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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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8 @7 ^6 K! |  ~Buyer's marketHome sellers forced to slash prices
8 Y& Q. G& n" m  qBy 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. 0 f; p- f* u! `" ]5 `( I: J
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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. # H' G. v) p% q- T3 Y
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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. , y, [2 a7 \$ ?: t0 \7 s3 n
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." # R/ k: n' ~3 U! t; `
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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. 3 B) Q5 J: }! V
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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. % x- H/ N( Z* p. T6 }. W1 I

3 K# ^( s- J) C; `% O"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. 9 A  s  G. w0 N3 n; w  R
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He said many sellers are knowingly asking for more than their home can fetch.
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# Z2 p" z# {8 ?8 @5 Y; M"And quite frankly, the realtors are getting a bit frustrated," Hall said. $ n  k" M/ v) }: j, Y) G" k
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." / q5 z' S7 K$ c0 w: m

1 F1 f! m4 K2 J' x' E/ I( m# vThere 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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Other 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. . P7 r: h! `) e( H& g* ]
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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. 5 X  c. C  V. ?. j  c6 A. f

0 g; m. ~+ P/ R3 W"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." # q( y6 Q. I( M* P  h; ]

! z% H2 @  L3 L2 B% VHall 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." # d, P4 e6 g; I
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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.
大型搬家
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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.
大型搬家
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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。
鲜花(86) 鸡蛋(3)
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 $ f% g* K1 V  h) q0 f
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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