Dennis Norman
By: Dennis Norman
I think by now almost all of us in the real estate business have a good awareness of the housing market and have retired our rose-tinted glasses for now. However, according to a report just released by Trulia, sellers may not be there yet.
According to the Trulia report, 26 percent of homes currently listed on the market in the US as of September 1, 2009 have experienced at least one price cut. Price reduction levels have increased for the fourth straight month and have seen a 10 percent overall increase compared to June of this year. During the summer months of June to September, the total amount slashed from home prices has increased by more than $1.1 billion to$27.4 billion from $28.5 billion. The average discount for price-reduced homes remains at ten percent off of the original listing price.
I think this illustrates that sellers continue to enter the market with unrealistic expectations with regard to the value of their homes. Trulias report states “sellers across the country not adjusting expectations to the reality of today’s real estate market.”
Several cities have seen four consecutive months where the percent of homes that have seen a price reduction has increased month-over-month, underscoring that sellers across the country might not be fully adjusting thier home value expectations to the current real estate market.
Below is a video from Trulia on the report:
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