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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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% V4 h3 h2 e& E1 {+ W9 \; FBuyer's marketHome sellers forced to slash prices
8 ?4 D- f! S& e: ~4 o; B) E* CBy FRANK LANDRY, CITY HALL BUREAU7 A- ^+ }5 z; M* V( k

+ y# F7 T% b5 A5 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. 6 R4 o" S% N: P) `) D

& t# O- x3 q( x& t2 b  K) N7 PAnd 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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: Z5 Z! g: U; N0 |"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. ) L% q  }( Q* d2 s
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." ; P# O! a8 |- ~6 H" o( p! _

8 C6 [# V6 q+ q6 z! qAs 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 $40,000. 0 ?) q6 Z$ A: T" n+ w- ~) D

  R% }- J# O/ n3 b% W"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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4 |( C' k) p* m2 u& F- b4 IJon 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 $12,000 less than the seller was seeking.
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Condos didn't fair much better, with 79% going for less than the asking price. 3 Q9 U1 {' |  d8 T9 |2 t6 ?
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"What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice," Hall said. 0 B+ a$ ?9 }# n/ n% z9 ^' i$ b
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He said many sellers are knowingly asking for more than their home can fetch.
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% [, A2 e- q2 ~, M2 E8 m5 q" ?"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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- t2 J2 {  N" Y" 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." % @1 `2 X+ X! M+ }4 \( T
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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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; t) c4 u7 J6 _# `) r& K1 MOther 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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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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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."
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Hall said many sellers with homes on the market in Edmonton today won't sell. 4 p7 g! y4 c1 A/ ^1 ]& Q% j

" k/ d8 s* {2 ^* T+ \1 s* U+ A"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."   O$ b+ h1 Q# A. K

% y' g- E# n. fThe 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
* `, }4 h" N9 K# a% X) A% h见好就收,得失不挂心上,才会悠悠然,欣欣然。
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