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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 G" B) f/ Y' z7 @5 l

! ?" u$ j; r% D4 F% O3 P$ oBuyer's marketHome sellers forced to slash prices - m5 m6 l2 Q2 N, G! s) n4 r) D
By FRANK LANDRY, CITY HALL BUREAU6 _% L1 [3 r6 [5 Z7 S

, `6 V: b6 r4 bHome 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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4 s# }4 z  a5 i: k+ nAnd 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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% Q+ s+ }( F/ D. T3 I- U4 }/ @"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. 8 W( X$ h! F% `) X) G" D
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." : t4 k" m8 [( q# k6 j; w

5 n9 M  y9 i& t1 b9 rAs 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 $40,000.
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% f: k) |/ F$ P: 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. . Z7 i  E' A4 V! s2 B& [- L& 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 $12,000 less than the seller was seeking. 1 f1 o- @; f' g3 W5 T1 ]
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Condos didn't fair much better, with 79% going for less than the asking price. % a! |6 w: j" F4 Q9 S$ u7 [
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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.
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. 7 K1 I% S  h5 ^

1 w, K' v% l% e/ H; g8 _% X"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." ; k7 m- I$ y  Z3 j! H2 z4 R3 @

, y' V1 Z' z5 T' J5 S8 ~There are several theories as to why there are so many homes on the market.
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# L" d3 W- \, O4 lCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. # Q+ _. n+ P4 k# `

& {& h( I7 U# m  J% `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. - |3 Z$ T  a( J( }# e4 L' q
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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. : r8 R$ {2 `, N/ e) c' C0 J0 ?

2 R/ c6 m" T4 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.   o9 D* S8 r& h. ^

0 [: m# M( }* X"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.
大型搬家
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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。
理袁律师事务所
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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 c' I  G! q2 E4 |; q9 s! ]' W
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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