A new study by Trulia.com showed that sellers are holding their asking price on 88% of homes listed for sale as of June 1st. Conversely this does means that 22% of sellers did lower their asking price at least once from listing to sale.
The 22% is a decrease from this time last year where the number was 23.6%. More expensive homes ($2 million and up) saw the largest price reductions. Real estate is very localized: A year ago Las Vegas saw price decreases on 30% of all listings. But this time around, they only dropped prices on 10% of homes listed for sale. But in Kansas City, prices were dropped on 31% of homes listed compared to 20% a year earlier.
Obviously, low 30 year fixed mortgage rates and the now expired tax credit has helped. But the improvement in the ratio of original asking price vs. sold price is more likely the result of properly listing the home at the correct and current market price.
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Hmmm...interesting information. You're right about regionality, but I do think that the upper tier will see further drops in price point, before selling.
the 22% of the seller should have price their homes right from the get go. They might of got a bit more if they had it priced wright.