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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 ) ]0 i. L5 d/ ^% z. L5 T

* X' r; c$ E( J" TBuyer's marketHome sellers forced to slash prices ( r8 r# d& f! @( B& s% {
By FRANK LANDRY, CITY HALL BUREAU
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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.
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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. ) x. P0 h" @+ }

2 H: F: J% p% |"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." ) b( R' e! x$ @! l6 g

0 D" H. h4 g7 b; DAs 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.
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! h8 q( C) C4 D7 T+ }! u. [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.
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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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He said many sellers are knowingly asking for more than their home can fetch. / e; D5 T0 ^3 a, a
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. - R9 E+ f* t- B/ ]1 p  y

$ N# ^' U9 G! z+ W9 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." 6 o9 T4 O! a- u6 v
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There are several theories as to why there are so many homes on the market.
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- p# O! Q( {5 A5 t% x/ dCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. ' w1 U/ V5 {/ M/ |! x2 Q

8 R/ c7 Y$ N; l: r7 ?1 J/ [" [( YOther 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. ) Y& F, |7 h6 a0 w: m' |8 A

% d7 A- Z" e+ s' C7 ]3 t' `% Y* pPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper. ( u* c6 K; f6 b3 V) W4 f" W9 Y! |7 {1 a

' S" h) t  p9 {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. 5 N1 f* M, n3 I6 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."
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( R, q. h+ Q5 w$ L! r* S* @! O  J/ dHall said many sellers with homes on the market in Edmonton today won't sell.
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/ Q2 C6 Y' [/ Z"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.
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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.
理袁律师事务所
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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。
鲜花(86) 鸡蛋(3)
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 % r% Y% S( Y5 c/ x- G
见好就收,得失不挂心上,才会悠悠然,欣欣然。

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