From a realtor: / l( A" c) Y7 K+ D5 v- wI 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.5 M! o8 J5 ^; [# O
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.+ H5 k2 K! j" w! s4 p. g+ m
We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.- W' O& |& u9 P4 ?- V+ Y
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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. 7 m. x- {) o: [: _% GMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month. * B; w7 Y s& c! T0 r+ f! I8 r% i2 task 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).9 {& J% H9 g7 ]5 ?7 J" ^6 d4 A
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Actually, 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: 8 t( ~$ x Q i' F1 U " Z4 W- [2 n1 Rhttp://edmontonrealestateblog.com