sold about 9 months later. Also one that's been listed at 449,000 for at least 4 years, no price change, no sale yet. Obviously some are down to the owner - I know of another which has been listed at 449,000 with a supposedly motivated seller and different realtor. It's the smallest house in the street and neighbouring houses, which are at least 30% bigger, are listed at the same price and also failing to sell.
Take it that there is something wrong with the place that has such a large price reduction & compare to what has sold in the area.
The agent should be able to provide you with copies of all the sales in the area within the last 12 months, showing the list price, selling price and days on the market. That way you can do the comparison, even drive down the street to look at those sold properties, or google map the area. Check to see if there is anything strange with new buildings going up or if there is anything unusual.
The agent doesn't care what you purchase as long as you purchase something from them so they can get their commission
Nov 16th 2015, 8:38 am
#37
Forum Regular
Joined: Apr 2011
Posts: 86
Re: Buying without a buyers agent / realtor
As new comers to Canada and therefore first time buyers (in Canada), do you get some reduction in tax or something?
Nov 16th 2015, 9:12 am
#38
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Buying without a buyers agent / realtor
No. There may well be some "perks" for first time buyers (I really don't know the current rules on this) but first time buyers means just that, nothing to do with where you owned previously.
Last edited by Novocastrian; Nov 16th 2015 at 9:14 am.
Nov 17th 2015, 5:49 am
#39
Account Closed
Joined: Jan 2015
Posts: 318
Re: Buying without a buyers agent / realtor
Sorry but my experience is like OP - the buyer's agent we had tried to cajole us into offering more than we wanted etc. Not sure why people are attacking OP, this is a factual scenario here in Canada.
Nov 17th 2015, 6:19 am
#40
Banned
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Location: SW Ontario
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Re: Buying without a buyers agent / realtor
I'm not sure if the 1st time buyers Tax credit (can't have owned a house in the preceding 4 years in Canada) TaxTips.ca - First-time home buyer's tax credit- available starting in the 2009 tax year is still valid or not. (JonboyE?)
Last edited by Siouxie; Nov 17th 2015 at 6:22 am.
Nov 18th 2015, 1:43 am
#41
Listen to the Music
Joined: Mar 2013
Location: Fraser Valley BC
Posts: 4,726
Re: Buying without a buyers agent / realtor
When I was young and learning to drive I remember being intimidated by the need to steer, accelerate, brake, change gear, look ahead and look behind all at the same time and wondered how I would ever achieve it all.
And then... I looked around me. I saw other people, some that I wouldn't let stir my tea, driving quite well and it dawned on me quite quickly that it couldn't be that hard and indeed it wasn't.
I own a house in bc and a recent chat with a realtor has convinced me that should I ever want to sell it then my first attempt would be to sell it privately. This chat with the realtor suggested that use of his services would do two things. He suggested that he would achieve a higher selling price and that, and I found this confession somewhat disturbing, that he wouldn't point a buyer on his list in the direction of anyone either selling privately or using an cut price realtor. Now I know that he lives and dies by commission and he wouldn't get any from me so why do people like me any favours, but until this cozy realtor club culture, that profits both the seller and buyer realtors, is put to the test sellers will continue to be coralled into paying high fees and buyers will continue to be pressured into paying top dollar and prevented from viewing the entire market.
So what has this to do with driving?
Selling isn't that hard either. If your timescale isn't urgent then try to sell without a realtor. Advertise in the local rags or on craigslist. If you're smart you'll know what your house is worth from other sales in your area, after all that's all realtors do and without paying commission you'll have a little wriggle room. But if it doesn't sell then Mr Realtor will always pick up the slack because you're the milk cow and he knows it.
And then... I looked around me. I saw other people, some that I wouldn't let stir my tea, driving quite well and it dawned on me quite quickly that it couldn't be that hard and indeed it wasn't.
I own a house in bc and a recent chat with a realtor has convinced me that should I ever want to sell it then my first attempt would be to sell it privately. This chat with the realtor suggested that use of his services would do two things. He suggested that he would achieve a higher selling price and that, and I found this confession somewhat disturbing, that he wouldn't point a buyer on his list in the direction of anyone either selling privately or using an cut price realtor. Now I know that he lives and dies by commission and he wouldn't get any from me so why do people like me any favours, but until this cozy realtor club culture, that profits both the seller and buyer realtors, is put to the test sellers will continue to be coralled into paying high fees and buyers will continue to be pressured into paying top dollar and prevented from viewing the entire market.
So what has this to do with driving?
Selling isn't that hard either. If your timescale isn't urgent then try to sell without a realtor. Advertise in the local rags or on craigslist. If you're smart you'll know what your house is worth from other sales in your area, after all that's all realtors do and without paying commission you'll have a little wriggle room. But if it doesn't sell then Mr Realtor will always pick up the slack because you're the milk cow and he knows it.
Last edited by dave_j; Nov 18th 2015 at 1:49 am.
