Thursday, September 26, 2019 / by Gianfranco
Is the Toronto Real Estate Board providing us with accurate data? New report reveals inaccurate data on days it takes a property to sell.
We wanted to tackle something that has come up with the Toronto Real Estate Board and they've had to sort of defend themselves and there's a big question on the information that's coming out from sold properties from the Toronto Real Estate Board. Is it correct information? Is it the correct data? Is it questionable? Are somethings just hidden in the backend of their system?
A lot of realtors and the sellers, when the property's not selling, maybe it's taking long to sell, basically they take it off the market and then they relist it as a fresh listing or maybe they call it, you know, refresh the listing or sometimes the seller just gets frustrated with their agent or vice versa and they decide to part ways and now the selling decides to go with a new agent. So now they're relisting the same property but with a different agent.
When you say take it off the market, really, you're just terminating the listing, but it still sits in the Toronto Real Estate Board's system as terminated or expired or whatever, right?
Basically, there's a difference between the average days on market for the listing or for the property. For the listing it could just be with that agent or for that term, but for the property it could be for the life of the property within that six months or year it could go on multiple times and even if it doesn't sell, sometimes it expires.
There was this property, for example, listed with one agent for 90 days. It didn't sell. It expired then. The seller hired another agent for another 60 days, so that's 150 days it didn't sell. And then they went with a third agent put a low price, created bidding war, sold it in seven days and not that's being calculated to the public as seven days til now. So basically, you would think that it's taking seven days to sell a house in that area, when in reality, it took 157 days.
Is it really a fresh listing because it had been listed so many times? But does a new price and a new agent with new marketing strategies make it a fresh listing, right? Should that be communicated to buyers?
If your property's not selling, even with the same agent, you feel like it's a good strategy to take it off the market, or maybe change some pictures and the price and put it back on the market or do you not believe in that?
If you're thinking about making a move in the next three to six months and you would like somebody from our team to help you with the purchase or sale of your home, you can just call 647-977-9752 or you can go to our website at www.torontoplatinumteam.com and somebody from our team will reach out to discuss your plans and what the next steps will be.