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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 3 |$ @2 d* X9 ?: A
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Buyer's marketHome sellers forced to slash prices
9 X) L# k% j0 b$ B" QBy FRANK LANDRY, CITY HALL BUREAU
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: H; V8 g6 E) v' B- h# h% n% @& }; 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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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.
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7 A0 ^" V- u: I"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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9 u5 K: X: R9 ?& W' j"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." $ ~. K- f/ u& Y2 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. , P6 l6 S& N; S' I

7 y6 g1 m* C1 _" q  p0 F"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. - B* r6 o; g2 }! c

  m/ |# w% [+ c' }1 g' W4 O) MJon 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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Condos 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.
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1 i. H5 B! V1 RHe said many sellers are knowingly asking for more than their home can fetch. 3 l1 x0 k9 w7 A. b5 K3 A- M; f
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"And quite frankly, the realtors are getting a bit frustrated," Hall said.
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"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." ! t. W' e2 j8 b4 J: y
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There are several theories as to why there are so many homes on the market.
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0 I+ x! \" R' E, UCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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1 |) M  g$ N8 p. NOther 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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4 X3 H9 o. j- V2 }Pratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. 2 Y1 A' i8 d+ ?" [6 T
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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. ) u. w* e  Y4 m0 Y' H) g1 B

8 R  S" K6 H! z. ]3 U' ^"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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"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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' t+ e% ~- a& t  j9 R, v* YThe 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。
鲜花(15) 鸡蛋(0)
 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 + J0 N: F1 I+ A. x& E8 p2 ^+ m  F
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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