There are tons of homes in Toronto for sale at the moment as inventory levels have risen by 27% since June of 2009. These numbers are a sign of a market shift, so home owners and Realtors must adopt new ways to market their product. The days of multiple offers and line ups of buyers waiting to buy your home are passed us. Although the data shows that prices have increased by 1.7% since June 2010, the reality is that the real estate market in Toronto will start to gradually become a buyer’s market. To what extent? I don’t predict a correction but rather a steady price increase of 3-4% per annum because of the low interest rates and low inflation rate that we as a consumer have come to take for granted.
The most experienced realtors that have listed homes in Toronto for sale will recognize that simply placing a For Sale sign on a front lawn won’t cut it anymore. Having a strategy and tailor made marketing plan is the key to selling.
The open house myth, and how great they can be! Oh Yeah, they can be great if you’re the Realtor! Yes, the Realtor and only the Realtor benefit most if not always from open houses. Let me explain the secret of open houses and why Realtors are adamant about them, and why the word open house is always included in a listing presentation. Open houses are mainly used by Realtors to generate leads from your home! Yes, they use your home to meet other buyers so they can solicit their business to sell them someone else’s home. I can also tell you this, I have been selling Homes in Toronto for then 17 years and I have done my fair share of open houses,I can honestly say that I have never sold one because of the open house sign, I can also tell you that i have sold many homes to buyers that have walked in off the street to visit my open house. As a coach and mentor, I always teach junior Agents that open houses are a must when they initially start out in the business; it’s a simple and cost effective way to meet motivated buyers. In fact I instruct them to send letters to all the top producing agents in the city asking if they can conduct their open house for the upcoming weekend. If an agent walks into your home and suggests that an open house is needed, then that should end the interview on the spot.
Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker
RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated
1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.