Some local realtors should have a heart-to-heart with their vendors on why their homes have not sold. It’s usually the price. On my street there are three homes that have had For Sale signs out front for over a year -- come on! If a house has not sold in six months, there are serious problems with the pricing. It’s not hard now for buyers to research what homes in the neighbourhood are selling for, and if a realtor has a listing that is $50 to $100,000 over the average selling price for that community, forget it, it’s not going to sell!
I was in real estate for over 25 years as a licensed agent and Broker / Appraiser in Ontario and Florida. After 4 to 6 months, if a house doesn’t sell, the realtor loses interest, and the listing becomes a dead listing. The only reason a realtor will keep their sign on the property is in the hopes of getting spin-off business; the realtor is not making money with this unsold overpriced listing. The sign then becomes an eyesore in the neighbourhood.
Realtors should ask themselves, “do I really want this overpriced listing?” Take it off the market at the price the vendor is asking. Please take these signs down. Politicians do it in a timely fashion, and realtors should as well.
Peter A. Ferguson
Wychwood / Aylmer