From a realtor: * T* D% Y& @" |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.$ u6 N" D& [. j- F. z/ H
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.0 d( p0 J: k5 ~3 T. B; ?
We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008. . J% c% V( u2 @% h% Z: w.......0 R$ E8 L3 ]0 m$ G
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. 8 f% R0 ]" @6 O& g% ]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.3 W1 \) x: P3 w( E" C' } d8 E4 B
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). " a3 j4 g6 o' D6 O" ]( Y
" N8 i( _; A: X1 X5 L( NActually, 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:. n. L& A, F5 ~. Y