Real estate trend reversed – number of asking price cuts rises
Cuts on the rise
After months of asking price cuts declining, April produced a rise in home sellers cutting their asking price, based on Zillow.com home listing data.
Of homes listed on Zillow.com, 23.2% saw at least one price cut in the month of April, up from 20.7% in March and 23.1% in February.
In April, the median price cut was 6.3%, down from 6.5% in March.
According to Reuters, “The Midwest had the highest percentages of price reductions. In the Minneapolis-St. Paul metropolitan area, the asking price of 32.9 percent of homes listed on Zillow were reduced, followed by the Omaha and St. Louis metro areas at 32 percent each.”
CC Licensed image courtesy of arthurgouveia via Flickr.com.
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This article published on Wednesday, May 5th, 2010 at 10:27 pm | Contact the editor
Topics: News
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- Real Estate Feeds:
Real estate trend reversed – number of asking price cuts rises: Cuts on the rise
After months of asking price cuts… http://bit.ly/afpbuT - PopREblogs.com:
Real estate trend reversed – number of asking price cuts rises: Cuts on the rise
After months of asking price cuts… http://bit.ly/afpbuT - realdiggity:
Real estate trend reversed – number of asking price cuts rises: comments http://bit.ly/c2uTTM
- AgentGenius:
#agnow Does not surprise me. Since April we have been recommending to our buyers to wait to purchase (if they coul… http://bit.ly/chVqDn
- Kim Hibbs:
RT@agentgenius Real estate trend reversed – number of asking price cuts rises http://bit.ly/cZnqCI
- Jose Ramirez:
Real estate trend reversed – number of asking price cuts rises – http://bit.ly/9dFaDt
- CB Bain | Seal:
Real estate trend reversed – number of asking price cuts rises http://bit.ly/d6zon2
- Century 21:
Real estate trend reversed – number of asking price cuts rises http://bit.ly/cc9qNV (@agentgenius)
- Susie Blackmon:
Number of asking price cuts rises [REALLY?] … (not surprising). http://bit.ly/bd52k2 #realestate #FB
- Weekly summary of real estate news, Memphis comments, and other interesting stuff – May 6th:
[...] Shared Real estate trend reversed – number of asking price cuts rises. [...]
- AgentGenius:
#agnow I observed the same thing when I did my Denton County Texas statistics last November, October pending prices… http://bit.ly/chVqDn
- Seb Frey:
Article: Real estate trend reversed – number of asking price cuts rises http://bit.ly/aU2bLu #realestate #mortgage #siliconvalley
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Does not surprise me. Since April we have been recommending to our buyers to wait to purchase (if they could) unitl after the tax rebate deadline expired. Once the deadline passed, we knew many of the homes folks were purchasing to take advantage of the $8000 would lower their asking price by at least that amount. Because the $8000, many home prices have been inflated.
I observed the same thing when I did my Denton County Texas statistics last November, October pending prices fell almost $10K and then had a sharp increase, if I remember correctly of like $7500 after the tax credit was extended on November 5th. As we all know, historically we should see prices flat, or even decrease in the winter months.
Obviously a lot of sellers afraid they were missing a last opportunity to get their properties under contract that were in the FTHB price range. I will expect to see the same thing when I run April numbers for my local market, but still not as low as they should be, or will be going.