Brampton Inventory check
I went to check out the inventory today because I had a couple of hours to spare. Just wanted to stay up to date on the market. I was in North Brampton right by Chinguacousy and Sandalwood area. Last year I sold a 1500 square foot house for $315,000 and on the same street an exact same house is now selling for $290,000!
For under $325,000 you can now get a decent size house that’s less than six years old. One year ago these houses were selling for around $340,000. I noticed some owners are still listing at last year’s prices. I realize it is frustrating to see all that equity disappear but asking a high price will not make it worth that much. If they are unwilling to budge on price I suspect these houses will be on the market for a long time and usually the realtor will get blamed for the house not selling.
I was stuck in the same situation myself just recently. The owners needed to get a certain amount out for their next home purchase. I was hesitant to list it over market value and my instincts were correct; but priority one is always customer service. Despite using my all my techniques to get maximum exposure for the listing, the house sat on the market for two months. The reason being that the builder was selling the exact same house with the same closing date including upgrades for $25,000 less.
I showed the home owners all the market statistics and the builder’s price sheets but that still didn’t convince them to be flexible on the price. As a result the house did not sell and they eventually listed with another agent at the same price.
No realtor is a magician when these types of scenarios occur. If a house is worth $350,000 a buyer wont pay $30,000 to $40,000 more just because it is listed with a certain agent or company. Buyers aren’t concerned with who the listing agent is or how much the listing agent is getting paid. They are concerned with the price and market value, especially in today’s market.
If you put your Brampton home up for sale please be sure to go through all the comparable sales in your area with your Brampton Realtor and base your price on hard facts.
If you’re interested in selling your house use my complimentary Brampton home evaluation or start here if you’re ready to buy a Brampton house. Contact Brampton Real Estate Agent Vic Singh and you can expect a reply within 15 minutes.
I’ve noticed in the past few weeks I have started getting a lot more showings on my Brampton listings. Brampton real estate market had pretty much collapsed in November 2008. If you saw the statistics the amount of activity was down by about 50% in November, December and January (2009) when compared to 2007 numbers.