Home prices in the area fell by almost half — but luxury sellers need to understand these new prices are “normal,” say realtors
Those selling their homes in the township of King, Ontario will not be getting what their neighbours received just earlier this year. Not even close.
“We have to manager our seller’s expectations. It’s really hard to inform somebody that they’re not getting what their neighbour got three, four months ago. And significantly lower,” said Julianne Boileau, a sales representative at RE/MAX Hallmark York Group Reality that services several GTA areas, including King.
“Now you’re faced with taking a listing that’s overpriced and waiting until you can educate them that it’s overpriced. The consumers are sitting on the fence, no one’s jumping in,” she said. His clients are frustrated, as they’ve been looking at how their neighbours have sold their homes for more than a million dollars more than they will get. But he provides comfort by explaining that compared to summer 2021, they are still making a good profit margin on their home.
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