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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 6 Z6 d# ?. C+ ~

  J3 C: X; j) F# v1 B  E' X' QBuyer's marketHome sellers forced to slash prices
; ]  @( ]1 d- vBy FRANK LANDRY, CITY HALL BUREAU; n/ S% g( W  K" `' U* G. a
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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. 5 m0 B$ k+ K7 T! b) x/ H

( h( c! J+ {" O* r1 Y7 X9 vAnd 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. + x7 x/ J2 Z1 a
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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. - o; C- y4 v) ~4 n0 x
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." , k4 b: M4 t: T, S
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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.
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2 `" a% l6 R2 U7 w! `( z& j"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. 3 Q4 x! D' F9 \) R6 }; L2 I, Q: F
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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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9 V# j& G+ Y# R' i7 y+ D% q& O% N! ZCondos didn't fair much better, with 79% going for less than the asking price.
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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. # M' {0 v+ b% L. v
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He said many sellers are knowingly asking for more than their home can fetch. 0 Z! C7 d3 g; z# [3 L
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. . c; T3 c; }" s) y5 U
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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." " |3 C1 @3 X+ n( \

5 d* y- U; k4 r/ DThere are several theories as to why there are so many homes on the market. 3 g1 X% K- h7 e- x

! B5 U6 F$ ?/ ?( Z" jCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. 7 H' i2 P* L  B9 E- C( n

8 M: R, \) [, P  S7 JOther 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. . V/ N$ `3 L  b1 l& H0 R

( \$ L! n( b! A# G7 j7 oPratt 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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/ B) ?# y: {2 c! @, jKeith 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 h8 f2 I" G" e"It seems like a lot of people are going home," said Mackie. "There's no doubt about it, it's a significant number." 4 `/ I  m9 b4 B$ @

) j" ~5 o# @+ EHall said many sellers with homes on the market in Edmonton today won't sell.
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, T6 f( B( o+ X/ ]+ J"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
3 ?$ E7 N6 R$ \5 c见好就收,得失不挂心上,才会悠悠然,欣欣然。
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