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Buyer's marketHome sellers forced to slash prices

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发表于 2007-8-28 06:22 | 显示全部楼层 |阅读模式
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August 28, 2007
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Buyer's marketHome sellers forced to slash prices ( {2 V* f& B  j, P
By FRANK LANDRY, CITY HALL BUREAU+ i- N; n2 C0 B( w- Z* ^! P

* L# ?) M' l# Z# F1 m9 SHome sellers are slashing their asking prices by tens of thousands of dollars as Edmonton's once sizzling housing market continues to cool, says a city real estate agent. & L% v) g) y6 g# I" }, q$ t& K7 U# p
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And new figures from the Edmonton Real Estate Board show the vast majority of sellers are now getting less than they're asking for - a stark contrast to the bidding wars of a year ago that routinely forced buyers to pay more than the list price. 6 H' `0 z/ t( d/ s5 E
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"There's tons of stuff on the market. There's twice as much inventory in residential real estate today as there was a year ago at this time," Re/Max agent Abe Hering told Sun Media yesterday.
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" Z: ~9 J: |1 V$ ?; d% [5 \5 U' C"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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' F2 v) M3 V) g- J$ I  |As a result, Hering said he routinely advises clients who've had their homes on the market for awhile to drop their asking price by 10% in order to remain competitive. On an average $417,000 single-detached home, that works out to more than $40,000. ; _: H% a; D- ], A0 V

4 h5 S5 d' K  h"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more," he said.
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Jon Hall, with the Edmonton Real Estate Board, said 85% of single family homes that sold over the past 30 days went for less than the asking price. On average, the final figure was nearly $12,000 less than the seller was seeking. ! `: ?4 I6 o% L$ C0 x
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Condos didn't fair much better, with 79% going for less than the asking price. & n+ m, n, a" y, l

% C- [. [* Z- d) H+ L3 i& @; ?; _"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said. ( R7 d% c$ m% z

: j5 A# i/ p$ _3 m. g* W  xHe said many sellers are knowingly asking for more than their home can fetch. ! @1 ?. m! g7 h6 S* W; b& e1 ~( E: x0 H

4 y3 Q: Z, e  G, m2 @% ["And quite frankly, the realtors are getting a bit frustrated," Hall said. % d  X! d0 n5 M) S% L/ P
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." 3 M. a+ @7 t: j

( d* S  S' P0 B; uThere are several theories as to why there are so many homes on the market.
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. / [. O8 k/ g, m+ C. B, c

  N1 R/ P7 C! F1 I, }! COther people are moving into larger or smaller homes, while trying to capitalize on the market. Some sellers like to list during the summer months, she said.
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$ \) ^  ~/ k- D6 n* {* b  EPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. * [' T# {$ L: p& Y2 x( g
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Keith Mackie, fleet director for Budget Rent-a-Car, sees it every day. He said demand for moving trucks going to Saskatchewan from Alberta and B.C. has recently increased three-fold.
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- ~5 E+ B( ?+ D9 S1 Q- A) f"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." ) U8 f* V& D& i
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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* z! w5 Z9 Z: b"It would be fair to say a lot of listings will melt. They'll just disappear," Hall said. "They'll just be withdrawn after a typical 60- or 90-day listing period."
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0 y& B' [: p9 X/ L! N8 bThe Edmonton Real Estate Board recently reported there was virtually no increase in the selling price of single family residence in July. That month, condo prices went up 2.5%, while townhomes increased 1%. The figures for August are expected to be released early next month.
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发表于 2007-8-28 09:44 | 显示全部楼层

回复 #1 Magrath 的帖子

Good news, thanks for sharing.
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发表于 2007-8-28 20:55 | 显示全部楼层
今天的太阳报上整版报道的文章。几家欢喜几家愁。
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发表于 2007-8-28 23:14 | 显示全部楼层
老杨团队 追求完美
把握住市场才能把握住财富,同一年的房地产市场,有人赚大了,有人赔晕了。关键的一点,看得要准,下手稳,出手快。长线有长线的谱,短线有短线的打算。见好就收,得失不挂心上,才会悠悠然,欣欣然。
理袁律师事务所
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 楼主| 发表于 2007-8-29 05:57 | 显示全部楼层
原帖由 今天闲着 于 2007-8-29 00:14 发表 . m6 S4 z0 B7 `$ ]  Q( s
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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