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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 , L. m8 {+ j- |/ t0 N

4 W! Q- n! W& ZBuyer's marketHome sellers forced to slash prices
  C2 P) j0 w# w9 FBy FRANK LANDRY, CITY HALL BUREAU+ K0 F- ]: l8 r

2 w4 E1 ]! k) M8 T) `, X. THome 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. / X9 `8 D# ?  b
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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.
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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 l8 B5 U0 r* |1 ]1 j
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." - D8 c5 ]; {( e: v2 c" y
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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 $40,000.
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"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more," he said. ! E+ T. N2 _- v% z- ^$ K1 w

& H: u' Q/ p- y4 e% ~) s5 gJon 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. / U4 H7 h- O3 e3 H+ [! u0 N1 z, A
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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. 1 y6 W  M6 B- W8 C' H2 H
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He said many sellers are knowingly asking for more than their home can fetch.
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2 ]* L! v' v- s( l"And quite frankly, the realtors are getting a bit frustrated," Hall said. 7 O* ]3 o) s+ t6 F( A
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price."
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9 a5 |3 Z7 P$ ^* H* s2 H: v( _3 ZThere are several theories as to why there are so many homes on the market. ; U' ^) F5 \$ s+ J  J6 ~) n

+ q' }: e/ Y- Q8 z- sCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. 4 `7 O! B* M( V0 G  O* X
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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. # f9 K7 ^/ |1 r

/ @& x0 L! R; E+ ]9 O* ^- u0 fPratt 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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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." 7 ]* u+ J" B( |& @4 x2 U7 ~
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Hall said many sellers with homes on the market in Edmonton today won't sell. , f1 C& h0 J5 p) f% R0 a3 y

1 b' P+ ^: a2 x  j6 |3 O6 r4 c"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." / I) [! S8 ^3 t6 Z/ s

/ F  h% `0 c2 L  Z' ~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.
大型搬家
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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。
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 $ i! B" I% w; e" u1 {
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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:zhichi: :zhichi: :zhichi:
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