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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
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Buyer's marketHome sellers forced to slash prices
. ~7 M  _& `& B0 j( b8 [# @$ Z6 |: `By FRANK LANDRY, CITY HALL BUREAU) j8 I3 V! P& K- b3 b. d4 D
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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. , P! H! G/ c$ F1 j1 w1 Q% T8 |

, T3 g/ h! p* Q' {  }"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. $ i# O/ u  ~; p( Z. x+ e6 I+ K

, L3 X# _0 K, k" B! M5 N8 L"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced."
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+ S5 o& c, Z, Z0 r+ y2 FAs 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 $40,000. 7 b" c: J+ w$ W! ^& ?& B- m

# h4 Q1 [& X: O& N! Z) a8 ?"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. : Y1 z$ n% Z7 h. Q

/ x0 ^& ]% Z6 J/ jJon 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 $12,000 less than the seller was seeking. & q, p0 c% L$ X: m2 G, k0 v
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Condos didn't fair much better, with 79% going for less than the asking price. 8 W0 {) G2 j7 R7 m2 c4 p6 @6 f

6 x) y. `# @0 c  T* V"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. ; T2 n6 @5 p& H
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. 7 G% ]5 n" l& p) j

! C6 F3 r5 W1 c. G) F6 w; x"The client sets the price. If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price." " F5 x. V$ k1 U  `: ^$ A# Q4 R
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There are several theories as to why there are so many homes on the market. $ T% `+ A1 V1 y3 D8 F8 _8 s' F, C

5 q" P) Z! [, |5 E$ Z; l2 Z# |Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property.
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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. ' U2 v" v- K( R

: P6 F/ M; a2 U. m6 y3 XPratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper.
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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.
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) l& e  E' s8 ]"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. + T' @, S) `& B7 L
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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." % I# X: O0 W0 p( v- }/ M) o( W
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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.
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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。
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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 - ]! T. @2 w9 \1 O: a
见好就收,得失不挂心上,才会悠悠然,欣欣然。
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