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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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% A& t; [* ?- I% ]" NBuyer's marketHome sellers forced to slash prices 8 S5 L3 N# _3 B% G4 ]
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. 3 _! D  S- H* g: u
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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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# W5 u# w/ [* f/ u/ D: |"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. & v. I, Q( R  A
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." " N4 i2 ^+ J1 N; \

! f8 @- h  k  {, q; u+ L3 Q) L/ D0 aAs 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.
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2 o0 E% ^. P: Z  z: i9 k"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. " Y8 P  f0 o* U% e

/ B: J. P% P) l& R5 b4 fJon 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. + U8 l& s9 m% [2 X4 E  S- S# O
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Condos didn't fair much better, with 79% going for less than the asking price. $ N3 b! k4 [+ L9 Z( T, f

- k- Q2 v1 p2 S"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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He said many sellers are knowingly asking for more than their home can fetch. ! @1 i: l% a/ t! j( k' K

2 m5 R1 u4 e8 q' s"And quite frankly, the realtors are getting a bit frustrated," Hall said.   w; Y( l% \( y1 H7 P( a) C' j$ O
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price."
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There are several theories as to why there are so many homes on the market. ( q3 K1 D$ t; M& p

! @1 E( j9 g3 f" eCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. ' M2 e( f9 i; W

# R# Y4 W; Q1 i+ n3 VOther 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.   T7 w; Q" u4 p8 g6 t  e7 ?' q
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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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3 K! t9 W: r4 v! f"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.
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, c7 B  G5 O- I8 _! y# O" T"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." $ f% u, s, c+ D' C5 [9 Y
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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。
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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
# @7 C0 L6 W! |$ A" z+ ^见好就收,得失不挂心上,才会悠悠然,欣欣然。
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:zhichi: :zhichi: :zhichi:
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