known/unknown doeesn't matter......may be unknown one is a better agent than the known one and a better negotiator.....end of the day you want someone who is good at doing this work for you. I know so many cases where people were actually not happy with a known agent as they felt they had to agree with their known agent ( bcoz he is related through some odd relation) even though they disagreed.

Remember.....someone said on this site....this should not be an emotional decision(in any way).

To avoid such process.....they are not gonna hit you with a bat if you don't want to sign agreement ....if that's the only way that agent works....say bye bye & find someone else

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Pooja

We are going south faster than we thought. Just wondering, how Reatlor can spin the truth with these economic conditions.

Calgary stats:

sfh sales down 49%
prices down another $4,450
median down another $5,150

condo sales down 51%
prices down another $4,000
median down another $11,000

There were less than 800 sales in calgary in January for a city of 1.2 million.

Here we have reached now:

may 2006 sfh sales 2,040
jan 2009 sfh sales 550

may 2006 avg price $415,815
jan 2009 avg price $413,049

may 2006 median price $375,000
jan 2009 median price $374,850

may 2006 sfh inventory 1233
jan 2009 sfh inventory 4,048

so prices are near identical to what they were 32 months ago
but sales are down 75% and inventory is way up.
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Here is little business advice for RE experts: Start foreclosure tracking site of your local area and get the lead for prospective buyers. That is the RE future. We are going to see mass foreclosure.

Thanks Rahul for the update. Hope this will help many prospective buyers provided they wait and listen your advise.

I agree with what you said that there are going to mass foreclosure. Many Realtor may not agree and will still maintain that the same will not happen in Canada RE.

Wait and watch what is in store for the buyers!

Good luck!

Quote:

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Originally posted by rahul_singh23


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Here is little business advice for RE experts: Start foreclosure tracking site of your local area and get the lead for prospective buyers. That is the RE future. We are going to see mass foreclosure.

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Quote:

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Originally posted by investpro
why will new foreclosures help prospective buyers?

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Quote:

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Originally posted by investpro

Quote:

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Originally posted by rahul_singh23


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Here is little business advice for RE experts: Start foreclosure tracking site of your local area and get the lead for prospective buyers. That is the RE future. We are going to see mass foreclosure.

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why will new foreclosures help prospective buyers?

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I quite understand that foreclosures help bring the prices down in the area.

However maybe I read Rahul's statement wrong and also perhaps I asked the question wrongly.

He says RE agents should track the foreclosures in his area and provide leads to buyers.

As I read it, that means that RE agents should tell prospective buyers that a certain property is about to foreclose, will you be interested in it?

However that particular property may have an underwater mortgage, ie property worth less than mortgage on it , so why would anyone take on that mortgage. He/she would buy another property with no mortgage on it which would probably be worth less than a few months ago due to current oversupply.

In the old days, a foreclosure usually meant that (just as an example) a $400,000 property had a pending mortgage of $300,000 on it so it was worthwhile taking that mortgage on.
Nowadays lenders are afraid that if there is a foreclosure, then they will be left holding a baby worth $350,000 (just as an eg) with a $390,000 mortgage on it. This last scenario does not benefit a buyer.

Also I am led to believe that there is legislation now in place in Canada that lenders can only get rid of a foreclosed property at fair market value not below or above it ( except for a small percentage of +_ 2-3%). Can anyone substantiate this?

Please do not bring US into the picture, as the mortgage rules are quite different there, which is why there are certain properties available for the value of the unpaid property tax pending on it.

Anyway, I hope I am driving my point 'home'. (talk about bad puns)