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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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) |9 M& o* k2 m1 e9 q  ]Buyer's marketHome sellers forced to slash prices
6 q( Z6 G) o5 U& O/ B6 _* `2 [8 K- KBy 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. % g8 b6 ~' c( d/ {
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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. . V$ T2 q* s% X9 ]  m- p! Y' 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.
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+ X2 |4 D  X7 M) Q( h"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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"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 $12,000 less than the seller was seeking.
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; _9 L/ }% W+ g0 K* R' OCondos didn't fair much better, with 79% going for less than the asking price. : p) C+ I1 L! }3 z* f) d1 b
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"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said.
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$ o6 o+ Q2 l$ G1 C3 UHe said many sellers are knowingly asking for more than their home can fetch. 5 w, x# d1 R8 r6 q0 y8 \
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"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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: X5 b! ^+ e; h3 G* I" L, V"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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' ~8 ^" P2 D4 y2 b8 Q) WThere 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. ) H+ I8 \: T! y! `7 D' U6 Z

* o8 _& U$ M/ W! @$ x6 V3 X6 t" M. iOther 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. 3 ]7 ^1 S6 Q7 t# N6 g5 m

* \& E$ d9 B( m: a4 [4 c0 ZPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. & V$ t2 c; j' @' l' c" m
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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. 4 C& K( F2 B' Q1 R& H. h8 c- @7 [& W
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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." / J; [# J. e: f* U" P' M  z7 d0 C
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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) h; u. w7 E- ?5 C! 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."
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: g1 ~6 o" s' o" \1 k' JThe 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。
大型搬家
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   B6 n+ w" c- P2 b* g5 G0 ]
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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