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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 & S/ b0 h5 L% I! u8 F

9 E0 k% a2 I2 Q( k& O4 V5 T' V2 C* XBuyer's marketHome sellers forced to slash prices 7 B3 W( p" z. ^4 Q0 N& D
By FRANK LANDRY, CITY HALL BUREAU
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2 E: ~; _7 l% O9 ?1 _0 GHome 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. ) t/ @- z2 c, C3 v) Z9 u5 _- @; C

7 G) A! q* |+ t9 Z6 AAnd 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. ) A  Q: T. \# A+ ]1 [; Z
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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. % ^8 C6 e4 B0 K9 d* M4 @
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." % U  t. W5 U" f, H  g

0 n* l; k8 d9 H/ j* U6 JAs 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 f; l: N/ f' _3 Q/ J
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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.
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' E/ A! n. D# g0 U* kJon 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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"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. 2 C- L0 E9 ?; H1 u0 o, z

, R2 B" T& x4 T+ b"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." 3 n0 E  O8 @" B% w- f, u0 M9 y
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There 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.
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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. % _  p5 g8 i& b4 D1 i+ Z6 P- Q3 Y
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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. ) s4 h; Z; @: u; `7 O* o
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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. . i- e1 Y& y2 v' ~3 A' i2 P

. F" F$ N9 c) ]"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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3 {) }0 J  y9 O$ MHall said many sellers with homes on the market in Edmonton today won't sell. # [% `5 B# a1 A- R  ~
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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." 6 f* b' ]+ E  T4 U) y5 i
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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。
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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 ( T6 K: F# r/ Y  c
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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