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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 - J9 l1 r; t  }9 }3 |* T( d& v
By FRANK LANDRY, CITY HALL BUREAU. ~( `. p& r* H
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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. , `3 m) H) X( k+ h
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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. " A; G% R% d* r0 l* f
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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 $40,000.
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"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more," he said. 1 h8 C$ S. {' [- g, C' r
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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. ! B6 }7 n) c4 K

2 }7 y6 `! N/ xCondos didn't fair much better, with 79% going for less than the asking price. ' s  K* ?) Z! L# n) s* f
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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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He said many sellers are knowingly asking for more than their home can fetch. 6 p3 `2 |; Q9 s8 {8 f; [
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. $ v8 {- u7 g5 ~* `, d$ ?7 ~

( _7 }8 Y& G& C) D5 a) a3 F( `: z: B"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." - d* s2 [  i& Q* f& g6 E5 O
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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. 4 H" l) r# ~. j8 ?8 d

. \3 Q  e$ L& A0 S9 _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. % c% g3 a7 O+ y4 o! d9 C
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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. 7 }# M- N/ R4 r/ i
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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." 8 B2 y  L) k3 h, s* h
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Hall said many sellers with homes on the market in Edmonton today won't sell.
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/ L$ C3 G$ D. O* x) s4 Z  H"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." & h) A( ^2 }% x& a; b6 K) S% e  w5 h

; A& `2 h& V& ?& V" aThe 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
- e! G! R/ y, ]8 R2 v% `见好就收,得失不挂心上,才会悠悠然,欣欣然。
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& I; p0 R4 X0 q# J( l" Q :zhichi: :zhichi: :zhichi:
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