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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 ; u9 h. ]( E" X/ H: ~- G0 T
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Buyer's marketHome sellers forced to slash prices ; W* u: s" }; N* x7 u3 E; i
By FRANK LANDRY, CITY HALL BUREAU
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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. * w* l  y9 v! {) ^" p5 s

1 d) c# g5 @& WAnd 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.
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" X+ I8 ^( J0 S0 l$ s"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." ) a, s) @+ C3 F6 \
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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. 6 e' f7 ?# L' a# @* g  S: j& e
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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. 8 }: w9 P6 g9 h+ h/ m
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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 $12,000 less than the seller was seeking. # ^% R5 L, K/ r7 t+ J, H. z/ i
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Condos didn't fair much better, with 79% going for less than the asking price.
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- A( k+ T6 ?% M2 W5 q9 U2 r"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said. * y1 b$ A. y& B0 P6 T8 P
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He said many sellers are knowingly asking for more than their home can fetch.
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+ D! [5 A$ m, x8 h7 Y# }! ~"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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% s! ^+ Y) S/ R- N$ T3 X+ S8 _"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." 7 y* o* U' C0 c, w8 T9 ]

3 J5 H3 p  C0 E5 HThere are several theories as to why there are so many homes on the market. , _+ H" ~9 F* {7 O' d' A8 v  X

) d( G2 P; j& \/ u! KCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. 2 I3 N" Z8 @; @5 c* c+ |. b, X

7 a% f* Y1 D. q: s" N- bOther 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. " E2 a: Z& a! G9 s$ [
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Pratt 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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5 r/ w7 o7 j  N" f( uKeith 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. & ]- e/ F4 K/ u# ]
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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." , \, o$ B0 E0 h" v! F/ m' J  s1 S; q
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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# t. O2 P$ I/ e  W6 C  [1 s"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."
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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。
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 0 g  m! t- J# ^: m2 K
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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