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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 # n5 G" A) ]; O3 r7 W: ^1 a8 `

& c$ f' ]: m2 t8 K7 h8 @4 [Buyer's marketHome sellers forced to slash prices
( u- |) Y; s+ M: |. b6 O! WBy FRANK LANDRY, CITY HALL BUREAU7 f1 Y" o" W+ a

# f. V2 h& c$ J3 E7 P- t$ M+ ~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.
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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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"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. . i! e: {9 H$ j/ g& f' Z
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." . u) N) B9 p- W% E# q0 u

7 ^/ c' K- J2 T* F( oAs 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. $ ?  S$ j2 W; W) A9 ^
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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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, [  v" Y) S' l% sJon 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. 2 Z* a7 R2 o7 m4 O" J6 T

/ p% I) P) ?6 S- e- B0 ~2 pCondos didn't fair much better, with 79% going for less than the asking price. 4 \  J8 V5 {' I  G) Y4 _

; d) w! T. W2 e"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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( l; O0 m1 E" M# WHe said many sellers are knowingly asking for more than their home can fetch. $ f4 \: U- q) }1 Y# A
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. ( k2 S7 J+ Z1 w$ W

/ X, Y/ ]. y9 V# E) B' y"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." * \2 D! D! N$ d# p8 Z/ q
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There are several theories as to why there are so many homes on the market. ' J0 n4 R* w& c/ B* {* r5 z
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. 8 l4 Z" y! r# O2 F

$ m. [" x8 r& C( xOther 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. 1 V6 j3 t6 F- l9 ?% _) [/ E$ T2 P
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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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9 y/ p2 \8 G% X4 t' E, P; q. K( iKeith 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. $ ?- _9 H3 n0 y: w6 p
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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." 5 z* `* z- ]9 F( F4 t
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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$ F! U* G' I; I+ m) }/ u/ G" ^"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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  j' X) p) ~8 x. \9 RThe 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。
理袁律师事务所
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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
2 y# c8 [2 R5 L, E见好就收,得失不挂心上,才会悠悠然,欣欣然。
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