We certainly notice more closings for October than August and September.
Absolutely expected as sales generally increase in September then decline as winter sets in...
Sales (at least on MLX) are still below new listings daily by a fairly large margin, but they have picked up lately. Both categories (especially sales imo) should start dropping off from Oct - Feb.
Absolutely expected as sales generally increase in September then decline as winter sets in...
Sales (at least on MLX) are still below new listings daily by a fairly large margin, but they have picked up lately. Both categories (especially sales imo) should start dropping off from Oct - Feb.
I've heard a few realtors say that there are more sales in September than in the summer. But looking at the numbers for 2007-2009, that doesn't seem to be the case. And according to Bob, September 2010 was the first time ever for home sales to exceed August's ...
Maybe it's a different definition of when the sale occurs? As far as I know, the date of the sale is when it 'firms up' (discussed earlier in this thread).
# of homes sold in....
2010
June - 1061
July - 915
August - 867
September - 958
2009
June - 1837
July - 1585
August - 1277
September - 1257
October - 1285
November - 1095
2008
June - 1439
July - 1313
August - 1170
September - 1152
October - 820
November - 670
2007
June - 1757
July - 1495
August - 1314
September - 1064
October - 1113
November - 1103
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Maybe it's a different definition of when the sale occurs? As far as I know, the date of the sale is when it 'firms up' (discussed earlier in this thread).
It seems a sale goes from "Pending" to "Sold" on MLS/MLX when conditions are removed from a sale. In our case, it was when the second deposit was cashed as well.
I've been reading this thread with interest for a while, as I was a sideline real estate watcher until my wife and I finally bought this month. I'm still convinced we overpaid, but not based on the market. What we bought turned out far better than I had hoped, and the wife is happy, but for what we got compared to what I had hoped to pay, was crazy. That's the Calgary market these days.
We bought an inner-city house that was on the market for 100+ days; it was the second house we had put on offer on. The first was someone who was >$25k underwater on their LIST price, and wouldn't budge on price or closing date, after 120 DOM. The house we bought was fully paid off, so they were really willing to negotiate. We got it for 92% of list, which I thought I might be able to get down to 90, but my wife wanted to buy, so in the interest of "happy wife, happy life" we bought. I'm glad we helped skew the stats on DOM and list/sale ratio. I haven't talked to the sellers yet but I get the feeling we were the only offer they had seen in months.
The supply of the type of houses we wanted in the neighbourhoods we were looking at was not great. We were looking at particular area due to work, and we only had 4-5 properties, most of which were either massively overpriced, or in such terrible condition it wasn't worth even offering on. The sense I get is that potential sellers who don't NEED to sell (i.e. investment properties, retirees, etc) are just sitting on their hands, waiting for the storm to pass - prices are on their way down and so people are scared. When I first started monitoring our neighbourhood (2007-2008) the market was so flooded with properties (overpriced) that it seems odd that the supply dried up so much.
Just wanted to share my experience. We had an agent who came recommended to us by coworkers, and he was everything we could have asked for - plus I'm really cheap by nature and he not only enouraged me, he enthusiastically convinced me to pay less than what I considered my limit.
Last edited by billybob123; 10-02-2010 at 06:39 AM.
I think this is good news for everyone including realtors. For too long there has been an unfair monopoly in the real estate industry. Other industries have adapted and thrived like brokerage houses by adding a discount, self-service component while still maintaining a full-service component. It'll reduce the amount of agents meaning the good agents survive, the bad apples are eliminated. Realtors have a gotten a bad rap (a lot of it legit) due to high fees, no alternatives and some bad dishonest realtors. Competition and alternatives will change these views and allow the consumer the option of having more money in his pocket.
I agree. There's nothing about this that a good Realtor should be concerned about. If you need monopolistic rules to generate your business, you're in the wrong business.
There's good Realtors across this country already formulating ways they can now offer a new range of services and turn this into a positive, and then there's other who are likely sitting around whining about it.
Just a personal ridiculous anedotal experience last week. Went to an open house that was indicated on a mls description. Showed up maybe 5 minutes after the listed start time - within 10 minutes the showing realtor bailed and asked us/our realtor to close up and set the alarm for her.
Obviously not representative of any body of people, but it was pretty silly for us to have to explain what was happening to a couple that was walking up as we were leaving in disbelief.
What's the point of an open house? Have any of the realtors on here ever sold a house from an open showing? As a buyer, I'd far rather see the house on my own (with my realtor or not) than during an open house where I'm being pressured in any way. Do they work at all? The house we bought had open houses every weekend all summer, yet was on the market 100+ days.
What's the point of an open house? Have any of the realtors on here ever sold a house from an open showing? As a buyer, I'd far rather see the house on my own (with my realtor or not) than during an open house where I'm being pressured in any way. Do they work at all? The house we bought had open houses every weekend all summer, yet was on the market 100+ days.
It's rare, but yes I have sold places and generated offers from open houses. I typically hold them on listings where you know you will get traffic from more than just neighbors. Having said that , sometimes neighbors can spread the word to their friends who are looking to get on to the street.
