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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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, P: ?- s" g: q! u9 O( kBuyer's marketHome sellers forced to slash prices & I- C$ N! U& ]  I  D
By FRANK LANDRY, CITY HALL BUREAU  H  S1 N4 O) ^

# s1 k) s+ Z1 S9 X! q) hHome 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. + T5 q# v9 I* i( B, P' k$ f3 |0 S

6 v1 a* J9 f! U/ f+ ~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. 1 I, P6 K( N4 M  V& J0 N. A8 d$ i" p# [
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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.
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  k/ U, w' {+ A" G% G* x. [  @/ q"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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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. / P. y2 i1 O2 K  g% x, s5 D6 u
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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 $12,000 less than the seller was seeking. + s- O% i$ t, C
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Condos didn't fair much better, with 79% going for less than the asking price. ( B2 h  p" ]) c5 S9 k; s3 Q

) V5 R- C+ [+ ^"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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6 J  x% u: R) R6 L: N7 a6 n"And quite frankly, the realtors are getting a bit frustrated," Hall said. ! x- U$ j1 I* r' l) x6 T  c. R

1 A% o" o  n4 T/ A) M3 y: E: a"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." 3 g0 s' _9 q2 }1 E& Z/ r  o
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There are several theories as to why there are so many homes on the market. 3 N5 ]# s+ P# m& n: i
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. 4 H5 o' a$ i; X% y

6 w1 Y! M# X+ v6 DOther 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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) D1 Y, i$ p+ L; Q3 TPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. ' P) K) g" ^1 v% D( G8 \( o

! R0 ~- x- b4 T2 V. QKeith 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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9 e/ T& X4 p8 p0 I* j"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." 0 @% e! H! A* j# k  |

, T0 a; p! M% B& ]* E* l) h& oHall said many sellers with homes on the market in Edmonton today won't sell.
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) t" Y7 _, s* E' L+ R2 v"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." ( V+ k0 G9 z2 v+ L0 e6 J
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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。
理袁律师事务所
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
. g) r2 E* s; P" ~9 `, ^" `$ t' t见好就收,得失不挂心上,才会悠悠然,欣欣然。

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