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Email this9:12 pm
December 23, 2011
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I live just out side of Vancouver BC. The hot market has overflowed to the suburbs and selling prices are soaring, multiple offers, offers only accepted on specific dates, no subjects, no inspections and sometimes inspections with no offer.
So here is a question.
Is there a code to identify the home or the seller built into the last 3 digits?
We're all used to seeing 699,900 or 699,999 and why not! But what I am seeing is 699,000, 699,800 699,500 etc.
Is this a code for other realtors. Ie. Underpriced, fixer upper, owner in financial difficulty etc?
11:17 am
October 21, 2013
Online
No, not in Toronto at least. Lord knows about Vancouver!
I have a very close contact in that business here who says that it's the first digits that count and it's all about attracting offers.
Could it be that there are a number of houses that are on the market that are worth about the same, in which case the realtors are trying to make theirs stand out? - to get people to come and see it.
7:33 pm
April 1, 2016
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I know that here in Central and Eastern Toronto realtors are listing prices with a lot of 8s. Example: $988,888, $1,088,000. Appealing to the Chinese culture where "8" is a lucky number.
Very very rare to see a "4" in the price.
8:39 am
April 12, 2016
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Loonie said Could it be that there are a number of houses that are on the market that are worth about the same, in which case the realtors are trying to make theirs stand out? - to get people to come and see it.
That makes sense. Realtor.ca lists properties in ascending value, so dropping $100 off the price could be the difference between first and third page, but is insignificant compared to the price of the house.
4:54 pm
December 23, 2011
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All makes sense.
Let me add a little more. 4 houses have recently sold.
House 1 and 2 sold by same realtor with list price 7xx,000. Both sellers in decent fiancial status.
House 3 sold by another realtor for 5xx,800. Before the boom.
House 4 listed by a another realtor for 6xx,800.
House 3 and 4 are owned by a divorced and unemployed male - and a family in huge debt with landscaping business. Had to sell.
None of the realtors are associated to the same companies.
Ps. Owner of house 4 was lied to by the realtor and convinced to sell 60,000 under market.
8:48 pm
October 21, 2013
Online
One thing I have learned about realtors, which is obvious when you think about it, is that, especially in a hot market, they don't really have any significant personal investment in whether your house sells for 600k or 650k. That's because the difference in their commission is not that significant. It's worth more to them to get the deal done quickly and move on to another deal.
This is even more true with smaller differentials. An extra $20K in YOUR pocket is worth a lot more than the corresponding commission. So, in that sense, you have to look out for yourself.
And this is why I would never accept a "bully offer", especially if a realtor recommended that I do so. The most ethical realtors, in my experience, don't support pre-emptive offers.
10:15 pm
December 23, 2011
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I totally agree. Unfortunately some people actually trust them.
5:56 am
September 11, 2013
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Why anyone would think people who make their money as agents making commissions want anything other than "churn" is beyond me. When I was young, hardly anyone moved, people bought their houses when young and many are still there. The whole industry has been very successful in getting folks to move a number of times in a lifetime - now they market all types of different housing for every micro-stage of your life! Like planned obsolescence in other stuff, it's to their advantage to put you in a place you'll be tired of in a few years.
6:52 am
February 18, 2016
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MarkFog said
I know that here in Central and Eastern Toronto realtors are listing prices with a lot of 8s. Example: $988,888, $1,088,000. Appealing to the Chinese culture where "8" is a lucky number.
Very very rare to see a "4" in the price.
Good to know. I am going to list my house for $8,888,888. Or for those younger one 8,69,69,69 to stimulate mating and reproductions.
Unfortunately, in my book, realtors are parasites praying on week and earning exuberant sums (2-3% of 1M, you do the math) doing nothing useful, same class of people as car dealers or politicians.
9:29 am
December 23, 2011
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Oh my gosh.....I thought I was the only one that thought that way. I know I am too sceptible with any transaction dealing with $ and a commison sales person but on the other hand it has saved me $ too.
Don't forget to add to your list. Lawyers and timeshare sales!!!
7:03 am
April 12, 2016
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kanaka said timeshare sales!!!
Any kind of sales, really. They're never doing it for your own benefit. Once you realize that, everything else becomes pretty black-and-white. If they're not on commission, then they have sales goals with bonuses attached.
10:12 am
December 23, 2011
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So the house next door to me that was low balled by the lying realtor also has pics online that are photo shopped (with his for sale sign) from about four years ago. Our house shows with a flower pot on the first cement landing....with flowers in it........but we have had a Wilma tree in the same pot for the last four years. So the house for sale shows a nicer garden, clean driveway, no dusty motor cycles etc.
Misrepresentation even in such a small form like this, in my mind is still dishonest and unethical. And who knows how much more PInnochios nose will grow.
Ps. The lie is.....we have a green belt behind us and the realtor told my neighbour that the lot behind us has potential subdividing options thus a lower price than what others have sold for on the other side of the street. I provided my neighbor with the listing for the "said lot" that has recently sold and is NOT subdividable and once a home is built there is no easy way to have road access to it any ways. Also the property has been tested years ago and nothing happened.....if it tested ok.....there would be condos behind us. This type of property is usually turned over to the city for idle park land but the selling realtor sold the lot and the green space for $60,000 more than the normal sized lot beside it. Both lots undesirable by builders and will be costly to build on.
