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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 ( E8 O) U9 b. L+ @9 F+ G3 L, ]; {
By FRANK LANDRY, CITY HALL BUREAU  @* N4 l8 @% Y% R( G$ z4 @

% C  w* Q% X. b  c4 DHome 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. % K9 a+ Q; I* O$ o; ~
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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. 3 F! D. b, F5 B- \
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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. - N) `4 u& V* N% O3 b1 [
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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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.
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0 }' f) @* \  T/ o; w"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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8 _8 X; [- D: R9 ^% S8 H0 t2 cJon 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 $12,000 less than the seller was seeking.
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Condos didn't fair much better, with 79% going for less than the asking price.
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8 s2 O( X" S$ i$ i4 [" \0 P5 n+ 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. ; f' v1 k  S( y4 ?& M' ^8 |; i
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He said many sellers are knowingly asking for more than their home can fetch. " \9 k% o+ M9 @* `0 ?

: c+ R0 K9 e% m( a" M9 k$ C$ Q: d% @8 z"And quite frankly, the realtors are getting a bit frustrated," Hall said. ' X+ J; L* G% e- R5 W7 \

% D" u  l, V% x2 C$ Z+ l1 P  }( L"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." 7 k. h, `7 m1 c* X

5 ?5 h, E- J: Y; `7 ~  c$ Q- m; i& EThere are several theories as to why there are so many homes on the market. ) [8 A. P$ H+ z6 Q; a6 G
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. % _' g# p# |3 w& B9 z6 X4 r) q4 E
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Other 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. + }: t. W( G6 |. N
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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.   Z/ k. |. m$ `1 W
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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. . \) E, b/ O- I8 H* G5 `
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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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* x: h& h! [0 IHall said many sellers with homes on the market in Edmonton today won't sell.
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; f; }2 y0 Z2 C+ e% x/ W! ^# I+ X"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." 2 ?- C1 E" ?4 X! D* H* |2 E

' J6 P' {) N- w8 N; W3 J  ?9 WThe 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。
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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
8 c# J; Z; c- s# m8 K2 l见好就收,得失不挂心上,才会悠悠然,欣欣然。

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