The Editor:
I am writing in response to Mr. Thompson’s remarks regarding local real estate agents.
I hope to set the record straight on a couple of fronts.
Real estate agents do not (or should not) unilaterally set list prices, and secondly, sellers can make price changes to the listing at any time.
I am in full agreement that our market has swung from a sellers’ market to a buyers’ market and prices have dropped since 2013, anywhere from 20 to 30 per cent, depending on the age, style and condition of the home.
Any agent who tells their client they cannot reduce the price during the term of the contract is incorrect and I find it hard to believe any of them would. The seller has complete control over the list price of their home throughout the term of the contract. They can raise the price, or lower the price at their discretion. It is the agent’s responsibility to provide sellers with the information they need to make informed decisions, including the sale price of homes that compare to their home and provide the basis for determining the value.
Setting the list price should be a conversation between the real estate agent and the seller based on facts about the market and the goals of the homeowner.
Pricing in our industry, anywhere in the country for that matter, is based entirely on supply and demand.
In 2011, when the boom hit and prices soared, we had reduced or even non-existent inventory. As a result of significant housing investment in our community from 2011-13, we now have an abundance of inventory and demand has fallen. Prices have fallen.
Real estate agents work in an environment where economic conditions are often beyond their control. We did not make the boom happen in Estevan and we did not make the crash happen. We make the pricing recommendations to the seller, but ultimately, the seller sets the price.
Lynn Chipley
Owner/broker
Century 21 Border Real Estate Service
Estevan
