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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 - w, E- B' B3 ~" c! o! P2 C" g& ~
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Buyer's marketHome sellers forced to slash prices 1 E( i, x0 O# t3 p! @! V' U
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. 3 F" S5 K7 |6 \' W6 d: d! U

# b+ I3 v$ X% k' N! nAnd 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. 5 S" h2 g' P  k$ {
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"If your supply mushrooms tremendously, inevitably the only product that will get consumed is the one that's best priced." ( k% b% W4 S8 |8 g
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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. 5 Y7 ?7 j1 j- K5 l( v- h
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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. / \& i# I9 Q# _3 H; E3 w
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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. ! S4 q9 \, t7 _% C4 a

4 [6 Q% @, H$ @Condos didn't fair much better, with 79% going for less than the asking price.
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$ X- `" h" C' H/ R6 A& {. h' h& @"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. 5 F" ^. W9 q% ?; D9 k0 F- c  T
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He said many sellers are knowingly asking for more than their home can fetch.   F. P$ [5 J5 s; b0 I4 `; o
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"And quite frankly, the realtors are getting a bit frustrated," Hall said. # w  e% A2 m; H5 O' x5 [; L2 p% n

# G0 Z) u8 \4 G5 J+ W: E"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."
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! G3 F( ?. C" s- h" S% Y! |7 S3 {4 bThere are several theories as to why there are so many homes on the market.
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5 Q. ?, S; G- H9 O- x/ aCarolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. ; k% I2 e; o7 n
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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.
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Pratt 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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. y, A- s1 K% {/ H" i# x4 HKeith 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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"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. " |, g( m- f* g

) z+ W, ]- z3 [  c+ S5 N"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." ' E4 H0 }; K3 ^' U
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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.
鲜花(22) 鸡蛋(0)
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
' z$ W2 U" b! q* R5 a8 P( a6 M+ i见好就收,得失不挂心上,才会悠悠然,欣欣然。

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