From a realtor: 2 {2 d9 z9 j6 B& M2 N2 n8 }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.: x1 s% Z6 i1 Y- W" ^
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.4 a& o1 v* e$ T6 i' K8 O9 g
We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008. ; |/ ^. g. |+ W( e* m....... ; l7 D3 E# X7 G' jYou 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.* m$ b& c9 X3 ?* t# m f/ d8 [( d
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. 9 x% ?7 g3 R+ r+ B: g) aask 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). 3 j3 W) ^4 h) Q+ x. u4 T
7 m2 j% N" S7 AActually, 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: ( l3 b# y; g8 `3 D- b* ]3 S+ _) V+ a0 k6 r, t8 K http://edmontonrealestateblog.com