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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 1 F. Y* Y9 v, Z) s9 T0 P
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Buyer's marketHome sellers forced to slash prices
3 \0 a, G/ }8 p/ p/ {% U* UBy 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. - r' M5 |$ }, w% E1 r
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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. . v5 n3 B9 X5 o8 Q; A$ A7 P

$ Q/ Q4 K# h- U! r' h' w"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. 9 d5 m) P$ L% Q) x4 ~6 g! K3 ]' L+ B8 E
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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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- |; X5 D" Z8 S+ Q# H. Z. l! nAs 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. 4 G8 e6 K  K, p% h
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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. " K) [, ~1 T3 z& L! r+ _7 U7 t

, u$ T$ |4 ^4 d/ E+ O3 @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 $12,000 less than the seller was seeking.
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Condos didn't fair much better, with 79% going for less than the asking price. 6 }% e/ {, D9 D5 @
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"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said. : ~7 V, ^4 e# }5 s4 }# v& F0 {
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He said many sellers are knowingly asking for more than their home can fetch.
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7 ~. Q5 x3 @2 S0 \% @$ w( ]: g5 ]"And quite frankly, the realtors are getting a bit frustrated," Hall said. 4 @) j9 ?1 V$ Z5 w6 H
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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."
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There are several theories as to why there are so many homes on the market.
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0 H" M. x6 Z* X  d8 HCarolyn 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. & A; |2 G1 x8 o2 ]  T7 V! Q% e
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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. / I4 o  L8 y3 F7 a2 D

4 l$ X3 |- x, S7 l  O7 lKeith 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.
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' P5 M' ?' W5 o6 N8 {+ J"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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Hall said many sellers with homes on the market in Edmonton today won't sell.
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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." ) j2 p% V1 F' a/ ~& W8 w. P. T8 `

0 E- n, }1 x: I( `" q1 r2 `! dThe 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
% Y9 z* u4 Z, h5 F7 M) [见好就收,得失不挂心上,才会悠悠然,欣欣然。
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+ z9 R' I0 Z  \2 H; C :zhichi: :zhichi: :zhichi:
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