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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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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

14 Comments

14 Comments

  1. Colleen

    May 6, 2010 at 8:12 am

    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.

  2. Jay Myers

    May 7, 2010 at 3:17 am

    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.

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