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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 2 j3 b+ v. D8 q  j& O2 `

  @+ L& E3 _$ o+ d! M" }Buyer's marketHome sellers forced to slash prices
: ~$ b4 Q2 W3 ^1 P- c8 C5 X% V0 `By FRANK LANDRY, CITY HALL BUREAU
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Home 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.
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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. & ^$ b  T3 D0 V
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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. 1 D% z7 c% l3 }  @8 m

! s& f' [/ R8 V7 ^  u) t4 ?"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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4 p& Q/ p- ?# p9 m) FAs 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 $40,000. ( x8 ]8 O! r# V' [1 c* o
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"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more," he said. / q3 ?$ ]. q, i) j' A

1 `" y9 T+ o0 ?" ~. {6 v/ uJon 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 $12,000 less than the seller was seeking. ' G% y8 _" x- `$ l; u' V; P5 @- |5 G
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Condos didn't fair much better, with 79% going for less than the asking price. 9 V( [" N, [. C' L
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"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.
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0 \  m: W2 q; W) _7 @, QHe said many sellers are knowingly asking for more than their home can fetch. 9 A- I  a! t4 k* M6 `

, r8 |' u) \1 N: b. P# f"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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0 t, Z; R) w0 z4 l: u) l; `6 o4 f"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."
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There are several theories as to why there are so many homes on the market.
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: Y- c7 \1 P: ?% J0 xCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. " ~# [& W5 f/ ~: D

  l+ x! g2 D0 L# v1 b6 Y. B$ M7 DOther 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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# v- L  P' `1 m# {0 RPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper.
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" P. r# A7 o# R( d' eKeith 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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"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number."
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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"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." 4 U) h7 k& ]0 q8 Z* W. F' y

7 D0 G  c  k/ W. y* S  `: vThe 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.
大型搬家
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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。
鲜花(15) 鸡蛋(0)
 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 / q* ^% O( M/ y5 t6 M# z, U
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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:zhichi: :zhichi: :zhichi:
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