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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 , Q- h7 A5 H, q$ j6 M1 G4 k
By FRANK LANDRY, CITY HALL BUREAU& H  G% D# i' Z! R, B# p( U& |7 C
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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.
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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. + f9 m/ V$ N3 Y/ c( m3 R% Y: u
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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.
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( F7 |7 K4 h5 f- @; \"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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. X3 a$ F2 F. l. mAs 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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3 L9 H* c9 j: Q"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 n0 B; C0 k! Z( ~

( W: |' M- ]6 G& YJon 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. ( p% B4 w, ~, k5 E5 z

5 N9 G( z" x& R# b, F9 MCondos didn't fair much better, with 79% going for less than the asking price. 2 i) P9 Q( H/ V2 n
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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.
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9 {6 {  y5 z) M2 A7 n1 H) i1 W( u. x& lHe said many sellers are knowingly asking for more than their home can fetch. " L# |" D0 Z/ |# u: d% J" R/ g
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. ( R/ P4 M% ~/ Q) j9 V
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price."
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. z, S; c+ g0 H4 `There are several theories as to why there are so many homes on the market.
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Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. & d, U9 w3 ?2 q0 S
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Other people are moving into larger or smaller homes, while trying to capitalize on the market. Some sellers like to list during the summer months, she said.
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5 p& E9 [$ K4 ~. I  ^+ P- yPratt 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." 4 l- F  w, u- T, H+ B! P
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Hall said many sellers with homes on the market in Edmonton today won't sell. % U+ z4 H/ U! O
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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."
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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 8 Y$ ^& U! t3 j
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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