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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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- {: N5 W! ~, Y3 j1 iBuyer's marketHome sellers forced to slash prices
+ E2 t0 V" R4 s* TBy FRANK LANDRY, CITY HALL BUREAU+ f8 {9 r; ?- z) r0 `% ~# r0 q

% J  e/ k& C& \; QHome 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. : E5 T1 g4 a4 @4 B! r

+ G3 R# D+ j) r1 c2 ?# [( C4 t* b- {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. " R+ [. I8 f$ T# n4 c, Z' S2 V* J
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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. 2 _' F1 Y. |. A" n% L! K1 v
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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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4 g5 V4 x" w8 T6 U  y  H& w  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. % B2 N- ^1 `) h8 r7 G  y. Q
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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. . ~: j; f2 R5 U, A3 i" B

7 c+ B; V3 B! i% S# _% i+ M: QCondos didn't fair much better, with 79% going for less than the asking price. 5 u( B9 v' S5 z! f; s$ X! D

: ~" x3 g& w* c  x& b"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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7 W* D- f; E9 s; |& x  T4 R"And quite frankly, the realtors are getting a bit frustrated," Hall said. 6 {3 F9 _  t6 \; T" H

' Y/ O2 ^( o* Q" j"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price."
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There are several theories as to why there are so many homes on the market.
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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Other people are moving into larger or smaller homes, while trying to capitalize on the market. Some sellers like to list during the summer months, she said.
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8 Q6 N5 N" `" N- w" W* MPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper.
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Keith Mackie, fleet director for Budget Rent-a-Car, sees it every day. He said demand for moving trucks going to Saskatchewan from Alberta and B.C. has recently increased three-fold.   b' z+ U$ i9 L; l, D  D
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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." . D, S  L+ f+ C

4 v& }" u& h0 p6 Q# w4 qHall said many sellers with homes on the market in Edmonton today won't sell. , {% s9 q& e  c! R9 i% |

! j& ]# |$ o! Q4 {  y"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." 0 a% q9 P. J0 X5 S$ ]
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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.
理袁律师事务所
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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 2 M2 u4 F2 q: m4 y( {/ Z8 P
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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