Is this the bottom?
Stats for all areas (KW, Guelph and Cambridge) show dramatic declines in the sold properties over last year. This is an expected slow time of the year but year over year would take that into consideration.
It seems that across the country things are bad. CREA just announced that in November prices dropped by 10% and sales are down 42% at the national level. Mackenzie Walsh, an agent from Calgary, comments in this CTV News Story. She explains that real estate is a cyclical industry and when things are up they are up and when they are down they are down. Right now she is trying to reassure her clients that things will pick up. For her sake I hope it happens before her contracts run out.
One thing that has always bugged me about traditional real estate is their exclusivity to your house for 3 months (the most common term in a listing). Once you sign that listing you are theirs, no matter how poorly their service. You can get out of the contract if both parties agree. Since the agreement is generally not with your agent but their broker you may find it difficult talking the broker into releasing you.
As a home seller I want more flexability in the sale of my home. I want to be able to change things when I need to. If someone is not living up to their end of the bargain they need to move on. As a home seller I want the flexability to take my listing down over the holidays or if I feel that I want to wait for a few months till the market is a little stronger. As a home seller I don't want to be tied to paying a set commission rate. If an agent brings a buyer through my home I am sure to want to work with them at a resonable rate. As a home seller I want fexability to market my home in places that I look. Not just where an agent decides he/she might want to advertise it.
As we head into the unkown and watch the market correct, take control of your flexability so you can adjust to fluxuations in the market as needed.
M
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