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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 " v2 R1 b  q+ R

& f( x/ i  K# C$ |) s7 f0 R! VBuyer's marketHome sellers forced to slash prices
( N" F( D3 l  g2 PBy FRANK LANDRY, CITY HALL BUREAU  x3 ?6 |/ ]" S" X9 {) ]  n9 @- O
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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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/ u  X/ b3 F; p! [2 I7 s$ Q) oAnd 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.
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." / q- ]- v3 G1 r& y1 W! k! |. e
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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 $40,000. 4 C  K7 R0 k4 }/ ~$ [  K

" q2 C5 B3 r: b"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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# X8 B5 q1 R( w' P! i( ICondos didn't fair much better, with 79% going for less than the asking price. ( y2 s/ b5 C1 S  l

3 X4 N) y* {: \6 Y" l4 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. " |: I! U: h$ o$ `
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He said many sellers are knowingly asking for more than their home can fetch. 6 W( K- ~2 D* V/ T
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"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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, _6 D* ]5 }' t6 a"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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* C& y6 W. h4 `" nThere are several theories as to why there are so many homes on the market. ( b* x, M/ N7 c6 c% n* |

: Z3 h1 A- `' `* }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.
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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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7 m# G. s; y; n; U, V8 y' X( u/ h"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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  D& W! @& q* w! t1 J* F"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." ! x% X; J3 o) `+ 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。
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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
1 m+ J" k. Q+ V% b7 o' z4 ?见好就收,得失不挂心上,才会悠悠然,欣欣然。
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