Nov 18th 2015, 12:02 pm
#42
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Buying without a buyers agent / realtor
When I was young and learning to drive I remember being intimidated by the need to steer, accelerate, brake, change gear, look ahead and look behind all at the same time and wondered how I would ever achieve it all.
And then... I looked around me. I saw other people, some that I wouldn't let stir my tea, driving quite well and it dawned on me quite quickly that it couldn't be that hard and indeed it wasn't.
I own a house in bc and a recent chat with a realtor has convinced me that should I ever want to sell it then my first attempt would be to sell it privately. This chat with the realtor suggested that use of his services would do two things. He suggested that he would achieve a higher selling price and that, and I found this confession somewhat disturbing, that he wouldn't point a buyer on his list in the direction of anyone either selling privately or using an cut price realtor. Now I know that he lives and dies by commission and he wouldn't get any from me so why do people like me any favours, but until this cozy realtor club culture, that profits both the seller and buyer realtors, is put to the test sellers will continue to be coralled into paying high fees and buyers will continue to be pressured into paying top dollar and prevented from viewing the entire market.
So what has this to do with driving?
Selling isn't that hard either. If your timescale isn't urgent then try to sell without a realtor. Advertise in the local rags or on craigslist. If you're smart you'll know what your house is worth from other sales in your area, after all that's all realtors do and without paying commission you'll have a little wriggle room. But if it doesn't sell then Mr Realtor will always pick up the slack because you're the milk cow and he knows it.
And then... I looked around me. I saw other people, some that I wouldn't let stir my tea, driving quite well and it dawned on me quite quickly that it couldn't be that hard and indeed it wasn't.
I own a house in bc and a recent chat with a realtor has convinced me that should I ever want to sell it then my first attempt would be to sell it privately. This chat with the realtor suggested that use of his services would do two things. He suggested that he would achieve a higher selling price and that, and I found this confession somewhat disturbing, that he wouldn't point a buyer on his list in the direction of anyone either selling privately or using an cut price realtor. Now I know that he lives and dies by commission and he wouldn't get any from me so why do people like me any favours, but until this cozy realtor club culture, that profits both the seller and buyer realtors, is put to the test sellers will continue to be coralled into paying high fees and buyers will continue to be pressured into paying top dollar and prevented from viewing the entire market.
So what has this to do with driving?
Selling isn't that hard either. If your timescale isn't urgent then try to sell without a realtor. Advertise in the local rags or on craigslist. If you're smart you'll know what your house is worth from other sales in your area, after all that's all realtors do and without paying commission you'll have a little wriggle room. But if it doesn't sell then Mr Realtor will always pick up the slack because you're the milk cow and he knows it.
Nov 18th 2015, 1:14 pm
#43
Dichotomus tinker
Joined: Aug 2013
Location: Ontario, Canada
Posts: 6,678
Re: Buying without a buyers agent / realtor
Selling isn't that hard either. If your timescale isn't urgent then try to sell without a realtor. Advertise in the local rags or on craigslist. If you're smart you'll know what your house is worth from other sales in your area, after all that's all realtors do and without paying commission you'll have a little wriggle room. But if it doesn't sell then Mr Realtor will always pick up the slack because you're the milk cow and he knows it.
On your point of "selling isn't that hard", I suppose it depends on a few factors such as the market, your property, do you want unsecured or unsolicited vagabonds or curb kickers coming through your place, some that are looking to do a possible break in or steal from you?
Dave, if & when you get to sell your place privately 'for sale by owner FSBO', yes, you can list it privately on MLS for a few hundred dollars & pay the FSBO company a couple of hundred also. So, please post back your own personal experience selling privately, how long it took & price compare to selling through an agent.
In the near future (the next 24 months) we have two properties to sell, it'll be MLS listed through an agent. Both will be sales with no future buying, so I'm guessing we shall be paying 4% + in commissions.
When we list, it will 'hassle free' to engage a RE agent, with our own research & homework done, the simple point made to the agent will be, 'list it to sell within 5 days'.
Comparing what has sold in the last 3 months within a few blocks of us. We won't hang around or hold out till we get the last $1000 deal breaker.
Since we've sold & bought several properties in the past 40 odd years, we know the BS agents spew, 'our agency can do this, that & the other for you - we are the best' or the need any advertising.
Agents work purely on commission, they are not your friend, so its in their interest to list as many properties as possible, as well as to sell at least one property per month.
Nov 18th 2015, 3:51 pm
#44
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Buying without a buyers agent / realtor
Nov 18th 2015, 3:59 pm
#45
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Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Buying without a buyers agent / realtor
As you know, it's problematic in Canada. In the UK or the US that information is freely available but, thus far, Canadian estate agents have been able to do an effective job of keeping the information out of the public domain. That will pass, they're gradually losing their monopoly (for example, they no longer keep private sales off mls.ca) but, for the moment, it's something you have to pay one to tell you.