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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 ' c. J! u# v1 }0 v" y) w; J

9 R+ m/ |1 s/ y2 uBuyer's marketHome sellers forced to slash prices 1 {$ `( x( H1 F2 s+ O5 G( q9 e% s" D) `
By FRANK LANDRY, CITY HALL BUREAU7 V- L0 o) H* f; w- {6 r& M
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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.
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" I6 l+ e) o# T2 BAnd 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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"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. 7 c# t! {5 m3 T+ j, I. ?
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."   C; R& m  y8 z1 v7 |

2 w4 E) ^, H4 |3 E0 |; MAs 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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1 D* q. k) I) M3 Z, }"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. 9 i  z) Q' h% D5 W  _4 `
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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 $12,000 less than the seller was seeking.
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9 ?; k* U7 J$ q( ?0 [" |Condos didn't fair much better, with 79% going for less than the asking price.
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5 [! t' i9 v* W6 @! S: p"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.
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2 S* l/ V0 ]2 }/ A' C0 j"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." " s4 D; X( l3 N% }6 P2 Y) h4 R3 S

; l9 k3 |0 d# F9 `! H+ t4 dThere are several theories as to why there are so many homes on the market.
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$ D+ Q# M/ V5 \" s8 [: \% ?Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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( C2 {9 J% _6 n3 N$ qOther 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. . |2 Z" f4 F% j: P2 [; P: B/ g

  I' a2 u/ {! [) m5 z7 IKeith 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. * B) T3 c7 X2 G- j) W) K- t" {3 s
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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." ( L/ H' o' @/ D) z. P5 r# k6 n
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Hall said many sellers with homes on the market in Edmonton today won't sell. / g( l9 N( I$ p+ f$ B

! y3 e! {* K/ i. n8 }"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." 3 {9 \+ h9 v& k" ^4 a; p  s. b

7 a9 s) m0 Z5 Y* PThe 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
' r! m" K* A1 m; ^" E+ z1 K, Z% y见好就收,得失不挂心上,才会悠悠然,欣欣然。
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