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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 7 V4 }- U+ h/ b3 T  G
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Buyer's marketHome sellers forced to slash prices ; C$ v: D' t2 z6 F/ C1 ~8 ~8 v7 a
By FRANK LANDRY, CITY HALL BUREAU  Z" A7 H4 ^: u  ?4 Q: B. ]

$ U$ \  p: [% d) d3 H5 mHome 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. ! p$ A# ?: k1 P5 K' v( A: q

, _7 j. [8 J3 B" V( Y2 ?) k0 AAnd 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* L% n* O! l% J

) D2 d2 f, [% L5 u"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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, O7 b. ]# V3 j4 f7 m) U( \2 r"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." % _: \1 d+ u' r- J
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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 $40,000. / ?+ `/ C$ \) C

6 D; x+ V/ ~* x+ s9 h( t3 D"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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1 s" R+ F+ }, y. y5 V% L! n0 l  ^8 iJon 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. / {4 T: |! K# b( q
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Condos didn't fair much better, with 79% going for less than the asking price. , Z1 l; e9 c7 x/ I  r
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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. ; E2 l" _5 h. T

, V) d; V* K3 K+ a) u5 Z( C; RHe said many sellers are knowingly asking for more than their home can fetch.
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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." 1 E4 B' _9 V9 U2 K2 w( D! P0 H
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There are several theories as to why there are so many homes on the market.
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/ q/ e8 C8 T" R' }/ E  ~Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. ( ~" E) h7 B' f% P/ c# X) U" i

! j! w. b. c2 l0 Q5 h! g3 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.
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& S" s) @1 n. h6 ^& @Pratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. 5 w, ]- G. e2 Z+ D

5 S( f" r& d  e1 `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.
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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." ' h; @6 w9 G; Q

& T5 c" Q; j! Q6 D) I# L3 f% KHall 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." # w! H  q4 Q0 c- i5 r. b
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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
4 N( I# ?1 G/ z  v- o7 H6 v见好就收,得失不挂心上,才会悠悠然,欣欣然。
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1 {! e% S0 T0 [+ V6 _ :zhichi: :zhichi: :zhichi:
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