Frequently Asked Questions
Q - What is the Real Estate market like?
A - Are you planning on buying or selling? It all depends on your needs. Many factor's go into this answer and it is not as easy as "it is a a good or bad market". I suggest you contact me directly (905-407-7381) and we can set up a meeting, so that we can discuss how the market is, for what your needs are.
Q - Are houses selling fairly quickly?
A - It depends? The same theory applies now as it ever has. There are 3 things that factor into selling a home: Condition, Location and Price. If you have all 3 factors, the home will sell quickly. If you don't have all 3 factors, it will take longer or possibly not sell at all.
Q - What is the prediction on the Real Estate market (for selling houses) in the next 6 months?
A - Wouldn't it be great to know that exact answer? Unfortunately none of us own a Crystal Ball. All I can tell you is what is happening today. Contact me and we will discuss your location and situation more specifically.
Q - Should I wait until the market bottoms out?
A - I usually respond to that question with "Here is my card, the moment that you find out the market has bottomed out, please give me a call". Of course I am kidding, a little. The fact is we don't know when the market will bottom out. We also never know when interest rates might go up. If they do go up, it might cost you more to buy that same house in 6 months than it does today.
Q - Is there a standard Realtor's commission rate (e.g. 6%)?
A - Commission is negotiable by law. Same as everything in life you usually get what you pay for. One thing to remember is that all homes that are listed have the commission built into the listing price. So try to look at it as not having to pay extra for the services of a Realtor because it is included in the sale.
Q - Would commission be flexible given the economic time?
A - Economic time unfortunately doesn't necessarily work in favour of the home owner. In fact, in Miami, Florida, there is so much inventory (houses for sale), but very few buyers, that Realtor's are overwhelmed with listings. Instead of the Realtor calling a home owner up to see if they want to list their property, it is reversed, the home owners are calling the Realtor's and the Realtor's are turning them away. Which ultimately asks the question from the home owner "How much will it cost for me to list my house?". The answer is that Miami Realtor's are taking listings at an unheard of 12% commission. Regardless of the commission rate, it doesn't matter because it takes on average approximately one year to sell a property if it sells at all.
CENTURY 21 Miller Real Estate Ltd., Brokerage*