10:31 am
October 21, 2013
Online
If the realtor basically stole the photos from a previous listing, the previous realtor might like to know about it. Good realtors spend real money out of their own pockets to hire professional photographers, and they own the photos.
It seems a bit bizarre that a realtor would want to go to those lengths to undervalue a property. What were they thinking? Surely it would have sold at a more realistic value?
11:08 am
December 23, 2011
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Loonie said
If the realtor basically stole the photos from a previous listing, the previous realtor might like to know about it. Good realtors spend real money out of their own pockets to hire professional photographers, and they own the photos.
It seems a bit bizarre that a realtor would want to go to those lengths to undervalue a property. What were they thinking? Surely it would have sold at a more realistic value?
It should sell for 679,000 and he listed for 629,000. I don't see an open house scheduled. My neighbour is unemployed on severance and divorced with the courts controlling/directing/imposing how he can use his income. Many realtors here do there own pics. So the question is ....bouyant sales....MLS listing only so far.......no local paper listing yet......how much less commission on 50,000? No work and no expense from the realtor. Easy pickings from a vulnerable seller. The realtor is the brother of one of our x neighbours and is a nice guy (the brother) .... but then again he is not a realtor (the brother).
The photo shopped pic only further leads to my total distrust to trade in general.
2:10 pm
October 21, 2013
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There are lots here who do their own pics too, but they are usually not as good as a professional photographer.
The good realtors here use a professional. That's one of the criteria I would use when looking for a realtor.
or at least I would have until a few days ago when I heard an interview on the radio with a fellow who has written a book about burglars. They like getting a good sense of your interior...
4:08 pm
April 1, 2016
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SavingIsGood said
Good to know. I am going to list my house for $8,888,888. Or for those younger one 8,69,69,69 to stimulate mating and reproductions.
Unfortunately, in my book, realtors are parasites praying on week and earning exuberant sums (2-3% of 1M, you do the math) doing nothing useful, same class of people as car dealers or politicians.
I couldn't agree with you more. This "SOLD OVER ASKING" should be illegal. Once an offering comes in for the "listed" price, that is what it should be sold at. First come, first served. Where else can you list a product and when you go to buy it the store says "oh you can't buy it at that price because we have people willing to pay more." If Realtor.ca advertises a price, then it should be that price. The realtors are parasites working on the seller and the buyers.
5:35 pm
June 29, 2013
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MarkFog said
SavingIsGood said
Good to know. I am going to list my house for $8,888,888. Or for those younger one 8,69,69,69 to stimulate mating and reproductions.
Unfortunately, in my book, realtors are parasites praying on week and earning exuberant sums (2-3% of 1M, you do the math) doing nothing useful, same class of people as car dealers or politicians.
I couldn't agree with you more. This "SOLD OVER ASKING" should be illegal. Once an offering comes in for the "listed" price, that is what it should be sold at. First come, first served. Where else can you list a product and when you go to buy it the store says "oh you can't buy it at that price because we have people willing to pay more." If Realtor.ca advertises a price, then it should be that price. The realtors are parasites working on the seller and the buyers.
I think calling realtors "parasites" is really unnecessary - there are good and bad in EVERY profession or field - how about Catholic priests - how about public servants/government workers who many called terms not quite as nasty as "parasite" because they supposedly are not very hard working or productive compared to most private sector workers, and collect solid salaries with job security, benefits and fantastic pensions. etc etc.
Don't think this topic has much to do with High Interest Savings Accounts......
5:56 pm
April 1, 2016
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No, my intention wasn't to group all realtors into the same boat. But, in markets like Vancouver and Toronto, "many" realtors are playing the market, creating more hype that it really is.
Check out a very good article recently featured in the Globe & Mail which interviewed a guy who is not a realtor but teaches his subordinates how to cheat buyers and sellers. He lives in Lower Mainland Vancouver. It astonishing the tactics they go through.
This thread may not directly deal with High Interest Savings Accounts, but since the lending rates are low, it has affected the savings market. Back in 2007 I was getting 4% at PC Financial. 2016 it's 0.8%.
5:57 pm
December 23, 2011
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I fail to agree.
1. This is in General Financial Discussion.
2. You are comparing priests to realtors and that is not apples to apples.
3. I highly doubt if you can find very many, if any, realtors that have their customers best interest.
9:00 am
April 12, 2016
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MarkFog said This "SOLD OVER ASKING" should be illegal. Once an offering comes in for the "listed" price, that is what it should be sold at. First come, first served.
Are you also opposed to people offering below the asking price then? So, the seller has to somehow predict the exact price buyers are willing to pay, no more no less? Or does your "listed" price idea only work one way?
Where else can you list a product and when you go to buy it the store says "oh you can't buy it at that price because we have people willing to pay more."
Well, any auction for starters, which is basically what realty sales are.
Your analogy makes no sense. You can't go buy a house at a store, so why would the same pricing model apply? Well, actually, you can. It's called pre-fab. Then you lease some land for whatever price the owner posts. So if fixed pricing is your main concern, there are options. There's also renting, which is what I would do if I had to live in Vancouver for some reason. Their market is so inflated it's ridiculous, and frankly I think it's a good thing if realtors are starting to bring the prices down -- might save some people tens of thousands of dollars when the bubble pops.
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