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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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# ?* h$ T  d. G  C% x4 J/ SBuyer's marketHome sellers forced to slash prices 0 R2 o! Q# Z$ I) n2 [, x! @/ c. u- f
By FRANK LANDRY, CITY HALL BUREAU9 U+ Q/ F8 ?( z
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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. 6 ]) x6 ~* I1 u, i! g7 j# Q( K9 o

: D% Z3 X  f- PAnd 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. # h  u3 a  n. ]) D5 ~) ]

" z% F! F, q" X  X' ~"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." 4 q, w" x1 E4 b% `- r9 C

- W) ^  p2 G7 X) ?; h1 d8 R% |, y, IAs 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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3 j9 B/ t6 f3 i3 x. s, rJon 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 $12,000 less than the seller was seeking. 8 M2 h6 {1 _$ X7 \1 p% J

$ ^8 \; c9 d7 L, |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. $ T& J. C. h) v* b- [1 j$ N

; e% i; q2 S6 `$ Y1 m/ f. I/ f' O"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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. L8 L& x/ _. s9 c1 D& ^"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price."
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There are several theories as to why there are so many homes on the market. 9 T# p4 y5 e$ b6 N" C/ Q9 y
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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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% S' j1 P' C' V8 k9 G- R' c; n; e  |8 J2 \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. . I' G& X8 P8 H+ m  q
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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.
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5 M0 |5 c' @6 S* M6 i$ H# r. AKeith 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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: W% |" b( [) Y6 X' b& a"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. ' h$ c& W( R8 _6 z! N

* u3 D- O+ r# q+ W, d"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." % M3 a9 ]: J& f/ ^( M
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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
; j+ l1 [3 M, Z% T7 ~见好就收,得失不挂心上,才会悠悠然,欣欣然。

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