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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 5 Q/ W1 `8 X1 t) C7 g
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Buyer's marketHome sellers forced to slash prices
4 |4 a2 P, Y( Y# Z& |3 W: {$ U# x1 [By FRANK LANDRY, CITY HALL BUREAU
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$ ]) q+ n& f8 r  a( W" s/ q$ ^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. 8 K4 x% o: Q3 c( }, R* }

9 ], M* K3 n; ^2 G# f( mAnd 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.
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1 \% G% }' w4 s# _; C5 w. {7 B"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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1 O# x+ l" ^& l, Z4 }"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." 8 I4 V& B& Z! ]1 H
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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 $40,000.
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& p0 G- }8 G  J# c, ?+ L"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more," he said.
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. ?6 O9 r; }2 v8 Y$ C# gJon 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. ) L- l/ M# s" L8 M

$ |3 _6 A0 j5 t: W, WCondos didn't fair much better, with 79% going for less than the asking price.
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7 T3 J7 h, I9 Z& Y" z" _"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. ' w, c. H3 r9 q- a; ~/ Q# }
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He said many sellers are knowingly asking for more than their home can fetch.   P8 m$ S+ f8 f. A; M! r8 \
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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." 6 O4 e% m+ K# f( q% ^
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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. . n( v8 E2 M2 ]9 D6 a, i
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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. 7 O+ h( P0 ?6 x: X

9 p8 h- A0 d0 A& g: T) KPratt 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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+ B% A" |$ t3 G- 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. . L9 u9 ^) S3 p: V! y( m9 j
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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." ' Q( J$ J, e6 h" ?! w3 h
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Hall said many sellers with homes on the market in Edmonton today won't sell. ; x' g% W% ?0 R' }- ~& i0 O' G% w

& J) Z/ |  M6 Z8 Q2 w& \"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." ) r+ `7 b/ n; I( ]9 X+ Z
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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。
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 - M/ M+ H4 l" l/ _: L
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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