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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 l- W( k% r$ C, fBy FRANK LANDRY, CITY HALL BUREAU+ e( W& B. w) y: k; p

% b4 E, _$ S- G4 f3 M/ a  vHome 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. * I7 [' |; {6 V+ f

1 c/ s# D" E6 O* _"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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) {/ {/ a, L0 ?" ^1 D3 z9 B. C"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." : i  D5 g. r) A2 P
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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 $40,000. 3 \0 \0 V$ M( t

: p3 a% ]. Z; [' j"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. 1 `0 U1 X! V# s7 Y8 \
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Condos didn't fair much better, with 79% going for less than the asking price. ( v8 A  l- S* I  v; z; [8 M

% s% D: K/ q+ K+ S. [3 m9 ~  S"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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He said many sellers are knowingly asking for more than their home can fetch. , l( L! G" U5 r8 ^: x
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"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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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."
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There are several theories as to why there are so many homes on the market. ) \8 L4 B0 T! a9 r& S

# e' i* O! H: O, P7 r1 Z0 n2 Z' |Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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) f! j7 e* U9 J; k! `# A6 N* w+ TOther 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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Pratt 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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8 x5 D) G9 \8 h6 Q3 Z( m6 VKeith 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 z# P1 h$ a: v' r  D6 A"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." . L* n0 G: t6 [/ g7 V: Z7 V9 J  F

" W+ S+ w( {  C9 N8 ]: f; M/ ?6 I! t- mHall said many sellers with homes on the market in Edmonton today won't sell. + ?9 L4 \& E7 g  j  X( D+ s3 g/ X

% ^, s$ l. ]7 C  _7 @: F"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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The 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。
鲜花(86) 鸡蛋(3)
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 0 q/ U" g1 |" \3 x/ r& C
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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