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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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Buyer's marketHome sellers forced to slash prices : ]  A* ?, ^! M+ Y) q9 n  q
By FRANK LANDRY, CITY HALL BUREAU
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2 F! E$ i% v# q" u9 Q/ @$ ?- ?7 \3 _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. 7 m- H( ]6 E% m
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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. - K' ^5 e! @% n  B& ]$ i4 `. G
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"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. " b4 K6 p+ d5 q* G; P9 `% f

4 S* B3 q! ]( E9 p3 m. x"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. 0 x# u6 D9 s. L" F6 P$ i
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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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7 @" h2 Y. \$ [8 lCondos didn't fair much better, with 79% going for less than the asking price. ! V! y0 M  x& N7 v+ }
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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. " t3 o+ ?  d" s* p+ D7 f4 ?% \

# d- S  A# f) \1 _1 V1 MHe said many sellers are knowingly asking for more than their home can fetch.
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"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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. v+ l" A6 g: {7 S, X6 v"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."
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& G3 P# Q' U: n% OThere are several theories as to why there are so many homes on the market. 0 B  \0 z, I5 i& R  E- I

4 i1 m  @2 `! d5 U1 {- ?Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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* C9 y) k1 ?; d3 y6 h3 lOther 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. & Q: ]! G  d3 O

3 G! f. ^  J; \3 F6 ?5 @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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0 d5 s8 R2 p- w, l" e6 Y"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." $ d% e  A% M  d0 v7 U. {# d" I
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Hall said many sellers with homes on the market in Edmonton today won't sell. 7 m6 X/ Y" s5 |7 V, D' z- [: s

$ T  E1 |$ N) B: B2 q$ L"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." 0 y  m7 N3 o7 p/ a3 j5 a7 Q& o4 e
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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。
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
# F8 }. @5 E& U) H, [见好就收,得失不挂心上,才会悠悠然,欣欣然。

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