Sometimes active buyers who are using another Realtor, will peruse the neighborhood during a search without their Realtor, and that can also generate a subsequent visit or an offer.
I generated an offer on a 7 figure listing in an open house 2 weekends ago. But yes, this is a rare situation.
Hmmm I've never really felt pressured when just walking through open house. Well, other than worrying about making sure that home was locked up and alarmed okay when that realtor bailed.
The Olympic village gongshow is gonna cost taxpayers I'm guessing in the end. What an absolute disaster.
What's the point of an open house? Have any of the realtors on here ever sold a house from an open showing? As a buyer, I'd far rather see the house on my own (with my realtor or not) than during an open house where I'm being pressured in any way. Do they work at all? The house we bought had open houses every weekend all summer, yet was on the market 100+ days.
Statistically, only about 1% of sales come from open houses.
The main point of them is sadly to please clients. Most sellers expect them, and think the agent isn't doing their job if they're not hosting regular open houses.
I'm guessing they were more effective in the past, but with the internet that all changed.
The other reason for them is as a source of new business for the agent. Every person who comes through is a potential future client.
A lot of really busy, experienced agents will let new agents in their offices host their open houses. It saves them time and is a good source of prospecting for the newbies.
^^ The Olympic Village is a huge mess. There was a story yesterday saying about 41 homes have refused to complete on their pre-sale purchases as well. It's amazing how much people were paying for places there compared to the competition.
Last edited by Winsor_Pilates; 10-03-2010 at 03:28 PM.
A huge 300 Million dollar deal struck for East Village development with Bosa Development Corp and Embassy Development (Bosa family as well). Herald Article
and Luxery home sales doing quite well in comparison to all other housing. I guess the rich are still good to spend. Herald Article
A huge 300 Million dollar deal struck for East Village development with Bosa Development Corp and Embassy Development (Bosa family as well). Herald Article
and Luxery home sales doing quite well in comparison to all other housing. I guess the rich are still good to spend. Herald Article
I remember looking at the Orange Lofts back in the day and how they were talking up all the East Village development that was going to transform the place (circa 2003.) I'm an absolute cynic when it comes to that now - I'll believe it when I see it actually completed.
Again I know I sound like a fanboy for Realtor Mike Fotiou's site but he's got that on his blog about the comparison of the luxury market versus the overall market conditions and his previous analysis on it:
So while it’s positive that the luxury market is chugging along and sales are up year-over-year, it really has no bearing on how the rest of the resale market is or will perform.
I remember going to look at the Orange lofts in 2004 as it was going to be the "next Kensington". When we drove past our first hooker and 2nd or 3rd drug addict, I told my realtor to keep driving. That place is going to be years before you can walk home to your loft at 11:00 at night and NOT worry about somebody jabbing you in the neck with a hypodermic needle.
I remember going to look at the Orange lofts in 2004 as it was going to be the "next Kensington". When we drove past our first hooker and 2nd or 3rd drug addict, I told my realtor to keep driving. That place is going to be years before you can walk home to your loft at 11:00 at night and NOT worry about somebody jabbing you in the neck with a hypodermic needle.
Have you been anywhere near there lately? They leveled the whole neighbourhood.
I remember looking at the Orange Lofts back in the day and how they were talking up all the East Village development that was going to transform the place (circa 2003.) I'm an absolute cynic when it comes to that now - I'll believe it when I see it actually completed.
I think it will take some time, but it's still nice to see some renewed commitment towards it from a huge developer and with a large scale plan. Better than just ignoring the area and writing it off forever.
Quote:
Again I know I sound like a fanboy for Realtor Mike Fotiou's site but he's got that on his blog about the comparison of the luxury market versus the overall market conditions and his previous analysis on it:
So while it’s positive that the luxury market is chugging along and sales are up year-over-year, it really has no bearing on how the rest of the resale market is or will perform.
Yeah, it has nothing to do with the rest of us; and like I was saying with that whole home price to median income debate the high end rich people are skewing stats on the market.
I'm a bit of a fan boy of his website as well, it's really well done and he's not afraid to point of the bad news.
SFH Average Price: 440 / 460 (It would be 410ish without a $5.3 million whopper )
SFH Median Price: 362 / 390
30 day Rolling Median Price: 383
Sales will probably be close to last month, maybe a little lower - still on track to be 30-40% down from last year. Inventory is going back up after the large expiration of month end listings.
Things still trending downwards it looks like, still 75%ish of the month left though.
Would this bubble burst already? I have blue bubble balls waiting for this thing.
When everyone's homes are worthless, I'll stop paying the bank my mortgage. Then, I'll buy a house with $5K cash. Since they're worthless, they'll take my offer of $5K over zero.
Brilliant!
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Looks like Dion Phaneuf's house in Aspen Woods finally sold - it's been on-and-off the market since he got traded. Original asking I think was 1.4 million; sold yesterday for 1.15, according to Mike Fotiou's daily stats listing.
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