Price reduced -- by $41 million
The city ranks 11th for its percentage of homes with reductions, which Trulia calculated by seeing how many current listings -- not including foreclosures -- dropped their prices between Aug. 1, 2008 and Aug. 1 of this year.
The average price drop? Eleven percent.
Some of those individual decreases are steep. This three-bedroom Northwest Baltimore rowhouse that went from $75,000 -- its purchase price in 2006 -- to $30,000, for instance. Or this rehabbed Patterson Place home, down 31 percent to $110,000.
Jacksonville, Fla. topped Trulia's list with asking-price cuts on 38 percent of homes for sale. But sellers' reductions were biggest in economically depressed Detroit, down 22 percent on average.
Price reductions might bring buyers to the table, but that doesn't guarantee that those buyers won't offer still less. Average sellers in Baltimore got 89 percent of their asking price last month, according to Metropolitan Regional Information Systems.
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Comments
Without those "price reductions" (which put the ask at close to the market) the seller won't have any traffic to even look let alone further negotiate with.
"but that doesn't guarantee that those buyers won't offer still less."
Count on it.
Posted by: MrRational | August 14, 2009 8:39 AM