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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 + n& n4 ]; ?# r9 H2 y7 A

5 y# G6 u$ R' j2 V! xBuyer's marketHome sellers forced to slash prices
# z* N1 L3 r1 a6 cBy FRANK LANDRY, CITY HALL BUREAU& x- s' T5 G# @* e0 D7 L
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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. / C5 ^# Q6 w9 k* W' M) W
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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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8 n5 T" X& C( r4 R  g7 L. O* J"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. . O/ N3 b% Z/ x' v) W: z# t. a
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." 7 n- {5 v# z4 C
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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.
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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 $12,000 less than the seller was seeking.
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Condos didn't fair much better, with 79% going for less than the asking price. & u3 F' w* y) `3 e* U& C
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"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said.
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He said many sellers are knowingly asking for more than their home can fetch.
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$ O0 P& a, U; C"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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1 E1 Q7 ^+ w) I6 e; V3 u"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." , K- P3 U3 D3 d: Q
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There are several theories as to why there are so many homes on the market.   g# o6 x2 V0 v1 A) o8 v. d
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. ' P; ~% z8 L) V! o! f

4 B: M: H* j' d: L( {- u4 O  H* kOther 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. $ V& s) e1 q' I) W. z

% F3 i' N/ d: [- z" v" xPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. 5 r+ M. U. M! n' q8 v( J8 d, J

) W3 i$ G- |6 n" _4 Z- ~7 V9 J3 b1 U$ FKeith 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."
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0 R% ?1 l4 W% `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." * q: V# ^( f8 _% A+ K* A3 r

2 D1 c+ L* q9 C3 x  X* U1 VThe 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
3 E& j4 q/ D4 `见好就收,得失不挂心上,才会悠悠然,欣欣然。

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