From a realtor:' C$ }& [- G' W- h
I get new listings/changed listings/price changes sent to me weekly. I can’t tell you how many have had “price reduced” on them. Houses that were priced 560+ are now going for 499K.8 s% y: Z) |6 I6 c
The inventory is a bit low, but a lot of the inventory that we are looking for (500k+) are really crappy houses. We know of a house that we’ve had our eye on for about a year and its been on the market for 5 years (vacant). A brand new build…that’s going from original asking price of 780K down to 650K. I can’t imagine the holding costs on this house (property taxes, utilities) for the 5 years. 9 \& F7 @4 x* wWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.3 N3 Q4 o) L$ `
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You need to look at price history, not the Days on Market number. Many houses get relisted when they cant sell for the original asking price. 4 Q r/ x: D3 U" t( n6 a$ L/ `My wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.5 f. }. C) c5 U+ D! k
ask your sales person for a price history. The ask/sell price stats are a complete lie. Any honest realtor will tell you that (like ours). 0 h! ~ ]1 U% Q9 z c
& ?/ S% `8 k3 ]2 S7 F: p1 jActually, the blog is good for poeple who are intered in the real estate info such as Edmonton Real Estate Market Weekly Update. The link is as below:+ O; P1 Z& h# a9 M# i9 t
5 o/ `1 e! x5 p. G' I3 F http://edmontonrealestateblog.com